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BY: The Marketing Society of Shaheed

Bhagat Singh College

THEME: MARKETING; THEN, NOW AND IN THE FUTURE

PARTICIPANT NAME: ISHITA SHARMA
COLLEGE NAME: SHRI RAM COLLEGE OF COMMERCE

MARKETING; THEN, NOW AND IN THE FUTURE

BY: Ishita Sharma
Marketing has been an integral part of human existence since ancient times.
From the early barter system to the sophisticated advertising techniques used
today, marketing has evolved and adapted to meet the changing needs of
society.
In ancient times, marketing was mainly based
on personal relationships and word-of-mouth.
Traders would travel from village to village,
selling their goods and services through
personal interactions with potential customers.
They would use persuasive language and often
relied on the trust that had developed between
them and their customers.
As civilizations developed, so did marketing
techniques. The advent of writing led to the
creation of marketplaces where traders could
advertise their goods on papyrus or clay
tablets. Ancient Egyptians, for example, used
hieroglyphics to advertise their products and
services, while the Greeks used engraved
stones to announce their sales.
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In the Middle Ages, marketing took on a more formalized structure. Guilds,
associations of merchants and craftsmen, were established to regulate trade
and protect the interests of their members. These guilds also organized fairs
and markets where merchants could showcase their wares to potential
customers.
During the Industrial Revolution, marketing became even more important as
businesses needed to compete for customers in a crowded market.
Advertising in newspapers and on billboards became common, and branding
and packaging became crucial in distinguishing one product from another.
In the 20th century, marketing became even more sophisticated. As mass
production techniques allowed for the creation of large quantities of goods,
advertising and marketing became more focused on creating demand for
these products. The rise of radio and television advertising allowed
businesses to reach a wider audience, and market research techniques
helped companies to better understand their customers' needs and
preferences.
Today, marketing has become even more complex with the advent of the
internet and social media. Companies can now reach customers through
multiple channels, including email, social media platforms, and targeted
advertising. The rise of influencer marketing has also changed the way that
businesses promote their products, with social media influencers now able to
sway consumer purchasing decisions. This can further be clarified by the
given below timeline:

Production Era (Late 1800s - Early 1900s): The focus was on maximizing
production efficiency and minimizing costs. Marketing was mainly about
product availability rather than customer preferences.
Sales Era (1920s - 1950s): The focus shifted to selling products by using
aggressive sales tactics such as personal selling, advertising, and
promotions.
Marketing Concept Era (1950s - 1990s): The focus was on satisfying
customers' needs and wants by creating products and services that meet
their demands. Marketers conducted market research to understand customer
preferences and behaviours .
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Relationship Marketing Era (1990s - 2000s): The focus shifted to building long-
term relationships with customers by providing them with personalized
experiences and addressing their needs and concerns.
Digital Marketing Era (2000s - present): The rise of digital technology has
transformed the way marketers interact with customers. The focus is on using
digital channels such as social media, email, and mobile devices to reach and
engage with customers in more targeted and personalized ways.
Experience Marketing Era (2010s - present): The focus is on creating
immersive and memorable experiences for customers that go beyond the
traditional marketing mix of product, price, promotion, and place. Marketers
are using a variety of channels such as events, virtual reality, and
gamification to create unique and engaging experiences for customers.
Progressive renovation of the components of the marketing mix
involves making gradual changes to the key elements of a company's
marketing strategy. Here is a point wise explanation of each
component of the marketing mix and how it can be renovated
progressively:
Product: Progressive renovation of the product involves making
incremental improvements or changes to existing products or
introducing new products. This may involve tweaking the product
design, adding new features, improving quality, or updating
packaging.
Price: Price is a critical component of the marketing mix, and
progressive renovation of price involves making small adjustments to
the price of products or services over time. This can be done through
price promotions, discounts, or changes in pricing strategies.
Place: Progressive renovation of place involves making changes to
the channels through which products or services are distributed. This
can include expanding the distribution network, entering new markets,
or adopting new distribution channels such as e-commerce.
Promotion: Promotion refers to the marketing activities that a
company uses to communicate the value of its products or services to
customers. Progressive renovation of promotion involves making
changes to marketing communications, such as updating advertising
messages, using new channels, or adopting new marketing
techniques.
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People: Progressive renovation of people involves training and
development of employees and creating a positive customer
experience. This can include hiring new employees with different skill
sets or training existing employees to provide better customer
service.
Process: Progressive renovation of the process involves making
changes to the way a company delivers its products or services to
customers. This can include streamlining internal processes, using
new technology, or adopting new procedures to improve efficiency
and customer experience.
Physical evidence: Progressive renovation of physical evidence
involves updating the physical environment in which a company
delivers its products or services. This can include upgrading store or
office design, improving signage, or creating more comfortable
customer spaces.
Overall, progressive renovation of the components of the marketing
mix involves making incremental changes over time, continuously
monitoring results, and adjusting the marketing strategy accordingly
to ensure that it remains effective and relevant to customers.

