A Brief History of Marketing
Marketing is as old as civilization itself. The salient difference is that the term marketing was not used for promotional activities back in the day. Instead, marketing was something traders did to sell goods and services as early as Ancient Greece and Rome.
The modern-day marketing concept became more prominent with the industrial revolution in the 18th and 19th centuries. This period saw technological and scientific innovation drive rapid social change. However, more importantly, it marked the first time the world saw the production process separated from the consumption process. The industrial revolution signaled the start of factories and vast industrial complexes with production lines. Products were being produced in massive quantities with homogeneity. Naturally, the industrial revolution also meant producers were forced to devise new ways of managing product distribution, particularly with developing transport infrastructure and mass media.
The 18th and 19th centuries were periods when the industrial revolution was still in its infancy. As a result, these periods were largely producer-dominated. However, things began changing at the turn of the twentieth century. Entry barriers to starting factories and production lines were significantly reduced. While the average person could still not afford to create their own factory, the lowered barriers signaled more social mobility, allowing upper-middle-class people to join the production ranks. As a result, the focus shifted from a producer-dominated era to a sales-oriented era. The increased competition meant that producers had to market their products to ensure sales. Communications, advertising, and branding started becoming critical concepts for producers. While marketing remained secondary to production, it focused on persuading customers that one producer’s goods were superior to another’s.
Things would continue to change as the century progressed. The two world wars marred production lines and capacities. Following the second world war, the landscape would drastically change. Most markets started becoming saturated. Branding, advertising, and communicating unique selling points would become more crucial. Marketers emerged at the forefront, promising to help large-scale manufacturers reach unprecedented heights. For the first time in history, marketing no longer played second fiddle to production. Instead, things were the other way around. Marketing wore the crown, and production took a backseat.
Many people often laud the period from the 1960s as the golden age of marketing and advertising. It coincided with color televisions becoming prevalent everywhere. Marketers became obsessed with reaching as many eyeballs as possible. Advertising agencies started propping up en masse. The goal wasn’t to attract the consumers but to convince them that the product advertised was better than others on the market.
Billboards, flyers, magazines, coupon books, and other printed promotional materials became ubiquitous. The well-known corporations would use radio and television as their preferred channels for advertising. Marketers continued to develop new ways of reaching intended target audiences. This was also the period when market research started.
Things ran smoothly for a while. But the marketing world was in for a shock. The digital age would soon start with the introduction of the internet, revolutionizing how marketing worked. The internet wasn’t an overnight sensation that changed things completely, but it made a mark upon arrival. First came email marketing. Then, affiliate marketing. Things like online advertising banners would start in 1994, leading to Google Adwords’ inception in 2000. Today, the marketing landscape has completely transformed. Social media and influencer marketing have become the go-to channels for brands. Now, you cannot expect to be a marketer without having a formidable grasp of digital channels. Your career is dead-on-arrival if you aren’t familiar with the latest and most advanced SEO tools. PPC campaigns and digital marketing tactics reign
The Marketing Mix
The marketing mix is also known as the four Ps of marketing. It’s one of the first things students learn in the marketing class. The marketing mix is essential to understand because it defines the key factors involved in marketing a product or service.
Companies often use the marketing mix to identify key factors for their business, like what consumers want from them or how their product or service meets or fails to meet consumer needs.
The four Ps of the marketing mix are as follows:
Price is one of the most important parts of the marketing mix. It’s something marketers must consider. Price refers to the cost consumers can and will pay for a product or service. Marketers must determine the product or service’s real and perceived value and link it to the price. But that’s not all. They must also consider supply costs, competitors’ prices, and discounts.
Sometimes, you’ll often see companies overprice their products or services. It might seem like a strange notion. However, it’s purposeful. Companies do this to give the impression that their product is a luxury item, meaning not everyone can afford it. They’re deliberately pricing out a percentage of consumers, hoping to make up for the lost sales with the increased price point. Likewise, some organizations will also lower price points or create a newer, more affordable product line to make their product or service more accessible to consumers
A perfect example of this is Apple’s decision to release the iPhone 5C. The iPhone 5C was a more affordable alternative to the iPhone 5S. It was designed to help Apple penetrate new markets and target previously untargeted demographics.
Pricing a product is not easy. Marketers must consider several factors because it affects how they’ll market their good or service.
