In this short paper an attempt will be made to present the old and new scenarios of marketing. This paper focuses on the old versus new rules of marketing.
The separator of old and new rules of marketing is the web. Prior to the arrival of the web, marketing organizations had only two significant options for attracting attention of clients: Buy expensive advertising or get endorsement, mainly through advertorials, from the media. But the web has changed the rules. Organizations that understand the new rules of marketing develop relationships directly with consumers. In this scenario advertising today is a money pit of wasted resources. The web has opened a tremendous opportunity to reach niche buyers directly with targeted information that costs a fraction of what big-budget advertising costs. With old rules of marketing it simply meant advertising and branding; advertising needed to appeal to the masses; advertising relied on interrupting (for instance a TV show) to gain people’s attention to a product; it was one way, company to consumer; creativity was deemed the most important component of advertising; it was more important for the ad agency to win advertising awards than for the client to win new customers. None of this is true anymore; the web has transformed the rules; this paper would like to argue that a company must transform its marketing to make the most of the web-enabled marketplace of ideas.
Old style Advertising and Public Relations firms’ role may have diminished drastically but their role is not extinguished. In the cyber age these have gone online. The wise thing for companies to do is to combine both the old and new ways of marketing, the emphasis perhaps being on the new. Online has provided companies the best opportunity ever to expand into global markets. Marketing has become borderless.
This is a paper presented at an international conference.
Table of Contents
- 1. Introduction
- 2. Marketing
- 3. Objectives of the Research
- 4. Research methodology
- 5. Marketing Communication
Objectives and Key Themes
The main objective of this paper is to explain the significant transformations in marketing strategies brought about by the digital age. It aims to compare and contrast traditional and modern marketing approaches, highlighting the advantages of the newer methods. The research explores the benefits of adapting to the new rules of marketing in the context of the web-enabled marketplace.
- The evolution of marketing rules from pre-internet to internet-based strategies.
- A comparison of traditional and digital marketing methodologies.
- The impact of the internet on marketing communication and its various channels.
- The advantages of adopting new marketing rules in the digital age.
- Analysis of marketing communication components in both old and new marketing paradigms.
Chapter Summaries
1. Introduction: This introductory chapter sets the stage by establishing the dichotomy between "old" and "new" rules of marketing, primarily defined by the advent of the internet. It highlights the transformative impact of the internet on the marketing landscape, shifting from traditional advertising-centric models to a more consumer-relationship-focused approach. The chapter emphasizes the significant changes in marketing strategies necessitated by this technological shift, foreshadowing a more in-depth exploration of these changes in subsequent chapters. The authors present a compelling argument for the necessity of adapting marketing strategies to leverage the potential offered by the digital world.
2. Marketing: This chapter delves into the definition of marketing, contrasting traditional understandings with the expanded definition required in the digital age. It begins with the traditional four Ps of marketing (Product, Price, Place, Promotion) and expands upon this foundation, integrating the added dimensions of the digital age. The chapter critically analyzes how the digital realm necessitates additions to the traditional marketing mix, suggesting a more holistic approach incorporating aspects like digital marketing, electronic media, and direct marketing strategies. This expansion reflects the growing importance of online customer profiles and behavior data in shaping effective marketing campaigns. The inclusion of "People," "Process," and "Physical evidence" highlights the shift from solely product-centric marketing to a more customer-centric and experience-driven approach.
4. Research methodology: This chapter outlines the research approach employed in the study. Described as a descriptive-explanatory study, its primary aim is to provide an account of marketing's transformation from traditional to modern methods and to offer explanations for the advantages of newer approaches. The study focuses on the characteristics of both traditional and internet-based marketing, establishing the foundation for the analysis of subsequent chapters. The methodology underscores the descriptive and explanatory nature of the research, setting the framework for the qualitative analysis of marketing practices across different eras.
5. Marketing Communication: This chapter examines the core of marketing—communication—across both old and new marketing paradigms. It initially identifies three main types of marketing messages: logistic information, persuasive information, and problem-solving information. The chapter then meticulously explores Laswell's five questions of communication (communicator, content, audience, media, effect), applying these to the analysis of marketing communication strategies. By examining each question within the context of both traditional and digital marketing, the chapter provides a detailed comparative analysis of how marketing messages were delivered and received across various channels and platforms in the pre-internet and post-internet eras. This discussion is supported by the illustration of a "Table 1: Old Scenario of Marketing Communication," further highlighting the differences between past and present methods.
Keywords
Marketing, Internet, Web, Marketing Mix, Digital Marketing, Traditional Marketing, Marketing Communication, Consumer Relationships, Electronic Marketing, Online Marketing.
Frequently Asked Questions: A Comprehensive Language Preview
What is the main objective of this research paper?
The main objective is to explain the significant transformations in marketing strategies caused by the digital age. It compares and contrasts traditional and modern marketing approaches, highlighting the advantages of newer methods and the benefits of adapting to the new rules of marketing in the web-enabled marketplace.
What are the key themes explored in this paper?
Key themes include the evolution of marketing from pre-internet to internet-based strategies; a comparison of traditional and digital marketing methodologies; the internet's impact on marketing communication and its channels; the advantages of adopting new marketing rules in the digital age; and an analysis of marketing communication components in both old and new marketing paradigms.
What does the introduction chapter cover?
The introduction establishes the contrast between "old" and "new" marketing rules, highlighting the internet's transformative impact on the marketing landscape. It shifts from traditional advertising-centric models to a consumer-relationship-focused approach, emphasizing the need for adapting strategies to leverage the digital world's potential.
What is discussed in the chapter on marketing?
This chapter defines marketing, contrasting traditional understandings with the expanded digital-age definition. It expands on the traditional four Ps (Product, Price, Place, Promotion), integrating digital aspects and adding dimensions like "People," "Process," and "Physical evidence," reflecting a shift to a customer-centric and experience-driven approach.
How is the research methodology described?
The research methodology is described as a descriptive-explanatory study aiming to account for marketing's transformation and explain the advantages of newer approaches. It focuses on the characteristics of traditional and internet-based marketing, providing a foundation for subsequent analysis.
What is the focus of the chapter on marketing communication?
This chapter examines marketing communication across old and new paradigms. It identifies three main types of marketing messages (logistic, persuasive, and problem-solving information) and applies Laswell's five questions of communication (communicator, content, audience, media, effect) to analyze strategies in both traditional and digital marketing, comparing how messages were delivered and received across different channels and platforms.
What are the key words associated with this research?
Key words include Marketing, Internet, Web, Marketing Mix, Digital Marketing, Traditional Marketing, Marketing Communication, Consumer Relationships, Electronic Marketing, and Online Marketing.
What specific topics are covered in the Table of Contents?
The Table of Contents includes: Introduction, Marketing, Objectives of the Research, Research methodology, and Marketing Communication.
- Quote paper
- Francis Arackal Thummy (Author), 2018, Old versus New Rules of Marketing, Munich, GRIN Verlag, https://www.grin.com/document/462818
