Volume 04 Issue 06-2024
33
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
04
ISSUE
06
P
AGES
:
33-37
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
ABSTRACT
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and society at large.
Although marketing has always been crucial to building a company's reputation and fostering growth, our approach
to promoting goods and services has evolved significantly over time. Technology, social media, smart gadgets, and
easy access to the internet have all contributed to the evolution of marketing, making conventional approaches
useless for generating steady growth.
KEYWORDS
Marketing, Consumer, Revenue, Satisfaction, Sales, Business, Cooperation, Market, Production, Society.
INTRODUCTION
Moving to Modern Marketing
: The concept of
"marketing" has emerged as a new corporate
philosophy as a result of consumer-oriented
marketing. The marketing idea places a strong
emphasis on identifying potential consumers' needs
and meeting those needs with products. According to
the marketing philosophy, the consumer serves as the
center of gravity for the company. The goal of a
business is to maximize profits through customer
happiness rather than lucrative sales volume.
Research Article
MOVING TO MODERN MARKETING TODAY
Submission Date:
June 14, 2024,
Accepted Date:
June 19, 2024,
Published Date:
June 24, 2024
Crossref doi:
https://doi.org/10.37547/ijmef/Volume04Issue06-05
Khabibullaev Anvar Shovkatovich
Doctor of Philosophy, Marketing and logistics faculty, Tashkent State University of Economics, Uzbekistan
Journal
Website:
https://theusajournals.
com/index.php/ijmef
Copyright:
Original
content from this work
may be used under the
terms of the creative
commons
attributes
4.0 licence.
Volume 04 Issue 06-2024
34
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
04
ISSUE
06
P
AGES
:
33-37
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
Additionally, every marketing initiative a company
undertakes is coordinated and focused on achieving
this goal. Managers that adhere to this attitude
consider what the market gains from their actions and
what needs they are meeting. According to the
marketing concept, marketing is an integrated process
that involves determining, evaluating, and meeting the
requirements and desires of people.
It views the establishment of a customer and meeting
his needs as the basis for business reasoning.
Production and other corporate operations are
subordinated to determining what the customers
desire. Put differently, the pace of production is
determined by the demands of the market. Thus,
selling satisfaction rather than just products is the
focus of modern business. Contemporary marketing
concepts are wide-ranging. It entails learning about the
customer and tailoring the product to meet their wants
rather than just giving them what the merchant has
produced. Thus, it is crucial that the vendor finds out
what the customer wants in order to fulfill their order.
And how can these things be provided for them? Only
after that he is able to make money and endure in the
market.
The marketing concept is based on the pillars that are
given below:
(I) Determining the target market or potential buyers.
(II) Establishing a connection with the target market or
customers in order to comprehend their requirements
and desires. (III) Creating goods or services to meet the
demands of the intended consumer base. (IV)
Outperforming rivals in meeting the demands of the
target market. (V) Making sure the company makes a
profit on sales.
What Separates Modern Marketing From Traditional
Marketing:
The primary objectives of traditional marketing were to
sell a product, turn a profit, and lower production
costs. This is the mindset of classic capitalistic
principles, particularly in the 1950s when the ability to
create goods in large quantities determined which
company would succeed. The demands of the
customer come first in modern marketing, and
company activities are centered around that.
Modern Marketing Concepts' Significance Adhering to
the elements of contemporary marketing concepts can
be advantageous for companies that cater to
customers as well as for consumers. Businesses can
assess their entire business to find out if various
departments and systems, such as sales and
marketing, are working together effectively to monitor
data and the outcomes of marketing campaigns. This
highlights how crucial it is to have cohesive
departmental relationships as well as the capacity to
gather and examine customer data in order to
guarantee top-notch customer support.
This highlights how crucial it is to have cohesive
departmental relationships as well as the capacity to
gather and examine customer data in order to
guarantee top-notch customer support.
Volume 04 Issue 06-2024
35
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
04
ISSUE
06
P
AGES
:
33-37
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
Important concepts of Modern Marketing:
1.
The Production theory A company must
manufacture or develop a product before it can be
made available to customers. This idea is founded on
the idea that the more something is produced, the less
expensive it is for customers, and that if a company can
figure out how to manufacture a good in large
quantities (factories), it also reduces the cost for the
company. Four words would best sum up this idea:
increase profits, decrease costs.
2.
The Product theory
When making a purchasing decision, consumers
consider affordability, accessibility, and efficiency,
regardless of the product's quality. If a company
manufactures expensive luxury items, there may be
fewer customers who are prepared to buy them, which
could turn the product into a niche market.
3.
The Sales theory
Regarding the act of selling a product itself, this idea
highlights the significance of selling as much of the
product as you can, regardless of whether the
customer's
demands
are
satisfied
or
the
product/service is of high quality. Adhering to this
notion in isolation does not result in sustained
customer relationships, contentment, or steady
product sales.
