Marketing

Marketing, a concept which was derived from economics has been developing for centuries and is still an on-going process in recent times. As defined by the American Marketing Association, marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange and satisfy individual and organizational objectives. The metamorphosis and evolution marketing has seen throughout this whole period is a feat worth discussing. This essay therefore seeks to discuss the emergence of marketing throughout the years, how it has developed and ways in which it could be developed further.
Various economical concepts such as markets, marginal analysis, value and so on, have been applied since the era of ancient Greek economists such as Smith, Malthus, Marshall and many more (Meek, Lenney, & Daryanto, 2015). According to Ambler (2004), marketing can be led to the Middle Ages with St. Thomas Aquinas’ buyer motivation and St. Bernardino of Siena’s recognition to function, market price and psychological benefit. Marketing can also be led to the Physiocrats of the 18th century and the Austrian School of Economics at the finish of the 19th century (Broeckelmann, 2004). This proves marketing has been applied for many centuries and with the 20th century appreciating it as an independent discipline (Ambler, 2004). Marketing dominated the United States of America in its early years whilst its forerunner, Economics, dominated Europe. It is from the USA that marketing is being taught in schools today as the Americans saw it as a subject deserving to be studied, since the discipline gave the people a strong sense of individualism and entrepreneurship. The agricultural sector served as a basis on which marketing was first based on (Meek, Lenney, & Daryanto, 2015). Other areas used were founded in the area of advertising, based on topics like advertising, copy, layout, campaign and many more (Bartels, 1976). Elasticity of demand and value theory were some of the topics under economics in which marketing was built upon (Meek, Lenney, & Daryanto, 2015), but it was due to the rise of marketing research which led to the need for more knowledge to be introduced into the field (Bartels, 1976). Ralph Starr Butler and Arch W. Shaw were among the marketing authors who were known for the growth of the new marketing discipline. This is because, Butler saw marketing as a means of coordination, planning and management complex relationship, and Shaw differentiated between three fundamental business operations: production, distribution and facilitating functions or administration (Meek, Lenney, & Daryanto, 2015). Marketing has come a long way since then, with the emergence of digital marketing.
In current times, we have experienced a variety of brands introducing a new form of marketing that contributed to the development of modern marketing. In our modern era, it is an acknowledged fact that research in software like user friendly interfaces and operating systems has contributed to the success of technological companies such as Apple, Samsung, Microsoft, etc. The process of incorporating this new technological innovation into marketing has impacted marketing operations in this era. Social networking platforms, such as Facebook, Instagram etc., mobile phones and other appliances has made the flagship of marketing undergo an extreme altercation in the past 10 years. This not only helps firms retain existing customers, but also obtain newer customers, and grow a large base of their consumers. This is achieved by following latest marketing trends in the community. Customers get a sense of empowerment since technological improvement has made their lives easier in terms of business transactions. As a matter of fact, this development has been a global issue. Hence, every firm wanting to monopolize must tolerate the changes of its marketing operations. However, technological industrialization has been a privilege to customers as it has introduced new platforms of marketing around the world. Contemporary marketing concepts such social media marketing, viral marketing, attraction marketing and undercover marketing were introduced in this decade (Sudhakar, Prasath, & Kumar, 2017). This to a very large extent has maximized the marketing aspect and has aided producers to reach consumers and customers making modern marketing very convenient. Regardless of the fact that, marketing in this present era has experienced some form of improvement, it can enhance its advancement in the near future through artificial intelligence incorporating, development of a new marketing mix and the building of one-on-one relations.
Artificial Intelligence made a huge impact on the world in the past year with a lot of talk surrounding its major implication and how it can be applied short term. Marketers are already engaging in AI, using it for campaign optimization and ad exchanges. For companies to remain competitive, marketers will have to find new ways to incorporate AI into client involvement with chatbots and robotization to enhance client commitment endeavours, in addition to other things (Gruhler, 2018).
The 4P’s of the marketing mix: product, price, place and promotion, are not as effective as they were before. This is due to the development of the digital world at a rapid pace. This is why the 4E’s: engagement, experience, exclusivity and emotion should be introduced. This is because, people do not purchase products any longer, they buy experiences and emotions. Successful brands such as Coca-Cola, Nike and Disneyland do not offer products or services, they offer experiences and appeal to emotion. For instance, Disneyland sells happiness and Nikes encourages people to follow their dreams. Customers could not care less about what you sell, they require something or someone that will add value to their lives (Chrzanowska, 2018).
In the past, one-to-many marketing worked very well. But today, it does not. This is because digital media has made it easier and cost effective. Now, all marketers have to do is go to the internet, gather information about customers then segment them according to interests, demographics and habits. It is a more precise way to connect to customers. If companies want to differentiate their brand among others and make customers loyal, they should make a stride further to build one-on-one relations with their customers. Showing your customers, you care will enable you to build strong personal relations with them and keep them with and your brand. They acknowledge when a business takes a further step in customer service and satisfaction (Chrzanowska, 2018).
In conclusion, for companies to remain competitive, marketers will have to find new ways to improve their marketing strategies such incorporating artificial intelligence in their strategies, developing a new marketing mix based on customers preferences and also building one-on-one relationships with them. This will enhance brand loyalty and also increase customer satisfaction.