Economics and marketing

Marketing (sometimes referred to as marketing or marketing management) is the process of creating, delivering, and communicating promotional and advertising materials through various media to promote products or services to consumers.

Marketing is a dynamic and competitive industry with a long and often turbulent history. It plays a significant role in today’s technological world.

In a market, there are a lot of factors that determine whether a product will reach the target market. The marketing strategy used will usually involve identifying the right market and using a combination of a wide variety of marketing strategies to reach the target market.

Marketing also involves a variety of activities that will involve the following:

  • Product promotion.
  • Sales promotion.
  • Media.
  • Direct response marketing.
  • Public relations.
  • Branding.
  • Customer service.
  • Consumer education.
  • Customer analysis.

The marketing mix is an important part of the success of any organization.

The marketing mix, sometimes also referred to as the 4 P’s approach, is a set of strategies, tactics, and tools that a business can use to market its products or services.

It is an amalgamation of the different areas of marketing. It includes the components of product, price, promotion, place, and people.

The marketing mix can be described as:

  • Product: The product or service that the business offers to the customer.
  • Price: The price that the product or service will cost the customer.
  • Place: Where the product is offered to the customer.
  • Promotion: The promotion that the company will undertake to encourage people to purchase the product or service.
  • People: The people who will market the product or service.

We will now look at how marketing has changed over the years.

Marketing in the past

The concept of marketing has a long and prosperous history in human history.

The first written advertising campaigns were used in Ancient Babylon. In the 17th century, the art of advertising was brought to England, where the first advertising agency was founded in 1713.

In 1749, the term ‘advertising’ was first used by Benjamin Franklin, the famous American Quaker scientist. In 1790, Thomas Jefferson was the first person to coin the term ‘advertising’.

The first advertisement in print was made by an Englishman called Thomas Pitt in 1792, who advertised butter produced in Wales.

In 1814, Thomas Edison invented the electric light. In 1830, he began selling the first electrical lightbulbs. The first advertisement he made was to sell bulbs to support the War of 1812.

In 1855, the first electric telegraph system was introduced in Britain. In 1871, the first electric car was demonstrated in London. In 1885, Thomas Edison invented the first radio, which he called the ‘talking machine’.

In the 1930s, the first television advertisement was made by Western Electric in the United States. It used the term ‘ad’ to describe a product. The first television advertising was made by the Victor Talking Machine Company in the United States, which was founded in 1935.

In the 1950s, the first television adverts for Coca-Cola were made. In 1957, the first commercial featuring a female model was made. The first female professional model to appear on television was Olive Thomas in 1957.

In the 1960s, the first commercial using the term ‘interactive TV’ was made in the UK. In 1967, John Lennon and Yoko Ono recorded ‘Imagine’ for the Apple I computer. In 1969, the first television advertising campaign was made for Levi jeans.

In 1971, the first digital television advertisement was made for a mobile telephone. In 1973, the first television adverts using the word ‘video’ were made. In 1982, the first computer game advertisement was made. In 1983, the first video game advertisement was made.

In the 1980s, the term ‘digital’ was first used in marketing. In 1986, the first computer network television ad was made by Microsoft. In 1989, the first video teleconferencing was made.

In the 1990s, digital television advertising became common, and video games became even more popular and widespread. The first video game adverts were made in 1994.

In the 21st century, digital technology has made further advances, and the world has become a more digitalised society.

What is marketing?

Marketing is a broad term that describes the process of creating, distributing, and selling products or services through a defined promotional and advertising strategy.

A marketing strategy can be used to promote products such as digital products, food, medicines and many other products.

If you want to learn more about marketing, the following are some useful links:

  • Marketing Management
  • Marketing Research
  • Marketing Mix
  • Marketing Plan Template
  • Marketing Strategy

What are the most important marketing activities?

There are many different marketing activities, and many different aspects of marketing.

Some of the most significant activities in marketing include:

  • Product development
  • Product promotion
  • Sales promotion
  • Media
  • Public relations
  • Branding
  • Customer service
  • Consumer education
  • Customer analysis

The marketing mix

The marketing mix is a set of strategies, tactics and tools that are used to create, distribute and sell products or services.

It is an amalgamation of the different areas of marketing. The marketing mix can be described as:

  • Product: The product or service that the business offers to the customer
  • Price: The price that the product or service will cost the customer
  • Place: Where the product is offered to the customer
  • Promotion: The promotion that the company will undertake to encourage people to purchase the product or service
  • People: The people who will market the product or service

Marketing strategies

The marketing strategy refers to the set of tactics and tools that are used to reach the goals of the marketing mix.

The marketing strategy is the blueprint of how the business should reach the goals of the marketing mix. These are the reasons why the business should adopt a particular marketing strategy.

Some of the key elements of a marketing strategy include:

  • Positioning: The positioning is the company’s position in the marketplace. It includes the company’s position in relation to competitors.
  • Marketing mix: The marketing mix is a set of strategies, tactics and tools that are used to create, distribute and sell products or services.
  • Promotion: The promotion is the process of attracting and retaining customers. It is the process of increasing awareness of the product or service.
  • Channel: The channels are the different ways the business can reach customers. They include direct sales, distribution channels, advertising, public relations and other channels.
  • Budget: The budget refers to the amount of cash allocated to a marketing strategy. The business should allocate a marketing budget, which is the sum of money that the business will spend on marketing activities.
  • Tactics: The tactics refer to the methods, processes and procedures used in marketing activities. They include advertising, public relations, sales promotion, etc.
  • Results: The results refer to the results achieved by a marketing strategy. They contain the product or service’s performance in relation to its goals.

Marketing tools

Marketing tools are the different tools and techniques used to promote a product or service. These can include:

  • Advertising
  • Public relations management
  • Sales force
  • Sales and marketing planning
  • Marketing analytics

Marketing strategy

A marketing strategy is a blueprint of the marketing activities that will be undertaken to achieve the marketing goals.

The marketing strategy is the blueprint of how the company should reach its goals. These are the reasons why the company should adopt a particular strategy.

It is essential that the marketing strategy has a defined marketing objective. The marketing objective is the reason why the company should adopt a particular marketing strategy.

Now over to you

It’s essential to understand what marketing is and how it works.

Marketing is a broad term that describes the process of creating, distributing and selling products or services through a defined promotional and advertising strategy.

Images by Freepik

Generated by AI

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x