The Essence and Current Trends of Marketing

The article is aimed at studying the essence of marketing and generalizing the latest trends in its development. The article considers the essence of the category of «marketing». The authors’ own interpretation of the category of «marketing» is provided, which means the instrument of activity and competitiveness of economic entities, the existence and use of which is determined by the constant study of the needs, tastes and requirements of consumers in any market in order to fully satisfy them and, as a result, make a profit. The trends in marketing development are outlined taking into account the impact of the COVID-19 pandemic and the crisis and uncertainty generated by it in all sectors of the economy. The main trends in marketing are: emergence of the novel along with expansion of the boundaries and areas of use of the extant type of marketing; expanding the possibilities of the Internet for the purpose of marketing research, communication, sale of ware; departure from standardization and the need for greater adaptation of the marketing complex to narrow market segments, which is caused by increasing competition; establishing partnerships and transitioning to relationship marketing; strengthening the role of strategic planning; priority on providing excellent customer service; use of digital technologies. In conditions of uncertainty, the use of modern technologies that rely on data on the purchase process should be of paramount importance among marketing tools. Personalization of the commercial offer, as well as mobile technologies for prompt contact with the client are suggested. Recommendations are made to strengthen the brand image in the minds of consumers and use of digital marketing, which will obviously dominate in 2021.