According to Kotler “Marketing is the social process by which individuals and organizations obtain what they need and want through creating and exchanging value with others”. Marketing can also be defined as ‘The right product, in the right place, at the right time, and at the right price’
Birth of marketing ideas In pre-modern economies, the predominance of small enterprises militated against the recognition of marketing as a separate field of expertise. Changes in the patterns and intensity of economic activity, as well as the rise of economics as a science, particularly in the 19th century, paved the way for studies of marketing. The growth in size and scope of national and international economies in the course of the Industrial revolution led eventually to a transcendence of ad hoc retailing and advertising innovations and eventually to systematization. Marketing emerged as a separate technical field only in the late 19th century
Much of traditional marketing practice prior to the twentieth century remained hidebound by rules-of-thumb and lack of information. Information technology, especially since the mid-twentieth century, has given the marketeer new channels of communication as well as enhanced means of aggregating and analyzing marketing data. Specializations have emerged (especially sales versus marketing and advertising versus retailing) and re-combined (business development) over the years.
Periodization Of Marketing Social Marketing Relationship orientation Market orientation era Product orientation era Production orientation era Barter System
Barter system Barter System is that system in which goods are exchanged for goods. In ancient times when money was not invented trade as a whole was on barter system. This was possible only in a simple economy but after the development of economy, direct exchange of goods without the use of money, was not without defects. There were various defects in this system
Production orientation A production orientation dominated business thought from the beginning of capitalism to the mid 1950s, and some argue it still exists in some industries. Business concerned itself primarily with production, manufacturing, and efficiency issues. Says Law encapsulated this viewpoint, stating: "Supply creates its own demand". This orientation rose to prominence in an environment which had a shortage of manufactured goods relative to demand, so goods sold easily.
Product orientation era Product orientation era was a business philosophy prior to the 1920s where manufacturers stressed production of quality products and then looked for people to purchase them. In this era, manufacturers felt that good products with high physical quality would sell itself
Market orientation era Firms that have moved from simply having a marketing department that follows a customer orientation to having the marketing department guide the companys direction are called marketing companies. In marketing companies, the marketing department sets company operating policy, including technical research, procurement, production, advertising, and sales
Relationship orientation Starting in the 1990’s, a new stage of marketing emerged called relationship marketing. The focus of relationship marketing is on a long-term relationship that benefits both the company and the customer. The relationship is based on trust and commitment, and both companies tend to shift their operating activities to be able to work more efficiently together.
The societal marketing concept Societal marketing emerged in the 1960s. The societal marketing concept deals with the needs, wants and demands of customers: how to satisfy them by producing superior value that should satisfy the customers and promote the well-being of society. The producer should not produce products deemed hazardous to society.
PRESENT SCENERIO OFMARKETINGDigital marketing orientationSales Era
Digital Marketing Era Digital marketing may cover the more traditional marketing areas such as Direct Marketing by providing the same method of communicating with an audience but in a digital fashion. Pull and Push Pull digital marketing in which the consumer must actively seek the marketing content, often via web searches, and push digital marketing where the marketer sends the content to the consumer, as in email
Sales Era It’s the only job where you deal with the customer. You have to satisfy him in order to do your job. Only revenue earning profile in company Focus on aggressive sales techniques and believe that high sales result in high profits
FUTURE SCENERIO OFMARKETING Customizations of product Social Network Digital Marketing
The future of marketing lies ahead in online marketing, using social networks to market the products, using and inventing new technologies for marketing and in delighting the customers by coming up with customized products for them.
Customizations of productCustomization is one aspect which shall play a huge role for marketing products. Customization not only makes the customer feel happy and satisfied but it also helps the company in achieving long term and profitable consumers. For example airtel provides its users with customized mobile plans depending on their usage and preference. Also levis is starting to make customized jeans for their customers by charging a little extra
Social Network Nowadays social networking sites are a rage amongst the youngsters and with more than 850 million registered users, sites like Facebook and twitter are the hot places for targeting your customers. A lot of people spend a significant amount of time on them and so they provide a huge opportunity for marketers which can not not be denied. On social networks the products can be customized in accordance with the users needs and also it helps in making the products popular quickly as word of mouth helps in achieving success and it also provides companies to come closer to their customers and recognize and create new products for them.
With the world population reaching mind boggling digits and new companies day in and day out, marketers need to come out with new and innovative ways of marketing the products .For example facebook recently came up with its timeline feature which allows its users to tell the story of their life starting from their childhood to the time they turn into baby boomers
Digital Marketing Digital Marketing is the practice of promoting products and services using database-driven online distribution channels to reach consumers in a timely, relevant, personal and cost-effective manner. Not surprisingly, billions of marketing dollars spent on traditional channels is already starting to shift to digital marketing campaigns and this will continue to increase as the Web matures.
Some more but up coming Exciting upcoming technologies like Near Field Communication(NFC) and cloud computing provide interesting platforms for marketers to market their products