MARKETING CONCEPTS , IMPORTANCE OF MARKETING AND TRENDS IN MODERN MARKETING

BYM.VINITH KUMAR

DEFINITION OF MARKETING

The American Marketing Association:

“The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”

IMPORTANCE OF MARKETING

• Marketing Promotes Product Awareness to the Public

• Marketing Helps Boost Product Sales

IMPORTANCE OF MARKETING

IMPORTANCE OF MARKETING

• Marketing Builds Company Reputation

TYPES OF MARKETING

• Online Marketing

•Offline Marketing

•Word of Mouth Marketing

MARKETING CONCEPTSDefinitionMarketing concepts can be defined as the marketing philosophies by which a firm’s

goal can be best achieved through identification and satisfaction of the customers’ stated and unstated needs and wants.

Meaning

Companies adopt different philosophies in relation to marketing of their products. Some claim that they are customer oriented and others say that they offer value to their customers. Still others say that they treat their customers as kings. These philosophies in relation to marketing are known as marketing concepts.

TYPES OF MARKETING CONCEPTS

COMPARISON BETWEEN SELLING AND MARKETING CONCEPT

DIFFERENCE BETWEEN TRADITIONAL AND MODERN CONCEPT

Traditional Concept Modern Concept

1. Focus is on product only

2. Objective is profit maximisation

3. Short-term oriented

4. Less promotional activities

5. Narrow concept

1. Focus is on customers’ needs and wants

2. Objective is customer satisfaction and

customer delight

3. Long term oriented

4. Sustained promotional activities

5. Border concept

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