Broadly defined, "marketing" is a term that refers to the various actions a business may take with the aim of persuading consumers to purchase a product. The specific marketing strategies implemented by businesses varies between industries and individual firms, and has changed in significant ways over time in response to consumer culture. Furthermore, technological advances such as mass communication and the Internet have drastically altered the nature of marketing, especially over the past fifty years. As such, there is not a single, simple definition for marketing. In addition, many people think of "marketing" and "advertising" as essentially synonymous, but advertising is only one small part of marketing. Brand equity, public relations, customer surveys, and statistical analysis of consumer purchasing habits are all essential elements of modern marketing, among many other things. Whether consciously or not, nearly everyone participates in marketing simply by going about a normal day. The effects of marketing can be seen, if looked for, every time a brand name shirt is worn, every time an Amazon linked is clicked, every time a car is driven, and every time a credit card is used. By considering how marketing has evolved into modern marketing and understanding the different aspects of it, a clearer definition of the term and a better understanding of how marketing interacts with our lives may be achieved.
Marketing has existed for as long as humans have traded goods with one another, long before the word itself was coined. Sellers have always had strategies to elicit purchases from buyers. However, the formal study of marketing did not begin until approximately 1900. The Industrial Revolution brought what is known as the "prod...
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...anies have been no means abandoned the marketing tactics of earlier eras. Rather, each era has built upon to last to arrive at modern marketing. In essence, modern marketing can be broken down into two broad categories based on the seller-buyer relationship. The first is seller to buyer information. This includes advertising and other promotions, branding, and public relations. The second category is buyer to seller information, and this includes everything from web browsing habits, grocery shopping patterns, surveys, focus group tests, and even inaction on the part of the customer (for example, if customers do not take advantage of a sale that too is useful information for a company 's future plans). By thinking about marketing in this way, it becomes relatively easy to understand and define how modern marketing operates and how companies interact with customers.
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