“In the coming decades, marketing will be re-engineered from A to Z. Marketers will need to rethink fundamentally the processes by which they identify, communicate and deliver customer value.” – Philip Kotler 1999 (Father of marketing)
WHAT ARE THE CATEGORIES OF THE EVOLUTION OF MARKETING?
According to Philip Kotler in the Evolution of Marketing, marketing has progressed through five stages since the beginning of the Industrial Revolution:
- The production era
- The product era
- The selling era
- The marketing era
- The holistic era
WHAT ARE THE 5 STAGES OF THE EVOLUTION OF MARKETING?
Here is a detailed description of the 5 stages of evolution of marketing –
THE PRODUCTION ERA
The Industrial Revolution set the stage for modern advertising. All the right ingredients were put together, leading to marketing as we now know: the promotion of mass-produced consumer products.
Similarly, the first marketing efforts took the form of production. The operating idea was that the firms just had to inform customers about the availability of goods and services. After all, you can’t buy something if you don’t know it exists.
THE PRODUCT ERA
From the 1930s onwards it became increasingly rare for any company to enjoy a permanent, competitive environment. Therefore, in response to the pressures of environmental selection, businesses were developing a different adaptation. This has led to two fundamental developments in today’s marketing – the value between product ownership and the emphasis on sales standing.
THE SELLING ERA
The development of the marketing environment represented something of a sea change. While traditional marketing has focused on getting products from customers and persuading them to buy them, this new approach is different. Vendors used to focus to better understand consumers’ needs, concerns, and desires. Only then can businesses hope to make a real difference. In the 1980s, customers were in control.
THE MARKETING ERA
Today, it is common practice for many businesses to use commercial relationships. As a marketing concept, the approach that prioritizes relationships aims at promoting customer retention and loyalty as well as continuous communication with the product. Digital marketing channels make it easy to deliver inclusion reactions to consumers, and communication campaigns make products more accessible. Social commitment can also be a cornerstone of this system, as products strive to be seen as partners in the quest for customers to create an equitable society.
THE HOLISTIC ERA
Marketing is integrated with all aspects of the company’s operations – production, distribution, marketing – so that the company can respond quickly and effectively to changes in market opportunities. Marketing is not only directed at the outside, it is directed at the customers, but also internally, so that everyone in the organization is well aware of the company’s goals and strategies.
Today, we can look at this category as public or corporate marketing.
Ultimately, complete marketing is not just about maximizing a company’s financial return. It also looks at whether the company operates in a broader public interest.
WHAT IS THE FUTURE OF MARKETING?
The present-day marketing has evolved and is constantly evolving and turning towards. Digital marketing. This time is the time of making people connect and building relationships around the world, involving customers directly in product production decisions, and using the Internet to promote verbal marketing and build honest customer relationships. Digital marketing is without any doubt the present and future of marketing.
USAGE OF MODERN TECHNOLOGY
Social media marketing is not the only opportunity that modern technology offers. Apart from it, there are many various other technological ways of marketing –
- Data is more important and accessible to advertisers than ever before. Working with data mining professionals, you can create sophisticated models of customer behavior and preferences, which allow you to deepen relationships with individual customers by providing customized upgrades and shopping experiences.
- Data collection is also what allows contextual ads to work, allowing marketers to target ads directly to potential buyers.
- Having access to big data enables companies to increase their profits for specific customers through a strategy known as precision marketing.
- Direct marketing is a strategy to identify specific customer personas and offer deals and promotions to them that build brand loyalty.
- Search engine optimization (SEO) is one of the many ways in which technology can improve sales efforts. Understanding how to bring your website to the top of search results can lead to a large number of potential buyers looking for the types of products or services you offer.
For example, AI marketing is also the use of technology in marketing.