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Marketing: Yesterday And Today

Marketing by definition is the process of discovering the needs and wants of potential buyers and customers and then providing goods and services that meet or exceed their expectations. In order for a company to supply a product to the consumer, the company must first determine if there is a need for their product. Depending on the type of product a company is trying to sell will determine the market they target. For instance, if an automobile company wants to compete in today's market they must always try to stay on the cutting edge of technology. By doing this, they are more likely to come up with a product that will entice customers to want to buy their product.
Marketing concept is what many companies have developed to identify consumer needs and fulfill those needs with goods or services while making a profit. Marketing concept involves:
• Focusing on customer wants so the organization can distinguish its product from competitors' offerings.
• Integrating all of the organization's activities, including production, to satisfy these wants.
• Achieving long-term goals for the organization by satisfying customer wants and needs legally and responsibly.
During the Industrial Revolution, companies did not always follow the marketing concept. Between 1860–1910, firms worked off of what is called a production orientation. Production orientation meant companies worked to provide lower production costs without a strong desire to satisfy the needs of the customer. Even though production orientation helps the company determine how to increase productivity, it does not always determine that what the company is most efficient in producing will meet the needs of the marketplace.
Customer value is basically where a company believes that price is not the only thing that matters to a customer. BellSouth is this type of company. BellSouth relies on providing good customer service and having an established name. BellSouth uses its good name and reputation...