1PRINCIPLES-OF-MARKETING-G12_Week1_Marketing-Principles-and-StrategiesWhat-is-marketing-and-its-traditional-approaches

Traditional Approaches to Marketing

Conventional methods and strategies used in marketing before the advent of digital and online marketing techniques.

Needs

The essential requirements or desires that prompt individuals to purchase a product or service.

Wants

Desires or preferences among various options that influence consumer purchasing decisions.

Expectations

Beliefs held by consumers regarding the benefits and advantages they anticipate from a product or service.

Customer Relationship Management

Strategies and practices aimed at building and maintaining strong relationships with customers to enhance satisfaction and loyalty.

Market Research

The process of gathering, analyzing, and interpreting information about a market, including consumer needs, preferences, and behaviors.

4Ps of Marketing

The traditional elements of marketing strategy - Product, Price, Place, and Promotion - that are combined to achieve marketing objectives.

Customer Value

The perceived benefits and advantages customers receive from a product or service compared to the cost.

Marketing Process

The series of steps involved in understanding customer needs, designing strategies, implementing marketing programs, and building customer relationships to create value and generate profits.

Marketing

The integrated process of strategically planning and implementing product, price, place, and promotion to satisfy customer needs, wants, and expectations, establishing a mutually beneficial relationship.

Traditional Approaches

Marketing methods such as billboards, brochures, flyers, cinema ads, TV, radio, magazines, newspapers, and direct mail.