Distinguish between traditional and modern concept of marketing.
Ordinarily market is a particular place where the buyers and the sellers get together and make deals regarding sale or purchase. It is clear that a particular stress is laid upon physical place in the context of the bazaar.
Different Views of Market are :
Traditional View : Ordinarily market is a particular place where the buyers and the sellers get together and make deals regarding sale or purchase.
It is clear that a particular stress is laid upon physical place in the context of ae bazaar. But in reality the existence of a physical place is not necessary and what is essential is the get together of the customers and the sellers.
Therefore, it is not necessary that they should meet at a particular place. They can meet anywhere so that their face-to-face presence is not required. For example, the deal about buying and selling can be accomplished or finalised even on the telephone, through letter or through the medium of the Internet. We can have transactions through the medium of Internet from any place and with anybody.
Modern View: According to the modern view, market refers to the real and the group of potential buyers of products and services. For example, a car of a new model is ready for sale. All those people who are desirous of purchasing this car considering some of its values will be called its market. Similarly, the book entitled “Business Studies’ published by the V. K. Global Publications Pvt. Ltd. will consider those who buy this book and those who wish to buy this book as its market.
Difference: Traditional and Modern Concepts of Marketing
The upcoming discussion will update you about the difference between traditional and modern concepts of marketing.
Difference: Traditional Concept
(1) This concept starts with the product or output which is produced in factories.
(2) It stresses upon the product of the manufacturer.
(3) This concept focuses on the need and interests of the producer’s.
(4) The objective of marketing under traditional concept is maximising profit by maximising sales.
(5) The means to achieve objective of marketing i.e. profit maximisation is achieved through selling and promoting the product.
(6) This concept aims to achieve short term goals.
(7) Traditional concept includes production concept, product concept & selling concept.
(8) The focus of this concept is on production.
Difference: Modern Concept
(1) This concept starts with ta get market selection and finding the needs and wants of the target market so selected.
(2) It stresses upon the needs and wants of the consumer.
(3) This concept stress on the need and interest of the consumer.
(4) The objective of marketing under modern concept is profit, but through consumer satisfaction.
(5) The objective i.e. consumer satisfaction is achieved through coordinated marketing techniques.
(6) This concept aims to achieve long term goals.
(7) Modem concept includes consumer oriented philosophy, societal oriented philosophy.
(8) The focus of this concept is on the consumer satisfaction.
