The significance of marketing in the 21-st century is immense. The marketing process involves almost every person and company and constitutes an important element of success (Kotler & Keller 2012). Marketing plays a major role in resistance to harsh economic problems. Without proper demand, such as business operations as accounting, finance, and others will not be able to provide organizations with profit.
Marketing has an impact not only on individuals and companies but also on society. With its help, it becomes possible to introduce new services and products that make people’s lives easier (Kotler & Keller 2012). However, it is not always an easy task to make the right strategic decisions in marketing. An important constituent of the process of such decision-making is the analysis of consumer behavior which incorporates social and cultural aspects (Kotler & Keller 2012). The role and aim of marketing in economic and social circumstances require the emergence of a new theory (Webster & Lusch 2013).
According to Webster and Lusch (2013), the biggest mistake of marketing that has existed for more than half a century was concentrating on customers’ self-centered motivation instead of focusing on individuals as consuming members of the community. Therefore, Webster and Lusch (2013) suggest that marketing needs to redefine and modernize its intellectual realm and purpose to provide people with better life quality.
Achrol and Kotler (2012) also remark the need for a new paradigm in marketing. The authors note that the evolution of marketing can be traced from the functional model to the marketing management model and, finally, to the exchange model. Achrol and Kotler (2012) suggest a three-component description of modern marketing which includes sun phenomena (the experiences and sensory arrangements of consumers), phenomena (structures of marketing), and superphenomena (advancement and sustainability).
In their investigation of the effectiveness of relationship management, Kang, Oh, and Sivadas (2013) suggests a new approach to marketing which they call a relationship assessment method. The authors outline several variables that have a positive impact on marketing relationships: communication, cooperation, dependence, trust, satisfaction, termination cost, relational norms, and transaction-specific investments (Kang, Oh & Sivadas 2013). Therefore, researchers agree that marketing plays a crucial role in the 21-st century and that it is necessary to develop and implement new strategies of marketing practices in order to reach high customer satisfaction and good profit.
Relationship in a B2C Market
With the advent of e-commerce, a B2C (business-to-customer) market has gained increased popularity (Zhang 2013). B2C is used to increase customer satisfaction since it is more emotional and personal than B2B (business-to-business). The search for efficiency and convenience is one of the key characteristics of B2C Internet consumers (Zhang 2013). B2C e-commerce provides individual customers with the opportunity to find products and services they need at the most suitable price (Ariff et al. 2013). A B2C market allows shoppers to satisfy their needs and demands by creating particular relationship patterns.
Needs are not created by markets; they precede markets (Kotler & Keller 2012). To make a relationship between consumers’ needs and manufacturers’ suggestions, marketers identify target markets that help to address the needs of particular customers. Recently, I had a need satisfied through a relationship in a B2C market. I needed a lamp, and I was looking for a company that would suggest benefits rather than focus on some features. While B2B markets did not pay sufficient attention to consumer benefits, B2C markets did. Therefore, I decided to buy a lamp from a B2C market.
Achrol, RS & Kotler, P 2012, ‘Frontiers of the marketing paradigm in the third millennium’, Journal of the Academy of Marketing Science, vol. 40, no. 1, pp. 35-52.
Ariff, MSM, Yan, NS, Zakuan, N & Ishak, N 2013, ‘Web-based factors influencing online purchasing in B2C market; view of ICT professionals’, Review of Integrative Business and Economics Research, vol. 2, no. 2, pp. 572-586.
Kang, B, Oh, S & Sivadas E 2013, ‘Beyond relationship quality: examining relationship management effectiveness’, Journal of Marketing Theory and Practice, vol. 21, no. 3, pp. 273-287.
Kotler, P & Keller, K 2012, Marketing management, 14th edn, Pearson, New York, NY.
Webster, FE & Lusch, RF 2013, ‘Elevating marketing: marketing is dead! Long live marketing!’, Journal of the Academy of Marketing Science, vol. 41, no. 1, pp. 389-399.
Zhang, Q 2013, ‘Research on customer satisfaction in B2C e-commerce market’, in W Du (ed), Informatics and management science IV, Springer, London, pp. 283-292.