The Evolution of Marketing (A Brief History of Marketing) | From A Business Professor

hello everyone welcome to business school 101 in 1977 During a severe financial crisis a graphic designer named Milton Glazer created the iconic I heart New York logo this marketing Masterpiece not only revitalized the city's image but also showcased a transformative power of marketing in this video we will delve into the evolution of marketing exploring its influence on societal Development Across different eras from the trade and production eras through sales marketing and relationship errors to the present-day societal and digital marketing era so please join me as we unravel the intricate interplay between marketing strategies and the progression of our society stage one the trade era our journey starts with the trade era even though we may not recognize it in today's terms marketing techniques were indeed utilized along the Silk Road although they were more rudimentary here are some of the marketing and selling techniques that Merchants likely used 1. barter and negotiation in the absence of a common currency barter was the primary form of exchange along the Silk Road Merchants had to master negotiation skills to determine Fair Trades and to convince potential buyers of the value of their goods 2. product differentiation Merchants had to differentiate their products based on quality Rarity and desirability for example Chinese silk spices from India and glassware from Rome were highly sought after due to their unique characteristics and the skill required to produce them 3.

reputation and Trust building given the length and dangers of the Silk Road merchants and Traders had to establish trustful relationships to ensure safe passage and fair dealing they built their reputation through Ana's Trade Practices reliable goods and by honoring their trade agreements 4. storytelling Merchants often used storytelling to enhance the perceived value and desirability of their goods they would share tales about the Exotic lands where the goods came from the difficulties faced in acquiring them or the wonderful effects or benefits of using the goods 5. utilizing middlemen given the length of the Silk Road it was rare for goods to travel the entire route in the hands of one Merchant instead goods were often sold to middlemen who would then take them to the next leg of the journey these middlemen acted as Brokers or agents helping to extend the reach of a product's market while the marketing techniques used on the Silk Road were primitive compared to today's standards they represent the beginnings of trade Commerce and the principles of selling and negotiation that underpin modern marketing stage 2 the production era the production era which roughly took place from the late 19th century to the mid-20th century was characterized by a focus on producing as much as possible due to high demand and expanding markets here's what a typical marketing campaign in the production era might have looked like one focus on product features because many products were relatively new inventions marketing emphasized the products features and functions the goal was to educate the public on what the product was and what it could do 2.

emphasis on quality and durability products were often marketed based on their quality durability and value for money these were the primary attributes consumers cared about as many were buying such products for the first time 3. limited media channels advertising was mostly done through print media like newspapers and magazines and Direct Mail some businesses also used outdoor advertising like Billboards and signs a good example of a marketing camp pain during this era is Ford's promotion of the Model T Ford emphasized the car's affordability durability and simplicity in its advertising the Model T was marketed as a reliable vehicle for the great multitude emphasizing its function and value rather than luxury or status please keep in mind that the production era was before the Advent of Market segmentation and targeted marketing therefore most marketing campaigns were aimed at the mass market and focused on the product rather than specific consumer needs or lifestyles stage 3 the sales era the sales era which is generally regarded as having occurred from the 1920s to the 1950s was a period in which Supply began to outstrip demand for many products due in part to increased efficiency in production techniques as a result businesses needed to work harder to sell their products and marketing campaigns during this era reflected this shift here's how marketing campaigns typically look during the sales era 1. persuasive techniques as competition intensified businesses had to persuade consumers to buy their products advertising became more aggressive and used more persuasive language emotional appeals and creative slogans became more common in marketing campaigns 2.

