What are the six eras of marketing?
1. Production era
2. Sales era
3. Marketing era
4. Market orientation era
5. Customer experience management era
6. Social media marketing era
Marketing is believed to have progressed through stages and phases of evolution as advances in all life changed how people live and work.
What was the Production Era?
-Pre 1920's (Industrial Revolution)
-Inward focus on what you can make efficiently, not about what the customer wanted
-During this era, consumers favoured products that were widely available and low in cost; hence concentration was on high production and wide distribution of products
-Technical developments fueled this, with the assembly line becoming a major component of the era
-Seller's market: Demand exceeds supply
What was the Sales Era?
-1920's
-Sales have to change the minds of customers because nobody had money during the depression
-Aggressive, short term profit maximization
-aggressive promotion was considered as the driving force towards success. The ideology was that organizations must motivate consumers into buying products. Organizations' focuses during this era was selling what they produced as compared to producing what the consumer or market wanted
What was the Marketing Era?
-1940's-1990's
-When consumers became central focus of business, marketing concept
-Marketing was not a thing until this fundamental change
-Introduction of several marketing approaches
-This was the time when organizations' focus was on the need to satisfy consumers' needs
What was the Customer relationship era?
-Current and new model for marketing success
-In the marketing evolution, customer relationship era does NOT rely on the influence of mass media on consumers' change of attitude towards buying products and services produced by organizations and companies. The focus of this era is to build a kind of mutual trust between the organizations brand and the consumers through engagement. Organizations identify the needs, interests and wants of the target consumers and build up strategies to deliver the desired satisfaction's effectively. In other words, marketers build relationships with consumers to drive satisfactions and sales
Why is it important to understand each era?
1. By understanding how these eras evolved, you may have a better understanding of the marketing concept
2. Nowadays, several industries are still behaving as if they were in old eras. There is nothing bad about that, it may just be that the market doesn't need to get more complicated
Learn More :
- Charles Revson started Revlon. He once said "We sell hope." Revson was defining the ______ of Revlon cosmetics.
- Blood donations to the Red Cross are considered __________ products.
- The distribution strategy during the decline stage of PLC involves building more intensive distribution networks
- Amazon and GEICO set themselves apart with their smooth-functioning direct delivery strategy referred to as __________ differentiation.
- Which value proposition is difficult to sustain in the long run?
- What are perceptual positioning maps used for?
- The Westin Stamford Hotel in Singapore failed when it once advertised itself as the world's tallest hotel. This difference was not worth establishing because it did not satisfy which of the following criteria?
- A company can differentiate itself from competitors using symbols such as McDonald's golden arches, Twitter's bird, and the Nike swoosh. Which type of differentiation is this?
- The winning value proposition by discount stores such as Walmart and Best Buy can be categorized as __________.
- Amazon and GEICO set themselves apart with their smooth-functioning direct delivery strategy referred to as __________ differentiation.
- One important consideration in using a differentiated targeting strategy is that ________.
- On the My M&Ms Web site, users can place custom orders for M&Ms. They can choose their own colors, put a personalized text message on the candies, and even upload a photo to be placed on each M&M. Which targeting strategy is M&M using here?
- Anythinglefthanded.com.uk only sells products designed for left-handed people. Which targeting strategy is it using?
- Instead of going after a small share of a large market, a firm goes after a large share of a smaller niche segment. This type of marketing strategy is known as __________.
- If men and women respond similarly to the same marketing mix, they do not constitute different segments. Gender would not be effective in this example because the segment is not ________.
- Toothpastes claim they "whiten teeth," "fight bad breath," and "reduce plaque." Which base of segmentation is being used in this example?
- ___ segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses to a product.
- ______ segmentation divides buyers into different segments based on lifestyle or personality characteristics
- What is positioning?
- Which of the following statements about segmentation is true?
- What is the purpose of differentiation?
- The process of evaluating each market segment's attractiveness and selecting one or more market segments to enter is called ______
- The step in designing a customer value-driven marketing strategy in which a company divides a market into distinct groups of buyers is known as market _____
- Market ______ evaluates each market segment's attractiveness and selects one or more segments to serve
- Which of the following is an advantage to businesses that use computer databases to manage their inventory?