Define marketing, and identify 2 core marketing concepts and 2 ways marketing has changed over the past 10 years. Support your response with specific examples of one or more marketing concepts, and one or more new marketing realities.
Marketing is an organization’s core activity, whether it’s profitable or non-profitable organization to maximize its sale, promoting their services/products. Marketing includes many other activities such as market research, deciding promotional techniques, deciding the prices and determining long-term goals etc.
Two concepts of marketing are following:
- Demands/Wants/ Needs
- Satisfaction of product
Understanding the both concepts in details
- Demands/Wants/ Needs: This includes the needs and demands of the customer/consumer, that should be fulfilled through the product or services provided by the organization. It creates basic idea for providers to choose it as an idea for business. For instance, in 1990’s Coors Launched their product; mountain spring water as brand extension but somehow it didn’t work as it was found that beer drinkers prefer their favorite label to sell beer.
- Satisfaction of product: After a great research, once the product is manufactured if it couldn’t satisfy the consumer’s needs, the main purpose of product gets hindered and affects long-term goals of an organization. In 1995 Nintendo launched Virtual boy, a digital virtual reality but when the consumer used it, it was a low resolution graphic game to play which was rejected by the consumers.
Modification in marketing since last decade, have been dramatic. Marketing has become very saturated that advance strategies, which has to be created to capture and hold market.
Majorly the market has changed since last decade as follow:
- Digitalization: From last ten years, marketing has shifted from personal platform to digital platforms. Digital platform has initiated the research ways and identifying the market for producers, as well as providing more options and brand awareness to the consumers. That’s why these days’ consumers prefer more online platforms. Social media has also become a great business advertising platform. The social media platform helps the business to research markets continuously and enable them to spread their product’s information. Previously manufacturers covered small markets only with the help of door-to-door visits, directly to the customer but now it is limitless for manufacturer to market his product, by posting the product’s advertisement over the web.
- Consumer oriented Business: Previously the product or services were created as per the availability and technology known to producer and those products were equipped in market which at time couldn’t stand up to the consumer’s expectation and due to limited knowledge the customer’s needs and satisfaction, were not able to exceed customer’s boundaries by attracting more consumers from different region and society. For example “Company introduced smokeless cigarettes in the market just when anti-smoking campaigns were heading up led to its shut down.” Now it has turned out to be an important market research and analyzing the market before turning it into a physical service or product.