Marketing originated with the market economy. However, in those days, its goal was profit, and not the satisfaction of human needs. Even with this approach, marketing was considered an innovative trend in the economy of commerce. The modern marketing definition is even more innovative. It uses advanced technology and implements bold ideas to reach out to potential buyers. However, these technologies appear in real life faster than modern universities adapt their programs to modern realities. This creates a gap between theory and practice, and yesterday’s students are forced to learn everything from scratch when applying for a job.
In this article, we will talk about current marketing trends and how to study marketing today in order to leave the university and immediately be a sought-after specialist.
8 Current Trends in the Development of Marketing
It is possible to underline the following trends that now dominate in modern marketing.
- The transition from mass marketing to the marketing of segments and niches and further to individualized marketing.
- Orientation to the creation of consumer values, the transition from the tasks of the usual sale of goods (“deal”) to solving problems encountered by consumers, to manufacturing on order (“customization”).
- The development of relationship marketing, the concept of “life value customers”.
- Erasing the differences between products and services, buyers and sellers, companies and their environment.
- A deeper understanding of the essence of marketing tools: product (good, service) – utility; price – perceived value; distribution (sales) – availability; promotion (advertising) – awareness, etc.
- The transition from focusing on current profits to a focus on ensuring long-term cash flows, increasing the shareholder value of the company.
- The growth of intangible assets of the company and the formation of brand equity.
- Maximum adaptation of marketing activities to the new information environment.
The Customer and Society Are Cores of Any Marketing Activity
Recently, there has been a shift of focus from production to commercial efforts and the consumer. The major environmental, raw materials, energy and other problems currently being solved by society have significantly changed the views on the consumer marketing concept, reinforcing the orientation towards social needs and economic resources.
The concept of social ethical (public) marketing is being formed. This concept defines the company’s objective as identifying the needs, requirements, and interests of target markets and meeting the needs more effective than those of competitors. But the main thing is to preserve or enhance the welfare of the consumer and society as a whole. This concept requires a balance of three factors: the company’s profits, consumer needs and the interests of society. Thus, consumer definition today has also changed. The client has become the central core of the entire marketing system, and modern companies personalize their products and services to the maximum.
It is for this reason that today there are no firms left that adhere to only one single marketing management concept. In addition, the marketing philosophy has become widespread in non-profit areas: education, culture, humanitarian programs, etc.
How Modern Students Should Study Marketing
Thus, modern students who study marketing should study it as a complex activity. Today’s marketing does not just sell goods. It develops such a product or service that will be needed by a specific client at a specific place and time, taking into account the interests of society and the economy as a whole. It is impossible to understand the essence of this approach only in theory. Moreover, the tools of modern marketing are becoming digital, and these tools can only be studied in practice.
The Practical Side of Digital Marketing
Digital Marketing is a collection of promotional tools that use digital channels. Comprehensive digital marketing is based on the following principles:
- The skillful combination of human resources with modern technologies;
- The promotion and Internet marketing involves combining a huge number of different ways of promotion (Web, social networks and so on);
- The integration with sales, customer service;
- The use of customer data that users themselves provide in the public domain;
- Uninterrupted communication with consumers.
Market trends are changing very quickly, so companies need to comply with the present, otherwise, they can quickly flunk out of the market, promoting products without corresponding demand. Each company integrates these principles into its marketing strategy in an individual way. It is certainly possible to understand the essence of these principles in theory, but only in practice, it is possible to learn how to work effectively with them. For example, it is impossible to learn how to create targeted contextual advertising in Google Adwords or gather analytical data in Google Analytics in theory. It is necessary to try these tools in practice. Modern universities have already introduced digital marketing as the discipline to study but technologies that are now used in marketing activities develop so rapidly that students need to track them independently.
Case Studies as the Way to Delve into Practice
There is only one way to approach the practical marketing tips when you are studying at the university. This is the case studies writing. The main idea of this work is to analyze a specific marketing aspect of the company and draw conclusions about what exactly led to success or failure. This is the so-called practice in theory when your task is to theoretically analyze a marketing campaign and evaluate its result.
However, not only the content is important in this work. It is also necessary to adhere to the scientific style, clear structure and follow the rules of grammar and punctuation. But few students can be truly objective in relation to their work.
Of course, it is necessary to understand such core concepts as the urbanization definition, compensation definition, infrastructure definition. However, modern tools and technologies that are now used to reach the customer on the media space can only be touched and mastered on practice. Case studies writing is a great way to prepare yourself for real-practice tasks but be sure that there will be quite a lot of things you will need to learn already at the workplace.
Video – What is Marketing?
We have all heard, read, and uttered the word marketing. Defining it is not so easy, especially if somebody asks you how it differs from advertising or sales. Watch this Market Business News video, which is aimed at lay people, for a concise definition of the term.