There are two different ways to advertise goods and services: traditional
marketing and digital marketing. The main variations between the two are as
follows:

Reach: Unlike digital marketing, which can reach a global audience through
internet channels like social media, email, and search engines, traditional
marketing primarily targets a local or regional audience through media like
print, radio, and television.

Cost: The printing, distribution, and radio and television advertising expenses
connected with traditional marketing can be high. Yet, since it can be carried
out cheaply through email, social media, and other internet methods, digital
marketing may be more cost-effective.

Traditional marketing is frequently less targeted than digital marketing. A

television commercial, for example, is seen by everyone who is tuned in at the
time, whereas digital marketing allows advertisers to target specific groups of
people based on demographics, behaviour, interests, and location.
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Interaction: Unlike traditional marketing, which is typically one-way, digital
marketing allows for two-way communication between the brand and its
customers. Customers can interact with the brand and provide feedback
through digital marketing channels such as social media and email, which can
help improve the customer experience.

Measurement: Compared to traditional marketing, digital marketing provides

much more comprehensive and precise measurement and tracking
capabilities. Marketers can track engagement rates, conversion rates, website
traffic, and other metrics in real time, allowing them to fine tune their
campaigns.

Overall, digital marketing is a more cost-effective, targeted, and interactive

way to hawk goods and services, while traditional marketing remains
important for reaching local and regional audiences. Marketers frequently use
a combination of traditional and digital marketing channels to effectively
reach their target audience.

To sum up we can say marketing has substantially evolved over time and
continues to do so at a rapid pace. Here's a quick rundown of marketing in the
past, present, and future:
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THEN: Marketing used to be primarily focused on mass communication, with
only a few channels available, such as television, radio, and print media.
Companies would create advertisements and campaigns in order to reach as
many people as possible in order to attract new customers. Marketing was
frequently a one-way street, with companies speaking at their customers
rather than engaging with them.

NOW: Marketing has shifted to a more targeted and personalised approach in

the digital age. Companies can now directly reach their target audience and
engage with them on a more personal level thanks to the rise of social media
and other digital platforms. Companies are using analytics and other tools to
track consumer behaviour and create targeted campaigns, making marketing
more data-driven. Furthermore, marketing has become more interactive,
allowing consumers to interact with brands and provide feedback.

FUTURE: Marketing is likely to become even more personalised and

immersive in the future. Companies will be able to create more immersive
experiences for consumers with the rise of virtual and augmented reality,
allowing them to interact with products in a more realistic manner.
Furthermore, companies will use artificial intelligence to create personalised
recommendations and experiences for customers. Companies will use
predictive analytics and other tools to anticipate consumer needs and
preferences as marketing becomes more data-driven. Finally, companies will
take a more active role in promoting positive social and environmental
change, making sustainability and social responsibility even more important
in marketing.
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Finally, technological advancements, changes in consumer behaviour, and a
growing emphasis on customer experience have all contributed to the
evolution of marketing. As marketing evolves, marketers must stay current on
the latest trends and developments in order to remain competitive and deliver
effective marketing strategies that resonate with their target audiences.