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• Traditional Approaches in Marketing

  Lesson 1.3 Principles of Marketing Accountancy, Business, and Management
• Factors that typically influence the decisions of consumers

  • Product
  • Price
  • Promotion
• Traditional marketing tended to focus on the said factors
• Marketing concepts


  The fundamental philosophies and ideas used by companies to approach the marketplace. It consists of assumptions that affect how marketing strategies are designed and implemented to achieve the outlined goals.
• Marketing concepts


  • Consumer-focused
  • Product-based
• Traditional concepts


  • Contemporary concepts
• Production Concept


  One of the oldest marketing philosophies that assumes that customers want available and affordable products
• Production Concept


  • Leads companies to focus on production and distribution efficiency
  • Enables mass production and low selling price
• Product Concept


  Assumes that consumers prefer products with the best quality, performance, and features
• Product Concept


  • Companies make product improvements and innovation ahead of the competition
  • Fosters innovation, raises the benchmark, exceeds expectations
  • May be expensive
  • Focusing too much on the product may neglect the customer's actual needs
• Selling Concept


  Assumes that customers will not buy products unless it is advertised and promoted
• Selling Concept


  • Companies conduct aggressive selling and promotional efforts to convince timid customers
  • Useful when goods are unsought
  • Can be expensive
  • Must be good in tracking potential customer
• Traditional marketing approaches are product-based and product-focused. Traditional marketing concepts lead companies to focus on product improvement, production and distribution efficiency, and promotional efforts.
• Traditional concepts in marketing

  • The production concept, which assumes that consumers choose widely-available and affordable products
  • The product concept, which holds that consumers prefer high-quality products with innovative features
  • The selling concept, which states that consumers are more inclined to buy the intensely promoted products
• Although the application of these marketing concepts has driven many businesses towards success, companies have changed their approach towards the marketplace. Nowadays, marketing strategies apply contemporary approaches which focus more on the customer and their needs.
• Contemporary Approaches in Marketing

  Things are constantly changing. Old ideas, concepts, and processes are constantly evaluated to improve the way things are done.
• Marketing is among these things that have significantly evolved through time.
• Contemporary Approach in Marketing

  • Customer-focused
  • Consumer-experience
• Traditional Approach in Marketing

  • Product-based
  • Product improvement
  • Production efficiency
  • Promotions
• Focus (Traditional)


  Services, features, benefits (product)
• Focus (Contemporary)


  Consumer experience (customer)
• Scope (Traditional)


  Has narrow a definition that includes service categories and consumption
• Scope (Contemporary)


  Has a broader definition which includes socio-cultural context
• Consumer Model (Traditional)


  Logical decisions
• Consumer Model (Contemporary)


  Logical and emotional decisions
• Marketing Concept (Traditional)


  Find the right product for customers.
• Marketing Concept (Contemporary)


  All-out effort to satisfy customer needs
• The whole company, and all its departments, are oriented toward profitable customer satisfaction.
• Some companies go beyond profit, aiming for the triple bottom line.
• Non-Profit Marketing


  It amplifies an organization's cause, solicits donations, and attracts supporters.
• Celebrity Marketing


  It uses celebrities or famous people to promote a product.
• Place Marketing


  It attracts tourists through social media or online bookings in finding a place for vacations, etc.
• Cause Marketing


  It aligns a brand with a cause to produce profitable benefits for the consumer and the brand.
• Event Marketing


  It includes live or virtual events where the audience can interact with a brand.
• Green Marketing


  It promotes products based on environmental benefits like 'organic,' 'cruelty-free,' etc.
• Digital Marketing


  It is the influence of technology towards marketing products and services.
• Paid and Unpaid SEO (Search Engine Optimization)

  It is letting people search through online search engines.
• Content Marketing


  It comprises visual and written communication like blog posts, videos to raise awareness among consumers.
• Email Marketing


  Businesses update their directory list of consumers to receive updates and promotions about the brand.
• Mobile Marketing


  It is an advertising activity that promotes products and services via mobile devices, such as tablets and smartphones.