Marketing In The 21st Century
Mr.Manobalan Silambuselvan Course Module Number Module Name Module Tutor : : : MSc Strategic Entrepreneurship MANG6185 Marketing In The Digital Age
: Dr. Stephen Rhys Thomas
University of Southampton
TABLE OF CONTENTS:
1. Introduction 2. Brief History and the Power shift 3. Technology Transfer 4. The Next Phase a. Data Driven Approach b. Web 2.0 c. Past an the Future 5. Something Ingenious a. Customer’s Insight – a neuro approach 6. Conclusion 7. Bibliographies
Marketing – the dictionary meaning is “ the action or business of promoting and selling product or services, including market research and advertising”. Good! It serves the basis for sales, but what does Market Research mean? – Let me check what my dictionary has got – “action or activity of gathering information about consumers needs and preferences”. So the paramount thing around which all these terminologies revolve is “The Consumer” irrespective of the time. This paper will critically assess the evolution of new media and channels and their effective utilization, clearly explaining the phrase “digital age of marketing”. The advancements in the Technology act as an eloquent language for marketing to communicate with the customers. Eventually it explains about the evolution of marketing at various stages and the priorities given at those levels. Thus every part of business marketing is probed to the core and explained.
Brief History and the Present Power Shift:
This place holds some of the historical phases of marketing. To be more considerate let us go back to 1800s. The genesis of the marketing in America is when the Beads were exchanged for Manhattan. In earlier days, the marketing used to be very personal and local. The language used was direct communication, well-known customers, custom-made products etc. There was a change of this procedure when the Industrial Revolution broke. Here the customer needs were uniform. This era had its full concentration on the product. After the Great Depression occurred the products were unsold and perspective changed gradually to another angle. The Businessmen started concentrating on the sales rather than product. The Business started its view on market only after the end of World War II. Here they started mass media advertisements. Here the producers lost track of the consumers and they were not in the direct contact of each other. So the entire process got changed. The snail movement of the marketing is over. Now it improved rapidly. The 4Ps were introduced. They are Producing, Pricing, Placing and promoting. Then came the Relationship marketing, Industrial marketing and Social marketing phases. All these phases came into existence only because the entire power is shifted to the customer. This shift still strongly goes on. I could remember what Mahatma Gandhi said about customers “A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption of our work. He is the purpose of it. He is not an outsider to our business. He is part of it. We are not doing him a favour by serving him. He is doing us a favour by giving us the opportunity to do so”. (Mahatma Gandhi) One to one Selling has passed away, so a very good customer relationship is necessary to succeed in business. Every business organization has separate team for
customer relationships. In the future the customer dominance will still increase, so the marketers and the organizations should be always aware of their customers need and intention.
The Technological transfer actually says about the various media used for marketing. Earlier Prints were used to advertise. Radio and newspapers also accompanied it. Later came the era of Magazines and Televisions. They made a very significant work in the field of marketing. From the advent of Internet the entire marketing ways have...