Why marketing must change with the times

Marketing stems from an organization’s need to set itself apart in a crowded market. It allows a company to reach out to potential and existing customers and build sustainable relationships with them that can translate into consistent sales.

In many ways, marketing is as old as civilization. From shouting about your specialties in a crowded marketplace to hiring social media influencers to endorse your products, marketing strategies have come a long way over hundreds of years to adapt to the modern world.

If you are a marketing student keen to explore a career in this field, this blog will be helpful as we’ll shed some light on the changes in marketing strategies over the years and highlight the importance of that evolution.

How did marketing evolve over the years?

Although word-of-mouth advertising existed even centuries ago, marketing principles, as we know them, came into existence after the industrial revolution. 

The barter and trade era lasted for a long time and consisted mostly of the selling of handmade goods and services in exchange for money, and craftsmen and traders became well-known as a result.

During the industrial age and up until the end of the Second World War, businesses focused on manufacturing scarce goods on a mass scale. The short supply of goods ensured that there were people to buy them. The economic stability that followed the Second World War established modern marketing. Goods were in surplus, and people had the financial means to choose from different options. Companies began to differentiate themselves from the competition by creating brands and focusing on attracting customers.

The involvement of marketers in policy and strategy making in companies began mostly in the last decade. The saturation of markets with similar products and services has forced organizations to reflect on their core values and innovate to remain relevant.

What are the different functions of marketing?

Marketing encompasses a broad range of sub-fields.

  • Market research: Researching different product and service trends in the market, assessing the requirements of consumers and identifying loopholes or areas of improvement.
  • Product design: Designing a new product or service that fulfills the requirement of consumers or improves current standards.
  • Product development: Innovating and developing a new product or service as per the specifications laid out within product design.
  • Product promotion: Promoting your product among the target audience by creating a brand through digital and print media.
  • Establishing customer services: Creating communication channels to facilitate post-sale services for existing clients.

How important is the evolution of marketing?

Evolution is imperative for marketing, and without it, marketing principles may become redundant and irrelevant. Restricting the evolution of marketing trends and approaches can also hamper innovation. 

As the functions of marketing evolve, they also lead to more efficient ways of interacting with potential customers and generating revenue. The best example of the evolution of marketing in recent times is the replacement of approaches such as cold calling to more personalized interactions with potential customers.

As marketing continues to evolve, the focus is shifting toward intuitive and interactive communication backed by artificial intelligence (AI) between customers and brands. A career in new marketing fields, such as digital marketing or social media, can be exciting and fulfilling. 

If your dream is to become a successful marketer, check out the Bachelor of Arts in Business Communication program offered by University Canada West (UCW). This degree will help you learn the fundamentals of effective communication with customers and clients. 

UCW recently announced a new partnership with the Digital Marketing Institute that integrates DMI’s industry-leading digital marketing certifications into UCW’s MBA program. The partnership also brings the Certified Digital Marketing Professional course by the Digital Marketing Institute (DMI) to UCW’s short course offerings.

The short courses program focuses on technology that can help professionals gain valuable and specific skills in a short amount of time, whether they’re exploring a new career path or want particular skills to set them apart in the job market.

 

Published on Oct. 28, 2020.