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Marketing Theories And Practices Between The 1950s And The 1980s Were Largely Consistent With What Can Be Described As A Transactional Paradigm
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1950s and 1980s Marketing Strategies and Transactional Paradigms
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1950s and 1980s Marketing Strategies and Transactional Paradigms
The following paper analyzes the practices in the mtier of marketing theories throughout the 1950s and 1980s that are deemed to be consistent with transactional paradigms. Marketing experienced a substantial revolution between the 1950s to1980s and several improved, and relatively scientific marketing theories emerged with all their blooms. Throughout the era, the contemporarily devised marketing practices shaped the transactional approach that elucidated the conceptual frameworks as marketing management, marketing mix, and four Ps etcetera. By every passing decade, marketing pursued a dynamic demeanor, and after the 1980s, the marketing facades and challenges transformed to a great extent both from present and prospect standpoint.
The transactional paradigm can be defined as a business stratagem that pivots the idea of a single point of the sale transaction. The underlying objective of the transactional approach was elevating the efficacy and volume of individual sales instead of establishing an association with the consumers. The notion of transactional approach appeared in the wake of the 1950s when an American professor Neil H. Borden presented an amalgamation of twelve different variables that are widely known as the marketing mix (Borden 1984, 7). According to Bordens 12Ps archetype, the marketing mix encapsulated the components such as product planning, branding, pricing, personal selling, distribution channels, packaging, servicing, advertising and promotions, and display as well as physical handling. Afterward, the model of 12ps reconstructed by Jerome McCarthy and skimmed into only four fundamental variables that are called 4Ps of marketing and include placement, price, promotion, and product (Goi 2009, 2). 12Ps and 4Ps both marketing models revolved around the objective of making sales in due course, sales volumes and incentives were more signified as compared to relationship development with consumers. During the 1950s, marketing theories also took initiatives in problem-solving and decision-making areas to enhance the efficacy of overall marketing functions. However, the management of the 21st century considers consumers relationship as a vital factor in establishing marketing rapport. Yet myriads of innovative companies are using the 4ps model with a little alteration take the instance of Apple Inc. and Sony both technological giants have incorporated a fraction of transactional paradigm to their marketing tactics.
After a decade i.e., the 1960s, the advent of computer and digital technologies became evident, and such technological progress played an integral role in broadening the scope of almost every fragment of life, including marketing and business practices. During this age, Professor Paul Green proposed the theory of conjoint analysis through which behavioral and social patterns, environmental threats and opportunities, and qualitative evaluation became possible. In this context, the theoretical marketing horizon expanded and enwrapped the preferences of costumers as well as their priceless reactions toward any alteration of products features (Green Srinivasan 1990, 4). The extensiveness of revised practices proffered a refined comprehension of the marketing mix and other functional aspects. It was not before 1975 that Philip Kotler felt a necessity to fiddle with the organizational marketing decisions by addressing the maximization of corporate objectives through the delineation of non-controllable and predictable market behaviors. In this regard, theories of strategic planning and macro-marketing are prevalent (Bloom Gaudlach 2001, 263). Through macro-marketing implementation, the impact of marketing and society on each other was assessed. Meanwhile, strategic planning demonstrated immense concern towards environmental and internal organizational changes. Along the way, several different ideologies such as demarketing and network marketing came to limelight nevertheless, in 1977, efficacy and practicality of marketing management and transactional paradigms started to be questioned by several institutes, including Marketing Science Institute and American Marketing Association. In this context, the transactional approach was identified with significant drawbacks that were hindering the overall productivity and profitability of marketing effectiveness. For instance, the transactional concept was the best fit for expansion but was silent on the situation of stagnation. Such limitations skimmed the consumer-base with a surplus of products in case of increased competition. Moreover, the most ubiquitous adversary of the transactional paradigm was a considerable lack of consumers pivoting that was denying the valuable and valuable position of customers in the overall marketing process and was a detrimental practice for businesses in the long run. Consequently, in the post-1980s scenario, the marketing completely altered its inclination from the transactional approach and leaned towards the customer relationship marketing in order to reap prolonged and perpetual benefits through healthy and loyalty based inter-dependability.
To put it briefly, by the flow of time or should say decades, the fundamental structure of marketing theories changed from transactional to a relational approach to their entirety. In recent epoch, social media and online junctions are stabilizing marketing networks and bringing even remote consumers closer. Furthermore, online shopping platforms such as eBay and Amazon etcetera are enhancing the scope of marketing variables through 24/7 hours of services, accessibility, and immediate feedback. Flawless customer relationship management and marketing tactics of Nike are also perfect instances of the theoretical shift in marketing theories over all these decades. Surprise boxes and membership discounts and offers are evidence of a marketing strategy that revolves around the advantages attained through satisfied, repeat, and ever-increasing customer base. Business is a dynamic entity, and therefore for its thriving survival, it needs to adapt the external and internal environmental challenges and modifications. In modern outlook, all bigwigs of business and retailing, including Starbucks, Nike, Samsung, Coca Cola, Amazon, Apple, and McDonalds etcetera, are striving to pursue relational marketing practices. And in due course, the drastic transactional approach is left behind with all its self-consumed modus operandi.
Bibliography
Borden, N. (1984). The Concept of the Marketing Mix.Journal of Advertising Research, online II, pp.7-12. Available at HYPERLINK http//www.guillaumenicaise.com/wp- content/uploads/2013/10/Borden-1984_The-concept-of-marketing-mix.pdf http//www.guillaumenicaise.com/wp- content/uploads/2013/10/Borden-1984_The-concept-of-marketing-mix.pdf.
Goi, C. (2009). A Review of Marketing Mix 4Ps or More.International Journal of Marketing Studies, 1(1).
Green, P. and Srinivasan, V. (1990). Conjoint Analysis in Marketing New Developments with Implications for Research and Practice.Journal of Marketing, 54(4), p.3.
Klein, T Nason, R 2001, Marketing and development macromarketing perspectives, inHandbook of marketing and society, SAGE Publications, Inc., Thousand Oaks, CA, pp. 263-297, viewed 11 December 2019, doi 10.4135/9781452204765.n12.
Rouse, M. (2015).Transactional Marketing. online SearchCustomerExperience. https//searchcustomerexperience.techtarget.com/definition/transactional-marketing Accessed 11 Dec. 2019.
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