Sales era
The sales era began when saturated markets forced a decline in consumer demand. Business leaders recognized the need to hire salespeople to sell the large backlog of products they created. The marketing emphasis was placed on advertising campaigns to find customers to buy the products. Manufacturers produced a product and then sold it aggressively.
Marketing era
The marketing era emerged when decision makers decided to learn what customers wanted before developing the product or service, rather than trying to convince consumers that existing products fit their needs. During this era, marketing research and customer satisfaction became an important element in the strategy to increase profits.
Relationship Era
The fourth era in the evolution of marketing is the relationship era. This era began in the late twentieth century and is an enhanced version of the marketing era. Business leaders expand their focus to develop long-lasting relationships with both customers and suppliers. By establishing partnerships with vendors, customer retention can be improved because the product's placement, pricing, and promotional opportunities are enhanced.
For example, if you have a partnership with a popular nationwide discount chain to sell your product, you can secure prime display areas in numerous stores, offer volume discounts that can be passed on to customers, and create special promotions with the vendor to reach more of your target market.
Key terms and language:
· Target Market
You should familiarize yourself with key terms and language to understand marketing and the role it plays in an organization's success. The first term is target market. A target market is a particular group of consumers whose desires and needs are the primary focus of an organization's marketing strategy.
Positioning
Positioning is a strategy to influence how consumers perceive a product or service. For example, a company may highlight a product's price, quality, or specific features to attract members of its target market.
Marketing Channel
You should also be familiar with the term marketing channel. A marketing channel is a series of organizations that work together to transfer products from the manufacturer to the consumer.
For example, the marketing channel for a desk lamp may start with the manufacturer who sells the product to a regional wholesaler, who then sells the lamp to a retail store, and the store who offers the lamp to the final consumer.
Marketing Environment
Marketing environment is another important term to understand. The marketing environment is comprised of internal and external forces that influence marketing decisions and consumer buying habits.
The sales era began when saturated markets forced a decline in consumer demand. Business leaders recognized the need to hire salespeople to sell the large backlog of products they created. The marketing emphasis was placed on advertising campaigns to find customers to buy the products. Manufacturers produced a product and then sold it aggressively.
Marketing era
The marketing era emerged when decision makers decided to learn what customers wanted before developing the product or service, rather than trying to convince consumers that existing products fit their needs. During this era, marketing research and customer satisfaction became an important element in the strategy to increase profits.
Relationship Era
The fourth era in the evolution of marketing is the relationship era. This era began in the late twentieth century and is an enhanced version of the marketing era. Business leaders expand their focus to develop long-lasting relationships with both customers and suppliers. By establishing partnerships with vendors, customer retention can be improved because the product's placement, pricing, and promotional opportunities are enhanced.
For example, if you have a partnership with a popular nationwide discount chain to sell your product, you can secure prime display areas in numerous stores, offer volume discounts that can be passed on to customers, and create special promotions with the vendor to reach more of your target market.
Key terms and language:
· Target Market
You should familiarize yourself with key terms and language to understand marketing and the role it plays in an organization's success. The first term is target market. A target market is a particular group of consumers whose desires and needs are the primary focus of an organization's marketing strategy.
Positioning
Positioning is a strategy to influence how consumers perceive a product or service. For example, a company may highlight a product's price, quality, or specific features to attract members of its target market.
Marketing Channel
You should also be familiar with the term marketing channel. A marketing channel is a series of organizations that work together to transfer products from the manufacturer to the consumer.
For example, the marketing channel for a desk lamp may start with the manufacturer who sells the product to a regional wholesaler, who then sells the lamp to a retail store, and the store who offers the lamp to the final consumer.
Marketing Environment
Marketing environment is another important term to understand. The marketing environment is comprised of internal and external forces that influence marketing decisions and consumer buying habits.