Marketing Management, 16th Edition

The Marketing Exchange

A marketer is someone who seeks a response—attention, a purchase, a vote, a donation—from another party. Marketers are skilled at stimulating demand for their products; however, that’s a limited view of what they do. They also seek to influence the level, timing, and composition of demand to meet the organization’s objectives.

Traditionally, a “market” was a physical place where buyers and sellers gathered to buy and sell goods. Economists describe a market as a collection of buyers and sellers who negotiate transactions that involve a particular product or product class (such as the housing market or the grain market).

There are five basic markets: resource markets, manufacturer markets, consumer markets, intermediary ...