respond 300 words: In today’s global economy, marketing has become

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.

References

Eckhardt, G., Houston, M., Jiang, B., Lamberton, C., Rindfleisch, A., & Zervas, G. (2019). Marketing in the sharing economy. Journal of Marketing 83(5), 5-27.

Perreault, J., Cannon, J., & McCarthy, E.J. (2020). Essentials of marketing: A marketing strategy planning approach (17thed.). McGraw-Hill.

Wilkie, W. & Moore, E. (1999). Marketing contributions to society. Journal of Marketing 63(4), 198-218.

respond 300 words:

 

Marketing is the ability of firms to explore, create and deliver goods and services to meet the goals of a target market, other business firms or to the general population. This is also defined as all the efforts a company puts in to promote and sell its products to customers. Marketing makes good use of the 4Ps which are production, price, place, and promotion (Twin, 2021).

First, products are being marketed by the different firms and consumers get to know the services and products offered and compare those products and services. In most cases, products with advantages would increase sales and profit for the firm because consumers would go more for it. An increase in the firm’s profit would lead to an expansion in the firm’s business while creating competition with other firms causing the highly requested goods and services to increase in price. Government tax revenue would increase, more job opportunities to the community and would further lead to the country’s economic growth (Hartman, 2019) and increases standards of living. Marketing is developed in a way that, it identifies its ideal customer following the specific goods or services and make sure the customers attention is brought towards it (Twin, 2021).

Marketing nowadays has greatly transformed our society because there has been great improvement in information technology. These changes made by information technology via the invention of the internet and social media has led to a great change in the marketing system. In the past, marketing campaigns and publicity of products and services provided by firm’s were done in person or with the use of publicity posters. A few years back before COVID19 hit, the marketing system had not yet integrated a greater part of the campaigns and product awareness to customers via social media but nowadays due to the pandemic, campaigns are done via Zoom meetings, Face book, Instagram, Twitter, and many other social media accounts. This has also helped firms to save money on campaign travel expenses and in return increase productivity of quality goods and services. Marketing via social media easily makes the wide spread of information about new goods and services including their advantages provided by the production firm to other business firms and the public.

Nowadays, marketing together with the pandemic has impacted our lifestyles in one way or the other. Today, purchasing decisions are being made by customers from marketing information they read, listen, or watch on social media. Many customers preferred to read product reviews posted by other customers. This information help people in decision making on what to eat, wear, where to visit, which school to attend, which car to buy and many others (Hartman, 2019). Marketing plays a greater role when it comes to customers choice and desires but also help to meet the consumer’s expectations.

Reference

Hartman, D. (1 Feb, 2019). The Value of Marketing to Society. Retrieved on January 11, 2022, from https://smallbusiness.chron.com/value-marketing-society-21508.html

           Twin, A. (Nov, 2021). Marketing definition. Retrieved on January 11,2022, from https://www.investopedia.com/terms/m/marketing.asp

 

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