UNIT 8: MARKETING MANAGEMENT
EVOLUTION OF MARKET
Marketing is a concept as old as other professions in the world. Marketing is an ancient art
form. It has been done in some form or another. The traditional goal of marketing has been
to make commodities available where they are required. This concept was eventually
modified by changing the emphasis from "exchange" to "satisfaction of human wants," a
concept known as modern marketing. However, in order to broaden marketing perspectives,
it is necessary to follow the evolution.
The stages of evolution are as follows:
1) The Barter System:
At this point in history, humans were nomadic hunters. Humans were nothing more
than hunters or gatherers of food during this primitive period. Humans with surplus
products approached and attempted to exchange his products by accepting the
products he required- product exchange.
2) The New Stone Age:
This is the Agrarian period. During this stage, humans developed a sense of belonging
and family units. With the passage of time, the division of labor began to play a role,
and man began to produce more than he needed, specializing in occupations such as
carpenters, weavers, farmers, and so on. People congregated in places known as local
markets to dispose of excess production, and it was later banned.
, 3) The pre-industrial period:
The difficulties of the barter system were removed by using common mediums of
exchange such as copper, iron, and later silver, gold, and so on. At this point,
producers began to produce the products in larger quantities, hired laborers in their
factories, and middlemen, who handled sales, appeared.
4) The Industrial Era:
Home production was replaced by a factory system at this point, and hand operations
were replaced by machines. The introduction of new inventions, as well as new
machines, resulted in large-scale production. Mass production was followed by
widespread consumption. New marketing methods have emerged in order for products
to reach the hands of the ultimate user.
MEANING AND DEFINATION OF MARKETING
Marketing is a comprehensive term and it includes all resources and a set of activities
necessary to direct and facilitate the flow of goods and services from producer to
consumer in the process of distribution.
✔ Marketing is referred to a process of creating or directing an organization to be
successful in selling a product or service that people not only desire, but are willing to
buy.
✔ The traditional meaning of marketing is clearly borne out by the definition given
by Ralf S. Alexander and Others, “Marketing is the performance of business
activities that direct the flow of goods and services from the producer to consumer or
user”.
,✔ The modern concept of marketing was defined by E.F.L. Breach as, “Marketing is
the process of determining consumer demand for a product or service, motivating its
sales and distributing it into ultimate consumption at a profit”.
✔ By analyzing the above definition we can define the term marketing as a business
process which creates and keep the customer.
Types of Marketing:
1. Traditional Marketing:
Traditional marketing approaches use traditional channels such as print media, TV,
radio, and direct mail. While digital marketing has grown in popularity, traditional
methods continue to play a role, particularly in certain demographics and industries.
2. Digital Marketing:
With the advent of the internet and technology, digital marketing has emerged as a
critical component for many businesses. This strategy includes social media, search
engine optimization (SEO), content marketing, email marketing, and online
advertising. Digital marketing enables precise targeting, real-time analytics, and
interactive audience communication.
3. Content Marketing:
Content marketing is concerned with creating and disseminating valuable, relevant,
and consistent content in order to attract and engage a target audience. This strategy
, aims to establish trust and credibility with the audience, establishing the brand as an
authority in its field.
4. Relationship Marketing:
Relationship marketing focuses on developing and maintaining long-term customer
relationships. This strategy prioritizes customer loyalty and retention over short-term
sales. Relationship marketing relies on personalized communication, loyalty
programs, and excellent customer service.
5. Social Media Marketing:
Social media platforms have evolved into effective marketing tools. Businesses use
social media to connect with their customers, raise brand awareness, and promote
their products or services. Create engaging content, interact with followers, and use
paid advertising on platforms such as Facebook, Instagram, Twitter, and LinkedIn.
6. Influencer Marketing:
This strategy entails collaborating with influencers, or people who have a large
following and influence in a specific niche. Brands collaborate with influencers to
promote their products or services, capitalizing on the influencer's credibility and
reach.
