The History of Marketing: Must-know for marketers to innovate further

What is the brief history of marketing?

Today marketing is known as the advanced blend of technology and strategy. However, this has not been always this way. The contemporary definition of marketing as the process of moving goods from the producers to the customers with an emphasis on advertising and sales appeared in the dictionaries in 1897 first. Marketing is the derivation of the Latin word Mercatus which means merchant or marketplace. Historians of marketing tend to fall into two different branches of marketing history one is the history of marketing practice and another is the history of marketing thought.  The branches are deeply divided as well as have different routes. The history of marketing practice is grounded in marketing discipline and management while the history of marketing thought is grounded in cultural history and economic history. This means that the branches ask very different types of research questions as well as employ various research frameworks and tools.

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Why is the history of marketing a Must-Know For Marketers To Innovate Further?

History of marketing is Must-Know for the marketers because this will help the marketers in developing a comprehensive plan formulated for achieving the marketing objectives for their organization. The history of marketing will provide the blueprint to attend to these marketing objectives and will help in building blocks of the marketing plan. Knowing the history of marketing, the marketers will be able to design detailed marketing research. The marketing strategy will help them in focusing on the scarce resources on the best possible opportunity so that they can increase the sales of the product and services. The history will also help in discovering various areas, which are affected by the organizational growth that will be beneficial for the marketers in creating the organizational plan for catering the customer needs.

What is the importance of knowing the history of marketing?

History of marketing is very important as this will provide the organizations the information related to the edge over the competitors. Marketing history will help in gathering information related to the development of the services and products with the best profit. History related to marketing will help in fixing the right price for the goods and services of the organization based on the information collected from the historical market research. With the historical data related to marketing, the organization will be able to fix the advertising budget and will be able to develop an effective method that will determine the scope of the marketing plan.

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What are the 5 eras of marketing history?

The Production Era

The production error is one of the earlier strategies which is now considered marketing.  In this strategy, products must be available everywhere and inexpensive for the customers. Businesses stressed efficiency and mass production producing the possible lowest cost along with Marketing efforts which will be based on securing the possible widest distribution. Nowadays, businesses are using the production era strategy while trying to expand the market for their product and services.  

The Product Era

In the product era, marketing is less about establishing cost leadership as well as universal distribution and the police is more about relying on the product attribute for attracting the customers. Businesses built marketing efforts around product quality, innovative product features, and performance. This concept will remain important in advanced marketing.  However, the producers in the market should be aware that good products or services will not be enough for the customers. This has to be properly priced as well as properly promoted. In this strategy, the customers will have to be able to find this which means securing the distribution by the organization.

The Selling Era

In the selling era, businesses have viewed aggressive promotion as the key success factor. Any product or service can succeed if a business pushed it hard enough. This strategy will continue to fulfill the demands of the customers. The selling era strategy will be beneficial for the businesses with their unsought goods. This will also help in making the promotions of the products and services normal and easier for the businesses. However, this strategy sometimes can be risky for businesses.

The Marketing Era

In the marketing era, businesses have seen the basic change in their business structure. Instead of trying to persuade customer for buying the products they were producing, businesses should focus on making products that customer wants to buy. Deciding which products to make as well as market wins from being the case of fulfilling the needs of the business to fulfilling the needs of the market. This was in the marketing era when the field of market research took off. This will be one of the key factors of the marketing factors, which is more effective than the other marketing eras or approaches. With this approach, the business organizations will be able to connect with the customers more effectively.

The Holistic Era

In the modern era, holistic marketing can be everything to businesses. Marketing is highly integrated with all the factors of the operations of the business organization including, advertising, production, and distribution of the products. The holistic marketing strategy will help in responding to the opportunities as well as changes effectively and quickly in the marketplace. Marketing is not direct outward only or toward the customers. This is also inward so that all the people in the organization can be aware of the goals and objectives of the company. This will also help in attaining the strategies of the organization. Nowadays, people might refer to the stage as relationship marketing or social marketing, which is very beneficial for businesses for improving their business process and sale of products and services. Finally, the holistic marketing approach is not about increasing the financial return or ROI of a company. The holistic marketing approach also takes into account whether the business is acting in the larger interest of society or not.