Market exchangeable
A marketable (alternatively known as a marketable product or, simply, product; the marketable that has already been marketed is also called a marketed entity) is the component of market offerings that reacting customers perceive as valuable to be entitled to, to consume, to donate to, to earn, to hire, to own, and/or to trust to. These market offerings may increase or decrease the value of this marketable.
Trivia
Definitions
- According to Marketing Management by Keller and Kotler (15th edition),
- Product. Anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, person, places, properties, organizations, information, and ideas.
- According to Managing Quality by Foster (6th edition),
- Product. A tangible good that is produced for a customer.
- According to Cost Accounting by Horngren, Datar, Rajan (14th edition),
- Product. Any output that has a positive total sales value (or an output that enables an organization to avoid incurring costs).
- According to the Marketing Communications by Fill (5th edition),
- Product. Anything that is capable of satisfying customer needs.
- According to the ITIL Foundation 4e by Axelos,
- Product. A configuration of an organization's resources designed to offer value for a consumer.
Benefit vs product
- Frequently, marketables are called products and, sometimes, benefits. Although those three terms have a few interrelationships, their meanings are different.
- Literally, product is anything that is produced. This term, product, has a wide range of applications:
- In business and marketing, product usually refers to the marketable that is produced by either an industrial process or farming to be sold and re-sold as a commodity.
- In business analysis, product may refer to work product that either business analysts produce or the customer seeks to obtain when their requirements are implemented.
- In effort administration, engineering, and project management, product usually refers to work product, so does this word, product, in the product backlog and product backlog item (PBI) terms.
- In mathematics, product is the result from the multiplication together of numbers or expressions.
- In social science, product is something or someone resulting from environment or a set of other conditions.
- In the overwhelming majority of cases, a marketable is a product; however, few marketables such as pets are not produced in some humanly-organized process and, literally, cannot be referred as products.
- Similarly, marketables tend to represent benefits, but benefits are not necessarily marketables.
Classifications
Earned vs made vs purchased
- With regard to its origin, a marketable can be one of the following:
- Earned entity, which is not just a work product and cannot be sold itself, but is a not-for-sale source of the items that can be sold. These sources include communities, publicly-owned locations, governments, and people.
- Purchased item available for hire and/or sale.
- Work product or produced marketable, which is made as a solution or component of a solution that is the primary result of a project or operations. In other words, a produced marketable is an article or substance that is produced and refined for sale.
Final vs intermediate
- With regard to its users, a marketable can be one of the following:
For-sale vs not-for-sale
- With regard to its nature, a marketable can be one of the following:
- For-sale
- Not-for-sale, which is anything that is not (such as publicly-owned locations or places) and/or cannot (such as communities, governments, police, military, and persons) be private properties.
Intangible vs tangible
- With regard to its nature, a marketable can be one of the following:
- Intangible, which is something identifiable, but not tangible such as concepts, data, enterprises, events, experiences, ideas, information, labor, marketable permits, marketable securities and investment products, patent, resource time, services, software, and any other non-physical property.
- Tangible, which is a physical good such as animals, buildings, hardware, land, produce, durable physical goods (durables), non-durable physical goods (consumables), and any other physical property.
Components
By the sought response, marketables include one or more of six components.
Access permissions
- Main wikipage: Access permission
- Any authorization to use one's property without changing its ownership that its authority or owner offers on the market. Access permissions include licenses, lodging, marketable permits, and temporary accesses.
Enabling supports
- Main wikipage: Enabling support
- The work products that are offered on the market to change capacities of benefited entities. Enabling supports include customer supports, group statuses, information, market values, rank positions, as well as professional credentials including work-related knowledge, skills, and professional abilities.
For-hire work
- Main wikipage: For-hire work
- Any work that its trader offers on the market. For-hire work includes labor and any services that represent one's performances on behalf of another entity.
For-sale properties
- Main wikipage: For-sale property
- Any property that is offered on the market for sale. For-sale properties may be animals, financial products, foods, intellectual properties, investment products, marketable securities, patents, and physical goods.
Sought patronages
- Main wikipage: Sought patronage
- Anything that can be offered on the market to be patronized. Patronage seekers may include businesses, cause solutions, communities, enterprises, events, experiences, governments, groups, ideas, locations, and not-for-profits.
Trust appealers
- Main wikipage: Trust appealer
- Anything that can be offered on the market to be trusted. Trust appealers include concepts, organizations, persons, persuasive communications, and religions.
Common entities
According to Marketing Management by Keller and Kotler (15th edition),
- Marketers market 10 main types of entities: goods, services, events, experiences, persons, places, properties, organizations, information, and ideas.
Goods
- Food products;
- Cars;
- Refrigerators;
- Televisions;
- Machines.
Services
- Work of airlines;
- Work of hotels;
- Car rentals;
- Work of barbers and beauticians;
- Work of maintenance and repair people;
- Work of accountants, bankers, lawyers, engineers, doctors, software programmers, and management consultants.
Goods and services mixes
- Fast-food meals.
Events
- Trade shows;
- Artistic performances;
- Company anniversaries;
- Global sporting events such as the Olympics and the World Cup;
- Local events such as craft fairs, bookstore readings, and farmer's markets.
Experiences
By orchestrating several services and goods, a firm can create, stage, and market experiences.
Walt Disney World’s Magic Kingdom lets customers visit a fairy kingdom, a pirate ship, or a haunted house.
Customized experiences include a week at a baseball camp with retired baseball greats, a four-day rock and roll fantasy camp, and a climb up Mount Everest. Persons Artists, musicians, CEOs, physicians, high-profile lawyers and financiers, and other professionals often get help from marketers. Many athletes and entertainers have done a masterful job of marketing themselves—NFL quarterback Peyton Manning, talk show veteran Oprah Winfrey, and rock and roll legends The Rolling Stones. Management consultant Tom Peters, himself a master at self-branding, has advised each person to become a “brand.” Places Cities, states, regions, and whole nations compete to attract tourists, residents, factories, and company headquarters.13 Place marketers include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies. The Las Vegas Convention & Visitors Authority has met with much success with its provocative ad campaign “What Happens Here, Stays Here,” portraying Las Vegas as “an adult playground.” Properties Properties are intangible rights of ownership to either real property (real estate) or financial property (stocks and bonds). They are bought and sold, and these exchanges require marketing. Real estate agents work for property owners or sellers, or they buy and sell residential or commercial real estate. Investment companies and banks market securities to both institutional and individual investors. Organizations Museums, performing arts organizations, corporations, and nonprofits all use marketing to boost their public images and compete for audiences and funds. Some universities have created chief marketing officer (CMO) positions to better manage their school identity and image, via everything from admission brochures and Twitter feeds to brand strategy. The pageantry of the Olympics, shown here in Sochi, Russia, adds to its marketability. Oprah Winfrey has built a personal brand worth billions which she has used across many lines of business. Information Information is essentially what books, schools, and universities produce, market, and distribute at a price to parents, students, and communities. Firms make business decisions using information supplied by organizations like Thomson Reuters: “We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare, science and media markets, powered by the world’s most trusted news organization.” Ideas Every market offering includes a basic idea. Charles Revson of Revlon once observed: “In the factory we make cosmetics; in the drugstore we sell hope.” Products and services are platforms for delivering some idea or benefit. Social marketers promote such ideas as “Friends Don’t Let Friends Drive Drunk” and “A Mind Is a Terrible Thing to Waste.”
Features
- Marketing mix. A model representing distinguishable components of any product, which must include a deliverable, product delivery, and product charge.
- Product scope. All the features and functions that characterize a product.
- Service. Work carried out or on behalf of others.
