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Marketing is a major arm of any business or non-profit enterprise. The modern age of marketing encompasses an array of techniques and tactics, from more traditional practices like print media adverts to the most revolutionary digital marketing processes. We have come a long way, and marketing approaches and practices have evolved in ways that could never have been envisaged decades ago.
What is Marketing?
Marketing is the process by which products and services are developed to meet the needs of consumers, and the effective pricing, promotion, advertising, and distribution of these. Unlike advertising alone, which has the primary aim of encouraging and closing a sale, marketing strives to comprehensively satisfy the consumer/customer.
Why is This Differentiation Between Advertising and Marketing so Important?
A satisfied customer is much more valuable to a business than a dissatisfied customer – they are more likely to:
1) Purchase again in future
2) Provide positive recommendations
3) Become lead generators
It is also easier to recapture an existing, satisfied customer than to create a new one.
In 2023, the ultimate goal of marketing is to develop, nurture, and maintain positive, long-term business-customer relationships.
This goal, however, has not always been the case, and the modern approach to marketing is quite a recent phenomenon. The way businesses market to their customer base has evolved dramatically over the last two hundred years or so.
The Evolution of Marketing
1) The Simple Trade Era
Before the Industrial Revolution, consumption was based on a pure subsistence economy. Dating to ancient times, people used what they had, made the most of what they consumed, and sold or traded unwanted or ex… Read More
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