Tag: Marketing

Respond 300 words

In today’s global economy, marketing has become an important function to a firm’s success. There have been several stages in the evolution of marketing that illustrate how it has impacted society over time. These stages can be broken into five eras of marketing, which are 1. Simple trade era, 2. Production era, 3. Sales era, 4. Marketing department era, and 5. Marketing company era. Prior to the industrial revolution there was a subsistence economy where families consumed everything they raised and produced. There was no need to market what was produced (Perreault et al., 2020).

Once families began to produce products for market by selling surplus goods to distributors, the simple trade era began. Next came the production era where a company only produced a few distinct products to serve the needs of the marketplace. The assumption was what was made would be sold. By the 1930s there were so many companies that produced goods, that companies had to win customers to sell their goods. This was the beginning of the sales era. In order to be competitive, companies had to focus on selling the goods that they were producing (Perreault et al., 2020).

By the 1950s the economy was growing rapidly, and a new marketing era began. The marketing department era began, and companies evaluated everything from research to production and sales. One marketing department would oversee all the firm’s plans for marketing. Finally, the marketing company era evolved in the 1960s. Instead of short term planning, the marketing company guides the efforts of the entire company and sets long term plans of five or more years. This has led to the most important marketing function for society, which is the marketing concept and marketing orientation. A company aiming all efforts to customer satisfaction at a profit is the marketing concept, and a marketing orientation is used by firms to attempt to produce what customers need (Perreault et al., 2020).

Economic systems in society are impacted by marketing systems. We are free as consumers to choose the goods and services we prefer in society, and we are able to enjoy the standard of living in society that marketing systems provide. The role of marketing in the prosperity and growth of America has been integral. These marketing systems have also been crucial to international trade and development. Marketing systems make contributions to economic systems through infrastructure development, efficiencies in markets, innovations, enhanced trade, international relationships, and economic prosperity, just to name a few (Wilkie & Moore, 1999).

Development of marketing systems has led to improvements in communication, transportation, and distribution. Governments benefit from taxes collected from firms and purchases, which supports communities and public programs. New efficiencies leading to mass marketing have decreased costs and prices and led to increased consumption and innovation. International development is improved with balance of trade, while growing in new opportunities (Wilkie & Moore, 1999).

The greatest marketing benefits in society can probably be seen in economic development. Nations with greater marketing percentages have higher GDPs. Economies transitioning to marketing systems rely on marketing expertise and strong planning as crucial aspects of their success. Other benefits are key to the consumer. Marketers drive the offerings to consumers and are advocates to ensure the customer gets what they desire, when they need it. New innovative products and solutions are brought to market to improve the quality of life of a society over time, with greater customer satisfaction as one of the ultimate goals of the producer (Wilkie & Moore, 1999).

New marketing concepts like sharing economies will continue to impact society in the modern lifestyle. Platforms for sharing include homes (Airbnb), vehicles (uber), data, and ideas. Often times technology platforms match sharing users with providers. Customers become both users and providers of their resources. A sharing economy will have a less traditional outlook on marketing and new tactics or strategies will be utilized. These shared offerings are accessed on a temporary basis and not owned permanently. Value is transferred between entities on a quid-pro-quo basis and relies upon internet based platforms to facilitate the transaction. Sharing allows the supply to be crowdsourced to ensure appropriate resources are available (Eckhardt et al., 2019). Marketing systems continues to change how it impacts society and offers consumers with solutions to meet their needs, when they need them.