Marketing Paradigm And History Essay

Marketing paradigm and history essay.

On the website of American Marketing Association(AMA), the definition of marketing is ‘marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchange offerings that have value for customers, clients, partners, and society at large.’ Albeit centuries ago,1700s and 1800s, concepts such as markets, value and production had already existed and at the present, this definition has gone centuries to formalised and is considered as a phenomenon of twentieth-century (Wilkie and Moore, 2003).

In the middle of nineteenth-century, the second Industrial Revolution had created the shift to capital-intensive production and living standard of people’s had also been raised. Whereas it caused overcapacity and eventually, excessive demand and closure of business as well (Jensen, 1993). Therefore, marketing had been brought to the fore in the USA at the beginning of twentieth-century known as marketing’s ‘early age’ to help business gain customers and deal with the issue of overcapacity (Webster, 2005). With the development of marketing, during early days, more and more academic theories and thought had been proposed which were known as ‘traditional approaches’. After the fourth decade of twentieth-century, modern marketing began taking into shape.