Contemporary approaches to marketing

• The marketing concept involves considering the needs of both the customers and the product offered.
• The key to the marketing concept is to be more effective in the creation, communication, and delivery of this value to customers.
• The relationship marketing concept focuses on long term relationships with customers.
• Customer habits and preferences are track and monitored to ensure that the customers needs are fulfilled
• Customer databases are created maintained and updated
• The societal marketing concept considers the well-being and interests of customers, as well as the interest of the environment and society.
• Marketing involves identifying needs and wants, determining demand or potential demand, defining market segments, targeting those segments, developing appropriate products/services, pricing them appropriately, promoting them effectively, and distributing them efficiently.