Marketing in Transition - Concepts & Practices
Since the beginning of the phenomenon of the marketing, there have been many changes in the business scenario, practically and academically. Over a long period of time, different concepts and conceptions have come into being and have been replaced by some other ones, yet the two aspects that have remained unchanged are marketing and customer. Marketer plans and directs all the efforts towards the customer, and they know it intrinsically that their survival and well being are in the hands of customer. This interrelationship shapes the structure of an organization, society and economy.
Marketing Concepts which states that ''Marketing is a process that begins with identification of customer needs, designing the marketing mix accordingly, delivering the product and service and with the objective of customer satisfaction''. From knowing the importance of the customer satisfaction the paradigm of ''Relationship Marketing'' has been existed.
The most important change in the present day market are the quality standards which were previously determined by the marketer but are now determined by the consumers. The customer wants trial, experience and delight, which require special attention through appropriate measures in advertising, communication, distribution and branding. Marketing begins with the assessment of customers and ends with evaluation.
Marketing is very dynamic and reflects the social and economical environment through various changes from time to time which signifies a paradigm shifts. The dominant marketing paradigm of the twentieth century, the accepted model of how marketing worked and should be practiced, was what has come to be called Transactional Marketing.
''The Customer is King '' once held true as the marketing mantra, the shift is now towards the ''Queen''.
Once confined to grocery, vegetables, apparel, cosmetics, home care, baby care, FMCG products buying decision has taken by women. On the top of all, the new age Indian women has made the purchasing decision on high end electronics, automobiles, homes, financial services, airline tickets, jewellery etc.,
The strategist believed that number two economy was in women's hand and the phenomenon was called as ''womenomics''