Marketing management philosophy as a mother has five children. The first one favors the availability of himself – and is named the Production Concept. The second one focuses on his characteristics and performance – and is named the Product Concept. The third one focuses on his promotion – and is named the Selling Concept. The fourth one focuses on the satisfaction of customers – and is named the Marketing Concept. The fifth one considers the society’s long-run interest – is named the Societal Marketing Concept.
All five children belong to five different generations in terms of their evolution and application. Marketing was present many decades back, and now it is also present with its richness and advancement. But always the objective of marketing is to cope and satisfy the customer needs by adjusting the way they need it, the way they want it, and the way they demand it.
Then the question comes,
“Who is the next child of the mother ‘Marketing Management Philosophy’?”.
We answer the question by our lifestyle. We live on the edge of the world where we continuously glue our eyes onto different kinds of screens, starting from the mini smart watch screen to the giant screen in the street. But mostly, the cell phone and computer screen are in the front row. The rise of the internet has also given a new taste to this recipe. Even entertainment through television has decreased hugely due to the intensification of the digital world.
Nowadays at the digital pace, information is abundant and freely available. Even happens when we are encountered with so much information and we have little attention to focus on a particular thing. On the other side of the coin, here comes the opportunity. Business organizations now compete to get the customer’s attention rather than selling that information which are easily available.
The game-changing event appears here where Digital Marketing is going to be the next child of marketing management philosophy. As a theory of adjustment, every organization practicing marketing activities is going to adjust to digital marketing to the required needs, wants, and demands of its customers since digital marketing is going to shape the future of marketing.
In the context of Bangladesh, Digital Marketing is still in the learning stage. There are ample possibilities and untapped areas where we can ignite the flame of digital marketing. The government of Bangladesh with a compact target “Vision 2021 – Digital Bangladesh”, working front and backstage to make this country digitally independent and rising. It has launched many projects in the ICT sector and provided incentives and tax exemptions for the proliferation of this sector.