1.2: Evolution of Marketing Concept - The Industrial Perspective
Before the 20th century, marketing, as seen today, was virtually nonexistent. Over time, it evolved from a production-centric to a customer-centric philosophy, adapting to changing consumer needs.
Production Concept (Early 20th Century): During industrialization, companies were primarily concerned with production efficiency, resulting in standardized and undifferentiated goods.
Product Concept (1920s - 1950): After the World Wars, due to intense competition, companies focused on improving product quality, adding features, and fostering innovation, emphasizing the belief that a superior product would attract consumers.
Selling Concept (1950s): As the supply of goods surpassed consumer demand, businesses adopted a sales-oriented approach, emphasizing aggressive tactics and persuasion. Marketing became a tool to push products onto consumers, regardless of their needs or desires.
Value-based Marketing Concept (1956s): In the mid-20th century, the value-based marketing concept emerged, emphasizing market research, customer segmentation, and creating products that fulfill customer needs. Businesses focus on exceeding customer expectations, providing personalized experiences, and fostering loyalty.
Societal Marketing Concept (the 1970s to present): The end of the 20th century witnessed a rise in ethical and sustainable marketing as consumers prioritized the environmental and social impact of their purchases. Many companies now emphasize responsible practices in their marketing.
The evolution of marketing concepts through the 20th century reflects changing business dynamics and the importance of meeting customer needs.
