Traditional Vs. Modern Marketing Concepts

Traditional & Modern Marketing concepts which are categorized in two different sections - Difference between Traditional Vs. Modern

In this article, we are going to discuss various Traditional Vs. Modern marketing concepts are categorized in two different sections – Traditional Vs. Modern

Traditional Vs Modern Marketing Concepts – Marketing Management

Traditional Concepts of Marketing Management

Exchange Concept: In this concept, the barter system was used where buyers and sellers exchange the products to each other.
Production Concept: This concept was based on the assumption that customers are primarily interested in products that are accessible and affordable. This concept was introduced at a time when business was focused mainly on production.
Production Concept: This concept was based on the assumption that customers are primarily interested in products that are accessible and affordable. This concept was introduced at a time when business was focused mainly on production.
Selling Concept: While the previous two concepts focused on production, the selling concept is focused on selling. It believes that customers will be buying products only when the product is aggressively marketed by the company. It does not focus on building relationships with customers, and ensuring customer satisfaction is also not deemed necessary.

Modern Concepts of Marketing Management

Marketing Concept: A marketing concept places the center of focus on the customer. All the activities that are undertaken by an organization are done keeping the customer in mind. The organizations are more concerned about creating value propositions for the customers, which will differentiate them from the competition.
Societal Marketing Concept: This is the fifth and most advanced form of the marketing concept. Here the focus is on the needs and wants of the customer as well as ensuring the safety of the customer and society first. It believes in giving back to society and making the world a better place for all human beings.
Holistic Marketing Concept: According to the holistic marketing concept, even if a business is made of various departments, the departments have to come together to project a positive & united business image in the minds of the customer. The holistic marketing concept involves interconnected marketing activities to ensure that the customer is likely to purchase their product rather than the competition.

Components of Holistic Marketing:

Relationship Marketing
Integrated Marketing
Internal Marketing
Social Responsibility

Traditional and Modern Marketing Concepts

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Difference Between Traditional Vs. Modern Marketing Concepts

Difference between Traditional Marketing and Vs. Modern Marketing :

S. No.	TRADITIONAL MARKETING CONCEPT	MODERN MARKETING CONCEPT
01.	Traditional Marketing concepts focuses on products only.	Modern Marketing concepts focuses on customer’s needs and wants.
02.	In traditional marketing the objective is maximum profit.	In modern marketing the objective is maximum customer satisfaction.
03.	Traditional marketing is short term oriented.	Modern marketing is long term oriented.
04.	It targets customer in focus of product/service selling and availing high profit.	It targets customer in focus of providing product/service and availing satisfactory profit.
05.	In traditional marketing concept there is less promotional activities.	In modern marketing concept there is sustained promotional activities.
06.	Traditional marketing is one type of push marketing.	Modern marketing is one type of pull marketing.
07.	It is based on manual and physical marketing concepts.	It includes digital/automated marketing along with traditional marketing methods.
08.	Traditional Marketing concept is a narrow concept.	Where as modern marketing is a broader concept.
09.	In traditional marketing segments are developed by product portfolio.	In modern marketing segments are developed by differences between customers.
10.	It is stuck in existing market.	It is always in search for potential market.
11.	It has no target set of customers or any regular customer base.	It has target set of customers or a regular customer base.
12.	It is based on production and selling concept.	It is based on social and selling concept.
13.	It ignores the market survey and market competition.	It does the market survey and efforts to know market competition.
14.	Geographical scope of traditional market is local area.	Geographical scope of modern market is global area.
15.	The traditional marketing concept is oriented towards company view point which is to sell the product to the customer irrespective of customer needs and wants.	The modern marketing concept is oriented towards customer view point in which company looks for the needs and wants of customers and then only customize the product.
16.	It is single dimensional as the sole target lies in selling of goods to customers for earning profits.	It is multidimensional as it makes out not only in selling of goods to the customers for earning profits but gains customer satisfaction too.
17.	It is not cost-effective compared to modern marketing as it involves a lot of printing material cost.	It is cost-effective compared to traditional marketing.
18.	It is not as suitable approach for targeting a large audience when compared to modern marketing approach.	For targeting a large audience, modern marketing approach is best one.