Market exchangeable

Market-offer mix

A market exchangeable (alternatively known as a marketable product or, simply, product; the exchangeable 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 exchangeable.

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:

1. 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.
2. Purchased item available for hire and/or sale.
3. 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:

1. Final marketable.
2. Intermediate marketable.

For-sale vs not-for-sale

With regard to its nature, a marketable can be one of the following:

1. For-sale
2. 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:

1. 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.
2. 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, including those in fast-food meals,
• Cars and car components,
• Home appliances such as air conditioners, washers, dryers, refrigerators,
• Televisions,
• Machines,
• Electronics such as mobile phones, computers, gaming consoles, etc.
• Furniture,
• Personal protective equipment such as face masks.

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,
• Order-taking, cooking, and delivery services in fast-food meals,
• Construction work,
• Cloud computing,
• Financial services such as Alipay.

Events

• Trade shows,
• Artistic performances and concerts,
• Company anniversaries,
• Sporting events such as the Olympics and the World Cup,
• Local events such as craft fairs, flea fairs, book fairs, campus open days, bookstore readings, and farmer's markets,
• Weddings,
• Exhibitions such as Shanghai Expo,
• Festivals such as Spring Festival,
• Speeches such as "I have a dream".

Experiences

• Visits to a fairy kingdom, a pirate ship, or a haunted house at Walt Disney World’s Magic Kingdom,
• Baseball camp with retired baseball greats,
• Rock and roll fantasy camp,
• Climb up of Mount Everest,
• Virtual reality (VR),
• Travels.

Persons

Management consultant Tom Peters has advised each person to become a "brand."

• Artists, musicians, movie stars such as Jackie Chan, CEOs, physicians, high-profile lawyers and financiers, and other professionals,
• Athletes such as NFL quarterback Peyton Manning,
• Entertainers such as talk show veteran Oprah Winfrey and rock and roll legends The Rolling Stones,
• Celebrities such as Queen Elizabeth II.

Places

• Cities like Las Vegas, states, regions, and nations that attract tourists, residents, factories, and company headquarters,
• Shopping malls,
• Online shopping platforms
• Online exchange platforms such as Xianyu

Properties

• Real properties (real estate),
• Financial properties (stocks and bonds),
• Gold, jewelry and other valuables,
• Virtual currencies such as bitcoin.

Organizations

• Museums, performing arts organizations, corporations, nonprofits and charities such as Red Cross

Information

• Content of books,
• Knowledge that schools and universities distribute,
• Production of media companies such as Thomson Reuters.
• Newspapers

Ideas

• States of mind such as hope,
• Suggestions for how to stay safe.

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.

Related lectures

• Business Modeling Quarter.