Perspectives on Business Management, Economics & Information Technology (PBMEIT) Now also covers research on Psychology

PBME Volume III ISBN: 978-81-951151-1-2

MARKETING IN THE 21ST CENTURY

Author(s): Dr. CHITRA BAGCHI & Dr. SAGYAN SAGARIKA MOHANTY

Abstract

Marketing is no longer restricted today to traditional methods, thanks to the use of internet and social media, the ever-advancing technology, and the world becoming a global village. Before 1900, marketing was usually done by word of mouth, and personal recommendations. In 1904, the term “marketing” was officially coined by the University of Pennsylvania and the industries mainly focussed on increasing production. With the advent of radio in the 1920s, TV and telephones in the 1940s, the product advertisements started and marketing mix concept was born. 1950s and 1960s marked the golden age of advertising. The 1970s marked the birth of IMC process and Societal marketing concepts. In the 1980s, the concept of CRM was formed and marketing became more personal. In 1980s, “guerrilla marketing” started using originality and shock to advertise with minimum budget. In the 1990s, internet, a new exciting marketing medium heralded the digital marketing era. Search Engine Optimization (SEO), a much smarter marketing idea was born in this decade. The new millennium in 2000 saw the birth of social media, another new platform for the marketers. Today, in the last twenty years, a gradual transformation in customer expectations and severe competition among the marketers led to the strategies like experiential marketing, social network marketing, affiliate marketing, rural marketing, ambush marketing, viral marketing, green marketing, neuro marketing. Today in 2020, the consumer's growing dependence on technology and the internet has made the “digital, online and database marketing” concepts more indispensable retaining the traditional values of marketing.

This chapter explores how these contemporary concepts are used to convey a better and superior experience away from customer imagination by focusing on practical examples and case studies.

Keywords: guerrilla marketing, societal marketing, experiential marketing, digital marketing, neuromarketing

JEL Classification: M31

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