Modern Marketing Essay

792 Words 4 Pages
With the advancement in business, marketing has been gradually developed. Businesses carry out marketing in order to “establish, maintain and enhance long term customer relationships at a profit, so that the objectives of the parties involved are met.” (Gronroos, 1990 as cited in Hall and Jones, 2008, p.48) Marketing is a management process which helps making a profit in the long term to survive, identifying and satisfying consumers needs and requirements as well. Marketing as a formal academic concept has a more recent history which is as old as commercial activity and has been practiced for centuries. (Ambler, 2004 as cited in Meek and Lenney., 2014) This essay will identify how the socio-economic situation and context cause the modern marketing …show more content…
The 20th century brought marketing as a distinct academic discipline and an organisational function. Prior to 1950 academic work in the field of marketing was very much descriptive in nature. There was a concept called the ‘period of conceptualization’ that were become known as three descriptive schools in the marketing discourse the decade between 1910 to 1920. (Bartels, 1976 as cited in Meek, 2014) First and the foremost, the functional school, it was the first of traditional school to emerge in the embryonic marketing discipline which served by the various marketing activities and processes. It involved such as financing the operations, sharing, transporting, selling and buying. Converse (1945) claims that the functional approach was the most noteworthy theoretical development of early marketing thought which gain not only a widely acceptance between the marketing theorists and philosophers but valued as the meaningful and justifying the field of …show more content…
(Meek and Lenny, 2014) It was a commercial stress for the marketing since the USA became the world’s largest economy strengthened and consolidated its prime position. According to Meek, there was a significant growth of middle class at whom reasonably priced products could be targeted in the USA. However, as the Industrial Revolution had generated those quantities of lower price goods and change the nature of US from the ‘sellers’ markets’ where choice was so expensive and limited to the ‘buyers’ markets’ where the retailers competed for the patronage. Therefore, those middle class allowed a rising number of people to purchase and afford those goods. On the other hand, the different subtleties occurred after the North American manufacturers accepted ‘flow production’ methods, the ‘Job and batch production’ existed due to the unfair society in the UK. The UK was suffered from the socio-economic crisis that not only much of the county’s wealth in a very few hands but the majority of the population poor between these two

Related Documents

Related Topics