Question

In 1-2 paragraphs, please answer each of the following question.

1. How has marketing evolved over time?
2. What are the benefits of marketing to consumers, sellers, and society?
3. What components make up the marketing mix?
4. What is a promotional mix and how does it differ from the marketing mix?
5. Explain the marketing research process and clearly outline and discuss the six (6) steps.

Answer 1

1. Over the years, marketing methods and approaches have evolved drastically. This has happened due to the change in market and the mentality of the consumers. About four decades ago, the organization used marketing as a way to reach customers and give the message about their products and services. The communications during this time was mainly one directional and the marketing approaches were mainly focused using production oriented approach. Then came the push strategy where organizations began using aggressive sales personnel to push their products to the customers. Eventually, there was the birth of modern marketing. In today’s time, the role of marketing is not only carry information from the organization to the customers but also form a bridge of information between customers and the organization. Nowadays marketing works as a two way communication channel for organization because most of the organizations follow a market oriented approach.

2. Marketing a communication channel between organization and consumers. This channel may be one way or two way and through various mediums. Even though marketing is often viewed as tool for organizations to grow, it can be beneficial to consumers, sellers and the society alike. Consumers learn about new products, services, and features through marketing. In modern marketing methods, the consumers can also relay feedback and their preferences to the organization. It helps build useful products and services that are needed by the consumers. For the sellers, marketing provides a way to grow their business and expand various aspects of their business such as product lines, geographies, etc. When it comes to the society, marketing activities creates a competitive atmosphere in the industry that helps the economy and the society altogether.