Traditional Marketing vs Rethinking Marketing

Comparison Study

Vijin VPGDM 1

15PGM 51

Traditional marketing Rethinking marketing

Marketing is a process of planning and executing the conception, pricing, promotion and distribution of ideas goods and services to create exchanges that satisfies individual and organizational objectives.

Emphasis is placed on the whole relationship between suppliers and customers. The aim is to provide the best possible customer service and build customer loyalty.

Companies can interact with customers with the help of Powerful technologies like D/W for understanding and interacting with customers Which can help to radically reorganize in “Cultivating Relationships” ahead of building brands.

Traditional marketing Rethinking marketing

Traditional marketing Rethinking marketing

To sell to the customer by hook or crook the product that you have

Taking into account what the customer needs and offering him the same

Product Profitability Customer Profitability This involves Push Strategy It is planning concept Customers don’t have much say in what they actually need

Products are tailor-made to suit the consumer

Brand Equity Customer equity Mass Message Personally relevant messages It only focuses on immediate sale to the person in front of you

It focuses on customer retention

It is a short term process It is a long term process

Traditional marketing Rethinking marketing

Traditional and a customer-cultivating Process

Traditional marketing focuses to push products and brands.

Firm focuses on Product Profitability.

Chief Marketing Officer

Brand Manger

Shift from pushing individual products to building long-term customer relationships.

Marketing Department to “Customer Department”

Firm changes its focus from Product Profitability to Customer profitability

Replaces the CMO to Customer Officer

Brand Managers to Customer managers

Change In Company’s Prospective

THE CHANGE PROCESS Companies need to focus less on product profitability and more on customer

Profitability. Designing and executing the firm’s customer relationship strategy. Ultimate expression of marketing - Identify customers’ product needs. Scope of analysis shifts from an aggregate view to an individual view of

customer. Shifts its attention to acquiring the customer input that will drive improvements

in customer-focused metrics. Customer must be brought into the design process. Make the customers feel touched, moved and inspired. Let your customers participate in company’s key decisions Let your customers chose and design their product. Pay less attention to current market share and more attention to customer

equity share.