Assignment 17"Marketing in the 21st Century"

 

1.    What is the definition of Marketing?

A set of tools and strategies that a person or company uses to make a product or service known.

The objective of marketing is to improve the commercialization of a product by studying, identifying and satisfying the needs of a target market.

The American Marketing Association defines marketing as the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals. (Gervase, 2009).

2.    What is understood as Market in business?

In business and marketing, a market is made up of actual or potential consumers of a product or service. It is the place where suppliers and demanders interact with the objective of satisfying needs by acquiring a product or service in exchange for a profit.

3.    What is the purpose of Marketing?

The main objective of marketing is to satisfy the needs of both the consumer and the provider, through the delivery of a product or service in exchange for monetary compensation.

Among some of the specific objectives are: the detection of marketing opportunities, obtaining utilities for the organization, detection of profitable sectors, and a good position in the market.

4.    Why is Marketing important?

Marketing is important for companies to be able to recognize the best sectors to commercialize a product. It serves to profile the consumer, improve products and services to make them attractive, generate higher sales and profits.

It is important for consumers to have a better understanding of the products and services they buy, to have more purchasing options and to obtain price and quality benefits derived from competition among companies.

5.    What are the different types of Marketing? Define them in detail.

·         Traditional Marketing

This is the promotion of the brand in the channels that existed before the appearance of the Internet.  It was based on television commercials, brochures, billboards and radio ads.

·         Outbound Marketing

It is intrusive promotion. It consists of promoting without taking into account the consumer's interest. Examples include print ads, e-mails and calls.

·         Inbound Marketing

This type of marketing focuses on three pillars: attracting, engaging and delighting customers rather than interrupting them. Some strategies rely on digital marketing such as chat bots.

·         Digital Marketing

Digital marketing uses technology such as social networks, websites and search engines to attract a larger number of potential customers.

6.    What are the aspects a marketer needs to consider nowadays?

Nowadays there are many challenges for marketers, derived from social networks, increasingly informed consumers and technological advances.

Some aspects to consider are:

·         Segmenting the market.

To attract potential customers more efficiently and without spending so many resources, it is important to segment the market. Depending on the type of business, segmentation will be different. Currently there are tools such as social networks and Big Data trend analysis, which can be useful for this process.

·         Create interesting content.

In previous years, marketing was done only through television commercials, radio, newspapers, telephone calls and billboards.

Today there is a huge variety of social networks that marketers can use to their advantage.

Videos on YouTube and Tiktok, posts on Instagram, memes and infographics, webinars, eBooks…

There are hundreds of ways in which content can be shared and attract new customers, so marketers will have to analyze trends and adapt to them to create creative and interesting content.

·         Measure and analyze data.

It is important to study consumer behavior and interaction in order to optimize performance, predict results and diversify strategies.

·         Always seek to innovate.

This is a fundamental aspect for any marketer. Companies and customers will always seek differentiation, so a marketer must be innovative, creative and always be aware of what is happening in the world to seize opportunities.

7.    What are the differences between Marketing in the past and Marketing in the 21st century?

I consider that the main reason for the differences between the marketing of the past and the marketing of the 21st century is the development of new technologies.

Thanks to the internet, social networks, and data analysis; new types of marketing have emerged, such as social media marketing, digital marketing, content marketing; and even influencer marketing.

In the past, marketing focused on making a product or service known through mass advertising. Many resources were wasted and potential clients were actually few.

Today, thanks to trend analysis and the evolution of technology, advertising a product is just a click away. Today's marketing focuses more on product personalization, consumer satisfaction and loyalty.

 

REFERENCES

Chi, C. (2021, November 9). 41 Types of Marketing Your Brand Can Invest In. Hubspot. https://blog.hubspot.com/marketing/marketing-types

Gervase, C. (2009, March). What is marketing? Research Gate. https://www.researchgate.net/publication/278241959_What_is_Marketing