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Difference between Traditional and Modern Concepts of Marketing
2022-10-28 00:37:42

Difference between Traditional and Modern Concepts of Marketing

Traditional Concepts of Marketing

The conventional view of marketing places all its emphasis on products, with the goal of producing and selling more goods to increase profits. Profit is the focus of conventional marketing. It refers to a certain idea and is based on an outdated marketing notion. Push marketing is the foundation of traditional marketing concepts. It is one-dimensional because its sole goal is to earn by selling the products. The most typical traditional marketing techniques are:

  • Visiting cards
  • Ads on TV and radio
  • Signage and billboards
  • Brochures and flyers
  • Phone-based advertising

Benefits and Drawbacks of the Traditional Marketing Concept

 Advantages:

  • Possibility for strong creative efforts
  • Simple to comprehend
  • Easier access to local target market

Disadvantages:

  • Hardly any interaction
  • Targeted customer is barely there

Modern Concepts of Marketing

The goal of the modern marketing approach is to satisfy the customer by focusing on their needs and wants. Customer-focused marketing is prevalent today. It is based on a more general concept and a new marketing concept. Pull marketing is the foundation of traditional marketing concepts. It is multifaceted since it emphasises customer satisfaction, planning, after-sale support, as well as many other factors, in addition to selling products and making a profit.

The most popular contemporary marketing techniques are:

  • Internet ads
  • Email advertising
  • Internet store
  • Social media usage
  • Automation in marketing

Benefits and Drawbacks of the Modern Marketing Concept

Advantages:

  • Greater ROI
  • Targeting and client engagement at deeper levels
  • Effective from a financial standpoint
  • Expanded to serve ever-larger markets

Disadvantages:

  • Need technical expertise to engage in online activity and digital marketing
  • More expensive to implement.

Difference between Traditional and Modern Marketing in Tabular Form

S. No.Traditional Marketing ConceptModern Marketing Concept
1.Traditional marketing theories only emphasise items.The requirements and wishes of the customer are the emphasis of modern marketing concepts.
2.The goal of traditional marketing is to make the most money possible.Maximum customer happiness is the goal of modern marketing.
3.Traditional marketing is focused on the short term.Long-term thinking guides modern marketing.
4.It focuses on customers to sell products and services and generate significant profit.It focuses on the customer to deliver the product or service and obtain a suitable profit.
5.Less promotional actions are used in traditional marketing concepts.Continuous marketing efforts are part of modern marketing concepts.
6.Push marketing includes various forms of traditional marketing.One form of pull marketing is contemporary marketing.
7.It is built on the principles of manual and physical marketing.Along with conventional marketing techniques, it also uses digital and automated marketing.
8.The concept of traditional marketing is restricted.The concept of modern marketing is wider.
9.Segments are established by product portfolio in conventional marketing.In contemporary marketing, client distinctions lead to the development of segments.
10.It is confined to the current market.It is constantly looking for new markets.
11.There is no regular client base or target group for it.It has a regular customer base or a target group of customers.
12.It is founded on the idea of production and sale.Its foundation is a social and marketing notion.
13.The market study and market competition are disregarded.It does market research and tries to understand market competitiveness.
14.Locality is the traditional market's geographic range.The modern market has a global geographic reach.
15.Traditional marketing strategies are focused on selling the product to the customer regardless of their requirements and wants from the perspective of the company.The modern marketing idea is focused on the requirements and wants of the customer, and the corporation only customises the product after determining those needs and wants.
16.It is one-dimensional since the only goal is to sell products to clients to make money.It is multifaceted as it implies, as it increases customer happiness in addition to making money by selling things to clients.
17.Due to the high cost of printing materials, it is less cost-effective than current marketing.In comparison to traditional marketing, it is less expensive.
18.When compared to contemporary marketing strategies, it is not as effective at targeting a big audience.The best marketing strategy nowadays is one that targets a big audience.