2. How important is Marketing to our everyday lives?
Could you imagine having no marketing at all when watching your favorite
television show? How about not having to see ads on your favorite social media
outlet. What do you think would end up happening?
The biggest thing that would happen is those outlets would have to
charge obscene amounts of money to their consumers in order to continue
providing content. Would you be willing to pay a couple thousand dollars to watch
that favorite tv show or visit your go-to social media outlet?
The marketing of items and services allow the consumption of other
services to individuals for less money.
3. How has marketing evolved over the years?
-Without the process of marketing, firms would
have a much harder time being able to sell their
products to consumers.
-Since the turn of the 20th century, the process
of marketing has evolved greatly on how firms
have been able to sell their products to
individuals.
-This can be divided between 4 distinct eras.
-Production-Oriented Era
-Sales-Oriented Era
-Market-Oriented Era
-Value-Based Marketing Era
4. Production-Oriented Era
-Near the turn of the 20th century, firms used a
much different strategy then we are used to
nowadays.
-Firms believed that people would buy the goods
that they produced and that the product would
sell itself.
-Manufactures were concerned more with
product innovation and not with satisfying the
needs of the consumer.
-Retail stores were used mainly to hold
merchandise until the products sold.
5. -This quote from the car manufacturing
tycoon Henry Ford “You can have any
color as long as it’s black” perfectly
encapsulates what the production-
oriented era was all about.
-Firms were more concerned with
innovation than with tailoring their
products to the needs to the
consumers.
6. Sales-Oriented Era
-Between 1920 and 1950 firms had to change
their way of doing things.
-People began to buy products more for what
their own needs were than just because the
products were available. This caused firms to
begin to have to “sell” their products to
consumers instead of simply producing and
waiting for the product to sell.
7. -The Great Depression and World War 2
accelerated peoples desires to forgo certain
items and do it themselves. This included
people planting their own gardens and
consuming food that way as opposed to
spending the little money they did have on it.
This allowed consumers to become picky on
how they spent their income.
-Firms had to to solve this overproduction of
goods problem by becoming sales-oriented.
8. Market-Oriented Era
-After world war 2, soldiers returned home,
started families and got new jobs that gave them
disposable income.
-Manufacturers turned their attention to
producing items that appealed to this people on
how to spend that disposable income.
-The consumer became “king” during this time.
9. -Consumers began to look at all of their options
when deciding on what to buy and used factors
such as quality and price in determining where
they spent their money.
-The United States entered a buyers market,
and manufacturers had to focus on consumers
needs and wants before creating a product.
-It was during this era that businesses
discovered marketing.
10. Value-Based Marketing Era
-Most successful Businesses today are market
oriented.
-Businesses tend to not only want to create
products to fulfill the needs and the wants of
consumers, but to create products that hold a
greater “value” to consumers.
-The customers want to make sure that they are
getting a fair exchange of products/services for
their hard earned money.
11. -Illustrating that a product has good value
doesn’t mean that the product or service is
cheap. What it means is that people percieve
that the product or service is worth their hard
earned and scarce money made.
-Luxury items such as expensive jewelry
manufacturers have this problem in marketing.
They have to market to people that the value of
owning their jewelry is worth the expense. Not
always easy, but marketing the value to
consumers has proved successful the past
couple decades.
