Marketing concept and implementation

by | Nov 17, 2021 | Homework Help

Create a 14 pages page paper that discusses how is the marketing concept and its implementation responding to developments in the macro-environment. According to the research findings marketing is mainly concerned with trade or exchange. The basic form of trade started when humankind started producing surplus. Humankind produced agricultural products and exchanged them with manufactured goods like earthenware or textiles. Such exchange brought about areas that promoted trade for instance, local markets and village fairs. The development of trade and marketing enabled individuals to specialize production of certain products and services to be traded in markets for ore products required. In the 18th century, the economy of UK changed during the early industrial revolution, leading to rise in industrial production and subsequent loss of dependence on agricultural products. Prior to the industrial revolution, the distribution and production of goods was mainly in small scale. Consequently, industrialization leads to a dramatic increase in productivity, because of technology development. As a result, enterprises enlarged, production increased, and products became more standardized. Companies produced in large numbers for local, national and international markets. Factory systems grew leading to migration of people from rural homes to new and quickly expanding industrial cities and towns. Because of rapid developments during the industrial revolution periods, companies produced volumes more that the local economy could accommodate. Therefore, consumption spread over wider geographical distances, leading to loss of immediate contacts between the producers and the markets. A number of thinking entrepreneurs organized their business transactions in a (marketing oriented” way to deals with this problem, even though the terms “marketing orientation” or ”marketing” were rare until the twentieth century, (Hult and Speh, 2010, p 45). For producers to manufacture products and services that would attract and sell in vastly scarce markets, they had to analyze, interpret and understand the wants and needs of consumers and product, which would appeal and fit in with the wants and needs of such consumers. The process of correlating the firm resources to the wants and needs of the market place is known as entrepreneurship. Entrepreneurs had to sense the requirements of the market in terms quality, prices and design, and later plan production and distribution strategies to meet efficient demands of consumers at a profit. Emergence of industrialization led to specialization and further division of labour, leading to increased productivity, which further reduced costs, and thus the products selling price. Consequently, the increase in work specialization led to increased desire for trade, (Kotler, Keller, Dubious and Marceau, 2006, p 105). Production in large scale led to marketing channels emerging to improve product distribution, and meet the effective demand for more goods by the vast markets. Such developments established essential foundations for the contemporary industrial economy that is still grounded on the critical concepts of exchange and trade. In the mid nineteenth century, Britain dominated the forces of the world economy. The main factor outlining Britain’s industrial growth and development was the emergence of international trade. This was because, Britain was the first to secure raw materials supplies, and had a dominated the supply of manufactured products in the expense of underdeveloped nations that collectively formed the British Empire. Later, the United States and Germany emerged as competing industrials nations/powers. Even though United Kingdom experience stiff competition from the economically developing nations in the sectors of coal, steel and textile, British economy still dominated the economy till the first world war. Other countries generated more income that led to rise in effective demand for raw materials, goods and services.

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