History of Marketing
Early Model of Sales and Marketing
At the early models of sales and marketing sales and marketing has evolved significantly over time starting over a thousand years ago with the simple barter system and spanning several centuries adapting to changes in consumer behavior modes of communication and advancements in technology in order to become the multi-faceted multimedia discipline that it is today. This image depicts the timeline for the evolution of sales and marketing began several centuries ago with the barter system whereby various goods and services were exchanged for other goods and services.
This concept of exchange is the foundation of sales and marketing and while the barter system is less common today the dawn of the Internet in the 1990s made this simple form of transaction even more convenient by offering a means for non-local individuals to match their needs with the offerings of others both locally and across the globe. Several sites in fact enable consumers to take advantage of the reach of the Internet in order to facilitate such an exchange enabling the continued use of the simple means of marketing. While the barter system introduced consumers to the concept of exchange the introduction of various forms of currency several centuries later made the concept of exchange a simpler proposition no longer was a match of needs required goods and services could be exchanged for money and the traditional marketplace was born. Over the years the concept of mass production, as well as supply chain and distribution channels, were introduced giving way to the sellers’ marketplace.
The 20th century and the inception of mass media marketing brought consumers unprecedented choice and with that choice came the need for businesses to differentiate their goods and services and promote their products to a much larger audience through various means including radio television and print advertising. Conventional mass media marketing gave consumers many options to learn about a company's products and services and provided businesses with multiple channels to get their messages out. Finally, the 1990s brought the launch of the Internet offering businesses yet another channel to market their goods and services and an opportunity to reach a global audience.
New Age of Marketing
Today, consumers have multiple ways to search, learn, and buy different products and services, and e-commerce technology offers the convenience of secure and instant transactions at the same time. However, consumers are bombarded with news from many sources, which sometimes makes it difficult to study the amount of marketing information consumers can receive from several hundred television and radio channels, a variety of print media, including newspapers, magazines, and online and trade publications.
It is difficult to check emails without multiple banner ads appearing. At a time when consumers are constantly being offered choices, the messages for businesses are constant and the challenge is to find ways to stand out. Recently, the media has become increasingly fragmented, with several hundred TV and radio channels and a variety of print media, including newspapers, magazines, and specialist publications.
Moreover, since the late 1990s, with the increasing popularity of the Internet and more recently smartphones, there have been many opportunities for advertisers to reach a global audience through digital media marketing methods such as mobile phone apps. and proximity marketing with all these options. Many marketers find it advantageous to use an integrated approach to marketing that takes advantage of the strengths of different types of media. Companies must evaluate all media according to who the target audience is and which media are most responsive to them. In many cases, it will be necessary to make assumptions and incorporate them into the testing framework for the funds. Some features of fragmented New Age marketing are as follows:
The fact is that people now spend more time on the internet with smartphones, tablets, or computers than with conventional media such as television, radio, or newspapers. This is particularly true for the market segment aged 30 and over. Since sales and marketing are most successful in meeting consumer demands, this change in consumer preferences is changing the sales and marketing landscape of established companies considerably. Companies are finding that conventional media marketing is only of limited effectiveness and that some customer segments are not even accessible via these traditional media formats.
New Age fragmented marketing generally supports new small brands with much smaller budgets that appeal directly to their customers in a global market, a significant difference from traditional media marketing, where reaching global reach may have been prohibitively expensive for a small business. Whereas mass media marketing is less targeted and focuses primarily on influencing emotional attitudes about the new era, marketing is more data-driven and focused on driving specific calls to action. In contrast to older media options, where sales and marketing communication were primarily uniform directional communication, these have become increasingly multi-directional.
For example, there are many websites where customers can make independent reviews of a company's products or services, and others, including the company itself, can respond to or elaborate on those reviews because new-age marketing consists of multiple forms of media, and the ability to generate meaningful information, huge amounts of data commonly known as big data, are now available to businesses, and the ability to process and assimilate that data through proper marketing analysis to generate valuable insights can become a significant differentiator to ensure that companies engage in marketing.
Can you imagine examples of fragmented new-age marketing on social media and corporate websites that allow small businesses to showcase their products cheaply, or sometimes even for free? Businesses can share engaging content that can go viral, promote their brand, and reach a global audience. Brands can also produce informative, educational content via blogs, forums, etc. Online paid advertising allows companies to market their products or services to their audiences on smaller budgets than conventional media marketing. For many companies, paid online advertising replaces conventional media marketing. It may be important to note that unlike the media, what is the one-sided transfer of the brand to the consumer.
New Age marketing involves a two-sided interaction between the brand and the consumer. In the case of Google's advertising words, for example, when the consumer accepts the call to action, the company provides additional information about the product itself. Therefore, the transaction is usually a two-sided commitment between the company and its potential customers. Multidirectional communication is facilitated by fragmented new-age marketing. Customers can post their own comments or research what others have to say about certain products. Twitter feeds Google reviews and so on. Trip Advisor provides a forum for travel enthusiasts to share their feedback on their experiences at certain hotels, such feedback can have a significant impact on purchases.
Sales and Marketing as a continuum
It is important for us to note that just because we are in the 21st century does not make all the previous avenues of sales and marketing obsolete, some companies that market consumer goods continue to spend a significant part of their marketing budget on media marketing. unconventional massive. In some cases, a seller's market is still the reality for certain commodities that have a limited number of producers or where the product is highly regulated by the government or controlled by monopolies or everything intimidating. Similarly, in some regions or countries, traditional markets continue to flourish. Instead of seeing changes as a complete replacement for previous practices, sales and marketing approaches should be viewed as a continuum in which recent innovations can coexist with previous practices.
It is the responsibility of a company's sales and marketing team to make the strategic decisions that will work best to achieve the desired results, given the reality of the markets and the particular preferences of consumers. Sales and Marketing students who read material on the topic often find the literature confusing because the authors offer varied perspectives that can be difficult to assimilate and understand today. Each author's perspective may also vary depending on when the material was written, their individual or industry preferences and experiences, and other factors.
In contrast, the concepts covered in the sales and marketing body of knowledge are not limited to the perspectives of any particular author or industry. The VSM study guide was developed by V.M. as it incorporated a career education provider that has educated more than 400,000 students worldwide in more than 3,500 companies. The advisors and reviewers for more than 50 authors of this book have worked in multiple marketing environments and geographic regions in an eclectic variety of industries.