From cavemen, to pioneers; with no doubt in my mind, humanity has managed to reach new heights with a consistent degree of evolution. Technological advancements as well as humanitarian and scientific avalanches, are proof of humanity's endeavors. Always striving to overcome and to push the limits of what is and isn't possible. An evident example of such, is our progress and transition from the Industrial revolution and manufacturing industries, to the digital revolution; a new economy, in which, consumer possesses more control over the market, attain unapparelled quality and value from hundreds of products and services and perhaps most importantly, is interlinked within a network that provides unlimited amount of data and information.
It is important to highlight the fact that the above would not be possible without the advancements met by technology. With the evolution of technology and its penetration within our daily lives, came globalization and internationalism, breaking down the barriers of regions; and with the introduction of such, came a great variety of goods & services, information & data as well as a profound necessity for further development of marketing.
By implementing money, goods, services as well as information and ideas in the playing field, marketers now possess the necessary tools to create as well as satisfy everlasting needs around the globe, the "art" of marketing. However, the individualism behind each person, is a concept that deems the process of marketing, quite puzzling. An example of such, can be observed in a simple philosophical question:
"Does money buy happiness?"
The subjective answer to this question, may require marketers to think outside the box and attain a better understanding as to why people answer no or yes, and in the context of marketing, marketers are evidently required to adapt and adjust their mechanisms in order to promote value based on the findings that derive from it. Of course, in a realistic environment, the question above would be replaced with a more quality, price, ratio, trend oriented question; a question which would enable marketers to understand how to guage value.
Approaching the end of this partition, an important concept to cover are the various Marketing Management Philosophies. From the four Ps (Product, Price, Promotion & Place) to the four Cs (Customer Solution, Cost, Communication & Convenience), the primary collective of those, lead to the development of 4 unique concepts.
- The production concept which considers products and services that are widely available and affordable to be most favored. Example, bottled water.
- The product concept under which, consumers favor highest performance, quality and features. Example, Apple.
- In addition to the above, we have the selling concept which places consumers in a favorable spot towards products that are produced by brands that showcase an interest for the consumer. Example, Insurance companies.
- Last but not least, the marketing concept itself, under which we observe a flexibility towards the value that is promoted and produced. Such value is determined and adjusted to the everchanging wants, needs and target groups.
References:
Intro + Defining Marketing for the 21st Century presentation - Strategic Marketing Management course - KAMK. Retrieved from: DevMoodle - Strategic Marketing Management Course.
4 Ps Graphic. Retrieved from website: werockyourweb.com
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