The product refers to a good or service the company is selling. You can’t market if you don’t have a product. Ideally, your company’s good or service fulfills an existing need. Alternatively, you have a product that’s so compelling that consumers cannot resist purchasing it. However, most goods and services aren’t like that. As a result, marketers must create demand for a product by highlighting its unique selling points.
Marketers must also understand the product life cycle. Each product has a natural lifespan from development until the end. Businesses must plan for products at each life stage to ensure they sell the maximum amount possible. A product also greatly influences how much organizations can charge for it, where they can place it, and how they can promote it.
The place is another P of the marketing mix. It refers to where a company will sell a product or service and how they’ll deliver it to the market. Businesses naturally want their latest offerings to reach the most eyeballs possible. In addition, they want to ensure they target the consumers that are most likely to purchase their products or services.
The place can refer to various things. If a company sells a physical good or service, it can refer to the product’s placement on shelves in stores. Let’s take chewing gum as an example. Chewing gum is typically an impulse purchase. It’s rare for anyone to go to the supermarket intending to purchase a chewing gum bar. It’s generally something you buy while the cashier is scanning your items. Therefore, you’ll see most shops often have these items as close to the kiosk as possible
On the other hand, electronics like televisions and computers are planned purchases. It’s uncommon for most people to buy them on a whim. As a result, they often have dedicated sections within a large department or retail store. It’s essential to note that a product’s price also affects consumer perception of it. Cheaper items are generally impulsive purchases, while expensive goods and services require deliberation on the consumer’s end.
Promotion refers to advertising, public relations, branding, and promotional strategy. The ideology behind the promotion is to highlight how a product serves a customer’s needs. It should also detail why consumers should pay a specific price for it.
There are many examples of how successfully promoted products have changed the consumer perception of them. For instance, consider Absolut Vodka. The Swedish vodka brand was once on the precipice of failure, selling only 10,000 cases in 1980. However, the company had sold over 4.5 million cases by 2022. It managed to achieve this through its iconic advertising campaigns.
Red Bull underwent a similar phase. The energy drink was heading towards catastrophic failure until the company started advertising and promoting it in nightclubs and bars. The marketing heads at Red Bull advertised it as the perfect accompaniment for alcohol to keep partygoers sharp and energetic throughout the night.
As a result, promotion is crucial for making a product successful.
One-on-One Marketing Lessons
Whether you’re a high school marketing student or a graduate marketing student, you’ll likely have difficulties with simple or advanced concepts. It’s not uncommon for many marketing students to spend many sleepless nights worrying about their marketing courses. Fortunately, that’s nothing that personalized help and individual attention can’t fix.
Tutorjoint allows you to hire tutors for one-on-one marketing classes. Our tutors will provide you with personalized help to ensure you learn and master challenging marketing concepts. They’ll also work with you to further your understanding of these concepts. In addition, our tutors will find related worksheets and exercises to help you put your knowledge to the test.
Group Marketing Lessons
Some students prefer studying with peers because social interaction helps them. If that’s the case for you, our marketing group lessons are perfect. Group lessons are also an excellent option for multiple friends looking to split tutoring costs between them.
Marketing is a discipline that often requires students to operate in a social setting. As a result, group lessons can help students brush up on their marketing skills.
Marketing Homework Help
Homework is never fun. It doesn’t matter whether you’re an elementary school student or a graduate student pursuing your doctorate. You’re unlikely to enjoy homework, and no one can blame you.
It’s not uncommon for students to excel at topics in class as the teacher guides them through them. However, the same topics become increasingly difficult as students come home and try to do them by themselves. Fortunately for you, our tutors can help you with your homework. Whether you’re working on homework late at night or early on a Sunday morning, you’ll find expert help is always available at Tutor Joint.
Marketing Examination Preparation Assistance
Is there an upcoming marketing exam that has got you stressing out? There’s no reason to worry because help is only a few clicks away. Our expert marketing tutors will ensure you’re well-prepared to handle your exam and ace it with flying colors.
Are You a Marketing Wiz? Consider Teaching on Our Platform
Tutorjoint is committed to improving our platform every day for new learners. However, improving an online learning platform is impossible without having the best marketing tutors. As a result, we’re always searching for new marketing wizards to sign up as tutors on our online tutor platform. If you would like to teach marketing concepts online, consider becoming a tutor on Tutorjoint. We have numerous tutoring jobs available. Contact us today to get started.