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Marketing

History of Marketing

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History of Marketing

Marketing is a relatively young discipline that emerged in the early 1900s. Before this time, most of the issues that are now commonly associated with marketing we either assumed to fall within basic concepts of economics, advertising, or in most cases, not yet explored. Led by marketing scholars from several major universities, the development of marketing was, in large part, motivated by the need to dissect in greater detail relationships and behaviorsthat existed between sellers and buyers. In particular, the study of marketing led sellers to recognize that adopting certain strategies and tactics could significantly benefit the seller/buyer relationship.In the old days of marketing this often meant identifying strategies and tacticts for simply selling more products services for little regard of what customersreally wanted. Often this meant companies a “sell-as much-as-we-can” philosophy with little concern for building relationships for long term.

But starting in the 1950s, companies began that old ways of selling were wearing thin with custiomers. As competition grew stiffer across most industreies, organizations looked to the buyer side of transaction for ways to improve. What they found was an emerging philosophy suggesting that the key factor in successful marketing is understanding the needs of customers. This now famous Marketing concept suggests marketing decisions should flow from first knowing the customers customers and what they want. Only then should an organization initiate the process of developing and marketing products and services.The marketing concepts continue to be at the root of most marketing efforts. Overall, marketrs have learned they can no longer limit their marketing effort to just getting customers to purchase more. They must have an in-depth understanding of who their customers are and what they want.

In the new millennium globalization has brought about novel challenges to marketers both from domestic and going global perspectives. For instance gone are the days when marketers have to contend only with fellow local companies who have accessed to similar resources. As a result of globalization  many foreign companies come to domestic markets bringing with them wealth of resources

 

 

 

 

 

 

 

 

 

. Communication material to process are world class in nature. They maximize synergies through development of communication material etc which could be used across markets with minimum changes.10-15 years.10-15 years ago there were limited channels of communication where public seek information. Given this scenario it was clear that consumer communication channels are fragmented. Those day to reach your core target audience, a company had to focus only running adverts on may be couple of tv programs, radio program

References

Jones, DG Brian, and Eric H. Shaw. “Avoiding academic irrelevance in the marketing discipline: the promise of the history of marketing thought.

Journal of Marketing Management 34.1-2 (2018): 52-62. Smith, Thomas. “The History of Marketing Tools, their Big Moments, and their Future.” (2019)

Svensson, Göran. “Beyond global marketing and the globalization of marketing activities.” Management Decision (2002).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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