Tools of marketing
Kotler coins the 3M’s which are major concepts and tools in marketing in this modern age. It includes the marketplace, the marketspace and the metamarket. Though these are all markets where products are sold and profits can be gained, these markets vary in scope. Many companies have embarked on these concepts and tools of marketing. Leaders in the field of metamarkets include innovative groups such as eBay. com, Yahoo Search Engines, travel companies such as Northwest Airlines and health and beauty shops such as Body Shop Inc.
These companies are conscious in bringing their products in the various market models. For example for Body Shop, innovations can be seen not only in their products but also in the built and culture of their shops as well as the image set on their website. Their marketspace involves varied global sources that carry their social responsibility objectives. eBay and Yahoo are companies born with the metamarkets in mind. These corporations are at the forefront of marketing strategies that cross geographic and cultural borders.
Using advanced technologies that bring communication to speed, the tools of marketing are carried through creative virtual forms that can reach people right in their bedrooms. Northwest Airlines is an example of a service company that has embodied the various models of marketing tools. Whether in the marketplace, the marketspace or metamarkets, travel industries are abreast with the latest technologies of marketing their services all over the globe, 24 hours, and seven days a week.