Old versus New Rules of Marketing

Essay from the year 2018 in the subject Business economics - Offline Marketing and Online Marketing, grade: NA, , language: English, abstract: In this short paper an attempt will be made to present the old and new scenarios of marketing. This paper focuses on the old versus new rules of marketing.The separator of old and new rules of marketing is the web. Prior to the arrival of the web, marketing organizations had only two significant options for attracting attention of clients: Buy expensive advertising or get endorsement, mainly through advertorials, from the media. But the web has changed the rules. Organizations that understand the new rules of marketing develop relationships directly with consumers. In this scenario advertising today is a money pit of wasted resources. The web has opened a tremendous opportunity to reach niche buyers directly with targeted information that costs a fraction of what big-budget advertising costs. With old rules of marketing it simply meant advertising and branding; advertising needed to appeal to the masses; advertising relied on interrupting (for instance a TV show) to gain people’s attention to a product; it was one way, company to consumer; creativity was deemed the most important component of advertising; it was more important for the ad agency to win advertising awards than for the client to win new customers. None of this is true anymore; the web has transformed the rules; this paper would like to argue that a company must transform its marketing to make the most of the web-enabled marketplace of ideas.Old style Advertising and Public Relations firms’ role may have diminished drastically but their role is not extinguished. In the cyber age these have gone online. The wise thing for companies to do is to combine both the old and new ways of marketing, the emphasis perhaps being on the new. Online has provided companies the best opportunity ever to expand into global markets. Marketing has become borderless.This is a paper presented at an international conference.