Mass marketing and advertising companies typically used Mass marketing strategies trying to reach as many potential consumers as possible radio had become a popular medium by this time so many companies used radio advertisements to reach a wide audience three sales teams during the sales era companies heavily relied on their sales teams sales representatives use techniques like cold calling and door-to-door sales to directly engage with consumers and convince them to buy their products 4. product differentiation since there were often many similar products available companies tried to differentiate their products in their marketing campaigns they might emphasize small differences in features or quality or they might use branding to create a perceived difference between their product and others on the market the Hoover company's free flights promotion in the UK during the 1990s perfectly illustrates this year is assertive selling approach in late 1992 the UK branch of the vacuum manufacturer Hoover offered an impossibly sweet promotion if a customer bought any product worth 100 pounds he or she would get two free round-trip flights to the United States it boosted sales initially but the company couldn't fulfill the overwhelming flight requests leading to its eventual downfall this era however Amplified the importance of advertising stimulating job creation in sectors like sales and advertising conversely it fostered consumerism raising concerns about Reckless consumption stage four the marketing era the marketing era also known as the consumer era began in the late 1950s and continues to this day this period is characterized by a shift in focus from the product and sales to the consumer and their needs here's how marketing campaigns typically look during this era one customer-centric advertising advertising became more about the customer and less about the product companies started to Market Lifestyles experiences and solutions to problems the goal was to show how a product or service could improve the customer's life in some way 2. market segmentation and targeting companies began to divide the market into segments based on demographics psychographics behavior and geography they would then Target their marketing campaigns towards specific segments this allowed for more personalized and effective marketing 3.

use of multiple channels as technology advanced companies started using multiple channels to reach Their audience including TV V radio print and later the internet they began to create integrated marketing campaigns that would deliver a consistent message across all channels 4. focus on branding and relationships companies started to understand the importance of building a strong brand and creating long-term relationships with customers loyalty programs customer service and after sales support became important parts of marketing strategies 5. social responsibility and ethics as consumers became more conscious of Social and environmental issues companies began to incorporate these values into their marketing campaigns they started promoting their commitments to sustainability fair trade and other ethical practices an example of a marketing campaign from this era is Nike's just do it campaign launched in 1988 this campaign was successful because it resonated with everyone regardless of age gender or athletic ability night marketed a lifestyle and amends it rather than just athletic shoes which helped the company grow to a leading Global brand Stage 5 the relationship era the relationship era also referred to as the era of customer relationship management CRM began in the 1990s and continues to this day here's what a typical marketing campaign looks like in the relationship era one personalization companies started to leverage data to personalize their marketing messages the goal was to understand individual customer preferences behavior and needs and tailor products services and communication accordingly 2.

use of Technology CRM systems email marketing social media and other digital Technologies became crucial in maintaining and managing customer relationships these tools help businesses track customer interactions preferences and buying habits and enabled them to communicate with customers effectively and efficiently three two-way communication the rise of social media platforms gave consumers a voice and an opportunity to engage in conversations with Brands companies start started to actively listen and respond to customer feedback inquiries and complaints which fostered a dialogue and a deeper more meaningful connection 4. loyalty programs loyalty programs were designed to incentivize repeat purchases and reward loyal customers this approach aimed to deepen the relationship with existing customers and increase customer lifetime value 5. Community involvement many companies began to focus on their social responsibilities and became involved in their communities understanding that consumers tend to be more loyal to brands that share their values one notable example of a marketing campaign during this era is Starbucks my Starbucks rewards loyalty program Starbucks used its customer data to personalize offers and rewards for its customers enhancing customer satisfaction and loyalty they engage with their customers on a personal level using mobile technology and social media to create a seamless and rewarding customer experience stage 6 the societal and digital marketing era the societal and digital marketing era which essentially began around the turn of the 21st century marked a new phase where the rapid advancement of digital technology and the increased societal Consciousness influenced how marketing campaigns are designed and executed let's take a look at how these campaigns appear one data-driven personalization leveraging the power of Big Data Ai and machine learning companies could Now understand customer behavior on a deeper level they developed personalized marketing campaigns that targeted individual preferences delivered at the right time through the right Channel 2.

interactive and engaging content in the digital marketing era content continued to Reign King but it evolved from being purely informative to more interactive and engaging using formats like videos infographics webinars quizzes and user-generated content 3. social media and influencer marketing with the rise of social media Brands began to collaborate with influencers to reach a broader audience the power of peer recommendations and testimonials was leveraged to build trust and drive purchase decisions 4.