The Evolution and Process of iMarketing: Creating Value and Building Relationships

iMarketing: Creating Value and Building Relationships

iMarketing is a process by which companies create value to satisfy customer needs through strong and long-lasting relationships with them, and capture value from them in return, ensuring enough profit. Strategic marketing is about the analysis and search for opportunities in the market, taking as a starting point the mission and the competitive advantage. Operational marketing is about the specific action plan that is designed and implemented to achieve strategic objectives or goals with proper management of allocated resources and within a defined framework.

Evolution of Marketing

• Production concept (1920): Demand exceeds supply, attractive prices and availability, focus on efficiency, passive marketing.
• Product concept (1920-1940): Consumers choose products with quality and innovation, increase the level of competition, producers start to apply policies directed towards quality and innovative products, focus on product innovation, leading to marketing myopia.
• Selling concept (1940-1970): Consumers will not buy enough of the firm's products, policy to sell what is produced, more active marketing, focus on promotion and selling efficiency, research oriented to customer analysis.
• Customer concept (1970-1980): Companies must study clients' wants and needs, interest in knowing the customer, produce what the market demands, strategic marketing is particularly relevant, new concept of product as a satisfactor.
• Marketing concept (1980-2000): Organizations focus on creating value for customers, company's goal is to create superior value for customers, use relational marketing.
• Social concept (2000-now): Improves consumers' and society's well-being, considers the interests of company customers and society, importance of social reputation, identification and dialogue with stakeholders, find balance between economic and social benefits.

Marketing Process

1. Understand the marketplace and customer needs
2. Design a customer-driven marketing strategy
3. Construct a marketing program that delivers superior value
4. Build profitable relationships and create customer delights
5. Capture value from customers to create profit and customers

New Marketing Landscape

• New digital age: Technological boom revolutionized the way of marketing, allowing savings in time.
• Rapid globalization: Shrink the world and marketers have to think globally about their customers.
• Call for more ethics and social responsibility
• Growth of the not-for-profit sector marketing