Marketing and its Traditional Approaches

PRINCIPLES OF MARKETING

1. MARKETING AND ITS TRADITIONAL APPROACHES Lesson 1. Define marketing describe the traditional approaches to marketing

2. Marketing Definition The American Marketing Association defines marketing as “ the activity, set of institutions, and the processes for creating, communicating, delivering, and exchanging offerings that have value customers, clients partners and society as a large”

3. There are several basic components underlying marketing, namely : Needs Wants Demands Exchange Market

4. The scope of marketing Goods Services Experiences Events Persons Places Properties Organization Information Ideas

5. Traditional Approaches to Marketing Traditional concept marketing is a marketing strategy a company uses to determine if it can produce a viable product consumers want and need, whether the company can make enough products to fill the need, and the marketing method by which the need can be filled. Traditional marketing concepts rely on the concept hook to sell a product, with the end goal being to reach a target audience so that the company makes its product or services attractive. This most commonly means tailoring advertising to fit the demographics of consumers

6. 5 Traditional approaches in marketing

7. Production concept A production concept focuses on the internal potential of the company and is not based on the desires and needs of the market.

8. Sales concept A sales concept refers to the idea that people will buy more goods and services through personal selling and advertising done aggressively to push them in the market

9. Marketing concept Marketing concept is a philosophy which states that the organization must try hard to find out and satisfy the needs and wants of consumers while at the same time accomplishing the organizational.

10. Relationship concept Relationship marketing concept is an approach that centers on maintaining and improving value-added long-term relationships with current customers, distributors, dealers, and suppliers.

11. Societal marketing concept This is the essence of the societal marketing concept which views that an organization must satisfy the needs of the customers in a manner that gives for society benefit.