7. Experiential Marketing:
EVOLUTION OF MARKET
Marketing is a concept as old as other professions in the world. Marketing is an ancient art
form. It has been done in some form or another. The traditional goal of marketing has been
to make commodities available where they are required. This concept was eventually
modified by changing the emphasis from "exchange" to "satisfaction of human wants," a
concept known as modern marketing. However, in order to broaden marketing perspectives,
it is necessary to follow the evolution.
The stages of evolution are as follows:
1) The Barter System:
At this point in history, humans were nomadic hunters. Humans were nothing more
than hunters or gatherers of food during this primitive period. Humans with surplus
products approached and attempted to exchange his products by accepting the
products he required- product exchange.
2) The New Stone Age:
This is the Agrarian period. During this stage, humans developed a sense of belonging
and family units. With the passage of time, the division of labor began to play a role,
and man began to produce more than he needed, specializing in occupations such as
carpenters, weavers, farmers, and so on. People congregated in places known as local
markets to dispose of excess production, and it was later banned.
, 3) The pre-industrial period:
The difficulties of the barter system were removed by using common mediums of
exchange such as copper, iron, and later silver, gold, and so on. At this point,
producers began to produce the products in larger quantities, hired laborers in their
factories, and middlemen, who handled sales, appeared.
4) The Industrial Era:
Home production was replaced by a factory system at this point, and hand operations
were replaced by machines. The introduction of new inventions, as well as new
machines, resulted in large-scale production. Mass production was followed by
widespread consumption. New marketing methods have emerged in order for products
to reach the hands of the ultimate user.
MEANING AND DEFINATION OF MARKETING
Marketing is a comprehensive term and it includes all resources and a set of activities
necessary to direct and facilitate the flow of goods and services from producer to
consumer in the process of distribution.
✔ Marketing is referred to a process of creating or directing an organization to be
successful in selling a product or service that people not only desire, but are willing to
buy.
✔ The traditional meaning of marketing is clearly borne out by the definition given
by Ralf S. Alexander and Others, “Marketing is the performance of business
activities that direct the flow of goods and services from the producer to consumer or
user”.
,✔ The modern concept of marketing was defined by E.F.L. Breach as, “Marketing is
the process of determining consumer demand for a product or service, motivating its
sales and distributing it into ultimate consumption at a profit”.
✔ By analyzing the above definition we can define the term marketing as a business
process which creates and keep the customer.
Types of Marketing:
1. Traditional Marketing:
Traditional marketing approaches use traditional channels such as print media, TV,
radio, and direct mail. While digital marketing has grown in popularity, traditional
methods continue to play a role, particularly in certain demographics and industries.
2. Digital Marketing:
With the advent of the internet and technology, digital marketing has emerged as a
critical component for many businesses. This strategy includes social media, search
engine optimization (SEO), content marketing, email marketing, and online
advertising. Digital marketing enables precise targeting, real-time analytics, and
interactive audience communication.
3. Content Marketing:
Content marketing is concerned with creating and disseminating valuable, relevant,
and consistent content in order to attract and engage a target audience. This strategy
, aims to establish trust and credibility with the audience, establishing the brand as an
authority in its field.
4. Relationship Marketing:
Relationship marketing focuses on developing and maintaining long-term customer
relationships. This strategy prioritizes customer loyalty and retention over short-term
sales. Relationship marketing relies on personalized communication, loyalty
programs, and excellent customer service.
5. Social Media Marketing:
Social media platforms have evolved into effective marketing tools. Businesses use
social media to connect with their customers, raise brand awareness, and promote
their products or services. Create engaging content, interact with followers, and use
paid advertising on platforms such as Facebook, Instagram, Twitter, and LinkedIn.
6. Influencer Marketing:
This strategy entails collaborating with influencers, or people who have a large
following and influence in a specific niche. Brands collaborate with influencers to
promote their products or services, capitalizing on the influencer's credibility and
reach.
7. Experiential Marketing:
