BAN – Business Analytics

• Quizzes: 12

Marketing management has evolved significantly over time, shaped by economic, social, and technological changes. Its origins can be traced back to the early 20th century when businesses began shifting from a production-oriented approach to a customer-centric one. The development of marketing thought progressed through various stages, from the production and sales concepts to the modern relationship and digital marketing paradigms.

Key marketing theories, such as the 4Ps (Product, Price, Place, Promotion) by Philip Kotler, laid the foundation for strategic marketing planning. Over time, concepts like consumer behavior, branding, segmentation, and digital transformation have revolutionized how businesses interact with their target audiences.

In practical terms, marketing management involves analyzing market trends, understanding consumer needs, and implementing effective strategies to create value and foster customer loyalty. With the advent of AI, data analytics, and social media, businesses now have more tools than ever to personalize experiences and optimize marketing campaigns.

Understanding the history and evolution of marketing thought helps businesses craft innovative, ethical, and customer-focused strategies. Effective marketing management not only drives business success but also enhances brand reputation and long-term customer relationships in an ever-evolving marketplace.