For a long time, traditional marketing relied on the specifications of the product or service provided. Companies that rely on this approach compete for the uniqueness and distinction of their products for the customer to choose from. In light of technological development, this view needs to be revised. The customer's fascination with the specifications of the product or service is no longer sufficient for him to take the purchase order. Instead, another, more modern concept makes the customer accept the product or service. This concept will be discussed in this paper.
Contemporary Marketing
This concept can be defined as a set of modern marketing theories and practices that aim to ensure customer satisfaction (Brodie, Coviello & Winklhofer, 2008). These theories and practices are intended to reach more than the sales stage. Instead, it aims to ensure and maintain customer loyalty.
The Evolution of Marketing in the United States
According to (Migliore, Howard & Gray, 2018), from 1900 until the 1930s, the orientation toward production was the first concern of companies. From the thirties until the fifties, the trend toward achieving the highest sales increased. Since the 1950s, a new trend has emerged to focus on fulfilling customer desires. Professor Philip Kotler's theories of modern marketing have been widely accepted. In his literature, he referred to caring for the client, dealing with his emotional and mental satisfaction, and using content marketing, social media, and customer relationship management before and after the sale. Another concept is corporate social responsibility and achieving sustainability; these concepts significantly impact customers' choices for the companies that will deal with them (Russell-Bennett & Baron, 2015).
Identifying the Organization
Apple is one of the companies that use the concept of Contemporary Marketing on a large scale. Customer loyalty to this brand made its market value exceed one trillion dollars as the first company to cross this barrier in August 2018. It also reached $2.94 trillion in December 2021 (Companies market cap, 2022). Since the time of Steve Jobs until now, the company has identified its target customers and created appropriate marketing strategies for them. This is done by providing high-quality and environmentally friendly products and after-sales service as best as possible, which enabled the company to enhance its sales and profits among competitors.
Conclusion
The value of the knowledge of contemporary marketing and the study and practice of modern marketing methods are vital to guide corporate decision-makers toward the best investment. It also significantly impacts the decision to enter the product or service into the market first. Marketing indicators must be studied and analyzed to ensure customer satisfaction with the product and their continued loyalty to the product or service; this loyalty extends to the brand (Fuciu & Dumitrescu, 2017).
References
Brodie, R. J., Coviello, N. E., & Winklhofer, H. (2008). Contemporary Marketing Practices research program: a review of the first decade. Journal of
Business & Industrial Marketing.
Companies market cap. (2022). The market capitalization of Apple (AAPL)
https://companiesmarketcap.com/apple/marketcap/
Fuciu, M., & Dumitrescu, L. (2017). The Consumer Confidence Report – A Tool for Developing Marketing Strategies Designed for The Online Environment.
Annales Universitatis Apulensis: Series. Retrieved from ProQuest Central.
Migliore, R. H., Howard, N. C., & Gray, D. M. (2018). Contemporary marketing evolves. Journal of Marketing Development and Competitiveness, 12(2), 98-
104. Retrieved from ProQuest Central.
Russell-Bennett, R., & Baron, S. (2015). Fresh thinking in services marketing: Contemporary, cutting-edge, and creative thoughts. The Journal of Services
Marketing, 29(6), 421-424. Retrieved from ProQuest Central (Dated but relevant)