4.
The Marketing theory
As previously mentioned, the marketing concept
prioritizes the customer over all other business needs.
The goal of developing a product and a marketing plan
to attract potential customers is to satisfy their
requirements and wants while also increasing their
level of satisfaction. Because it prioritizes the demands
of its customers, a company may end up being the one
that rivals choose.
5.
Societal marketing theory
While emphasizing the demands of the consumer is
comparable to the marketing notion, the concept also
calls on enterprises to consider the welfare of the
consumer and society at large. An illustration of this
would be a company thinking about producing its
goods in an environmentally friendly manner to cut
down on carbon emissions, improve customer
breathing conditions, and improve the quality of the
air.
Societal marketing can increase product sales revenue
through:
➢
Producing a good that fulfills the needs
of customers
➢
concentrating on the general public's
welfare
➢
enhancing the standard of living for
customers.
6.
Consumer theory
These days, businesses use consumer concepts instead
of just marketing concepts, which allows them to focus
on each individual customer through one-to-one
marketing.
Further additional concepts:
Volume 04 Issue 06-2024
36
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
04
ISSUE
06
P
AGES
:
33-37
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
➢
Being aware of who your target
customer is;
➢
Gaining
knowledge
of
and
understanding of the requirements and desires of the
customer through online contact;
➢
Making goods that satisfy the demands
of the intended customer;
➢
Top of the pack in terms of client
satisfaction;
➢
Ensuring that a company's operations
generate revenue for the company.
Four Features of a Marketing Concept
Focus on the customer
Understanding consumer needs is the first step in the
marketing process, which continues until a company
can develop a good or service to fulfill those needs.
More earnings are generated by happier consumers.
An integrated strategy
To meet the needs of the client, a business's
marketing,
production,
finance,
and
other
departments must work together in collaboration.
Long-term outlook
Building enduring relationships with customers
through reliable, consistent service and quality
guarantees long-term financial success as well as client
retention and acquisition. This transforms a company
into a reputable and well-known brand.
A profitable volume of sales
A company's ability to turn a profit over an extended
period of time is a reliable indicator of the
effectiveness of its marketing initiatives. A company
wants its profits to rise, but it also wants them to do so
steadily over the long run.
Putting the Marketing Concept into Practice
Taking up customer orientation:
In short, a business's operations are determined by the
needs of its customers. A company may keep up with
market trends and consumers' ever-evolving tastes by
conducting market research and tracking consumer
activity online.
Setting objectives:
Setting objectives to direct activities toward satisfying
customer wants ought to be a primary focus for every
company hoping to turn a profit or boost earnings. This
implies that in order to achieve those objectives,
enterprises as a whole must act as a single entity, even
with diverse departments performing distinct tasks.
Business operations integration:
A firm must proceed with simplifying several divisions
or processes after deciding what the goals are in order
to work together and achieve them. The primary
objective, which is customer happiness, should be
understood by every department and the staff
members who work there.
Advantages of modern marketing:
➢
Greater employment prospects;
➢
Recognition of the importance of social
and consumer welfare;
➢
Emphasis on the scientific method;
➢
Better manufacturing quality;
Volume 04 Issue 06-2024
37
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
04
ISSUE
06
P
AGES
:
33-37
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
➢
The purpose of corporate operations;
➢
Fosters a climate favorable to robust
competition;
➢
Elevating
the
prominence
of
consumers;
➢
Simplifying corporate and societal
objectives;
➢
A career in marketing.
➢
A stabilizing influence in society;
CONCLUSION
In order to achieve specific business goals, modern
marketing links firms with their potential clients
through an all-encompassing, flexible, and data-driven
approach. In order to accomplish organizational goals,
a modern marketing approach always combines
creative thinking and execution with research,
strategy, technology, and analysis, even if the
components can be put together in countless ways.
For various reasons, almost all businesses strive for one
thing: expansion. Growing the number of clients,
gaining market share, improving profitability, hiring
more staff, etc. The most successful modern marketing
teams create brand awareness, mold perceptions, and
cultivate important audiences in order to achieve these
objectives.
REFERENCES
1.
Friedlein, A. (2022) Introducing the modern
marketing model (M3), Econsultancy. Available at:
https://econsultancy.com/introducing-the-
modern-marketing-model-m3/ (Accessed: 31 March
2024).
2.
Topic 1: Definition of marketing, marketing
management,
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March 2024).
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What is marketing strategy? (2021) Optimizely.
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https://www.optimizely.com/optimization-
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2024).
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King, E. (2019) Understanding modern marketing:
Marketing’s evolution and Digital’s impact,
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at:
https://www.marketingprofs.com/articles/2019/41
520/understanding-modern-marketing-
marketings-evolution-and-digitals-impact
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Modern marketing latest news and articles (no
date)
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https://www.thedrum.com/marketing (Accessed:
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