Why is Marketing Called Marketing?
The term “marketing” is more than just a modern business term; its origins and evolution provide fascinating insights into how the concept of market-based trade and customer interaction has developed over centuries.
The word “marketing” is rooted in history, originating from the Latin term “mercatus,” which translates to “marketplace” or “trade.” This foundational term evolved into the Old French word “marchieting,” which was used to describe the activities involved in buying and selling goods in a market setting.
Note:
This article features content from the Marketing Made Clear podcast. You can listen along to this episode on Spotify below:
Historical Evolution
The journey of the term “marketing” from its Latin roots to its contemporary usage began in ancient marketplaces, where the primary focus was on the physical exchange of goods and services.
As societies progressed, these marketplaces grew more complex, necessitating a more organised approach to trade and commerce. The Old French term “marchieting” aptly captured this burgeoning complexity, referring not only to the act of buying and selling but also to the broader activities and strategies involved in facilitating these transactions.
It’s worth saying that this is just the origins of the term marketing, marketing itself can be traced back over 3,000 years or arguably 40,000 years depending on who you believe.
The Industrial Revolution and Beyond
The term “marketing” as we understand it today emerged during the 19th and early 20th centuries, a period marked by the Industrial Revolution. This era brought about significant changes in production and consumption patterns, leading to the need for a more systematic approach to market interactions. Businesses began to recognize the importance of understanding consumer needs, identifying target markets, and developing products or services tailored to these markets.
During this time, marketing started to encompass a range of activities aimed at promoting and selling products. This included not only traditional sales techniques but also advertising, branding, and market research. The systematic study and application of marketing principles became crucial as businesses sought to stand out in increasingly competitive markets.
The Multifaceted Process of Marketing
Today, the term “marketing” encapsulates a comprehensive process that involves creating, communicating, delivering, and exchanging value with customers. This process is designed to satisfy customer needs while achieving organizational goals. Modern marketing strategies are multifaceted, involving:
- Understanding Consumer Needs: Conducting market research to gather insights into consumer preferences and behaviours.
- Identifying Target Markets: Segmenting the market to focus on specific groups of consumers who are most likely to benefit from and purchase the product or service.
- Developing Products/Services: Designing and developing offerings that meet the identified needs of the target market.
- Promotion: Utilising various channels to communicate the value of the product or service to potential customers. This includes advertising, social media, public relations, and more.
- Sales and Distribution: Ensuring that the product or service is available to consumers through effective sales and distribution strategies.
Conclusion
In summary, the term “marketing” reflects a long history of trade and commerce, evolving from the simple exchange of goods in ancient marketplaces to the sophisticated, consumer-focused strategies of today. It embodies the fundamental concept of creating and delivering value to customers in a way that satisfies their needs and helps businesses achieve their objectives. Understanding this historical context enriches our appreciation of marketing as a dynamic and essential function in the modern business landscape.
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