Marketing is as old as human civilization itself, although it is a fairly young discipline only really emerging in the 1900’s as a concept. From early society to our digital era, culture has based its trading and selling upon communication in order to move products faster than the competition. From the 1950’s onwards, the concept of marketing strategy was led by the need to greater understand the relationships between sellers and buyers.
Many of the strategies of marketing that we understand today have their roots in the Industrial Revolution. Mass production and advances in transportation and technology meant that businessmen needed a more effective plan when it came to the movement of goods. When countries began applying laws against monopoly, how can something be sold when your competitor is producing the exact same thing? This is when marketing as a profession was born.
It became clear that businesses would need specialists who could study markets and consumers, behaviour patterns and ways to stay ahead of the game. This represented a shift towards outward thinking and moved the focus to putting the consumer experience at the forefront of decision making.
At the start of the Industrial Revolution, goods were scarce and so businesses could concentrate solely on manufacture as the market shortages would mean that there would be no end of buyers. After this period and the birth of mass production, the market was swamped by competition and output surpassed demand. This is around the time it became increasingly important to have something extra in order to make your product the preferred choice. Marketing, sales and branding came into being due to increased competition. For a branding agency Cardiff, visit http://www.elfen.co.uk/.
From the 1950’s on, as a result of a saturation of the market, marketing would now have to be performed on a more strategic level. Understanding your consumer was paramount so marketing professionals advised companies on what it should produce, how it should distribute the product and how much it should cost. Acquiring marketing knowledge also became more desirable and the discipline really took off.
Now we see marketing develop into ideas about building customer loyalty and growing relationships with clients, as it was said that, “the cost of attracting a new customer is estimated to be five times the cost of keeping a current customer happy.” With social media becoming globally popular, marketing can now concentrate on connecting to consumers in a real-time and more personal manner. Businesses can now be connected to consumers and potential customers all day, every day and how a business engages with people is vital to it’s success.
Marketing is all about change and adapting to how consumers think and act. It will, as a concept, continue to shift as methods of communication, production levels and even society alter. As markets grow and new marketing platforms emerge, the theory and practice of this profession will transform and adapt to the new challenges that it faces in a very competitive global marketplace.