Marketing is about influencing people who might buy your product or service, using messaging that conveys value. We all know that products don’t sell themselves. Old school marketing used traditional channels such as broadcast and print to communicate with the target market. If you want to succeed, you better understand why old marketing approaches no longer work to attract targeted customers today.
In the 20th century, marketing was all about promotion, or the act of getting a company’s message out to potential customers. In 2021, this has evolved into a marketing strategy.
However, it is not always necessary for every business to follow a strict marketing strategy. Some companies don’t need one in order to succeed in their market and other industries don’t use a single set of rules in order to operate effectively.
The key is that marketing strategy needs to be something that aligns with your business’s unique position in the market and how you would like your customers to view your company as opposed to just promoting yourself more broadly.
The three main types of marketing approaches are:
1. Production orientation
2. Product orientation
3. Selling orientation.
In order to succeed in these different sectors or in any other aspect of business for that matter, you need to keep up with the latest trends and learn what has been working for other companies that have similar products/services like yours.
There Were Three Marketing Approaches Used Earlier:
An organization that focuses on Production Orientation is a marketing strategy that chooses to ignore their customer’s needs and focus only on efficiently building a quality product. Production orientation is concentrating on more of a manufacturing concept. “If you build it, they will come” is the simple principle of organizations that stand by a philosophy of production orientation.
A product orientation is a marketing strategy when management is more concerned with product quality and with the efficiency, knowledge, and systems that support that product. Managers typically believe that their products are unique and provide exclusive benefits. The organization put in the greatest effort into producing a quality product and fixing them at the right price so that consumer differentiates the company’s products and purchase it.
An organization that is using a sales orientation focuses mainly on the selling and promotion of a particular product. This marketing strategy focus on selling what the company makes, rather than customer needs and wants.
Hopefully, you have got your answer what were the different approaches used in marketing strategy earlier! If you want to add your thoughts feel free to share in our comment box.
List Of Different Marketing Approaches In Modern Times
There is a wide range of marketing strategies used by various companies. Some of them are more effective than others. Many of the strategies may seem outdated, but that does not mean they are not effective.
There is no one-size-fits-all approach for marketing and advertising. Every company must discover what type of strategy they should use for their business model and target audience in order to generate the best results.
Listing different types of marketing approaches can help those who are interested in it understand that there is no one-size-fits-all approach to developing a successful campaign.
With the effectiveness of marketing, a new group of marketing approaches has emerged to complement traditional methods.
Different marketing approaches can be classified into three groups:
1. Direct Marketing – Promoting products or services directly to consumers
Direct marketing is the process of delivering marketing messages directly to a customer. Direct marketing can be achieved through different channels including, television commercials, radio spots, print ads, billboards, and online ads.
Direct Marketing Direct marketing is a form of marketing where marketers make contact with customers and prospects directly. They use various forms of advertising, interpersonal communication, and personal selling to convince potential customers to purchase their product or service (Saunders et al.). This form does not require mass production like online marketing but is more time-consuming than retail sales promotion which is another form that requires a lower investment.
2. Online Marketing – Promoting Products Or Services Through Digital Channels
Digital marketing is a term used to describe the use of digital channels and technology to deliver a marketing message to consumers. Many businesses that rely on traditional media are adapting their business models in order to be successful online.
Digital marketing is a type of marketing that uses digital channels and electronic devices to transmit information about products or services. Marketing through digital channels helps companies reach a wider audience, gain more insights about their customer base, and improve communication with their customers.
3. Sales Promotion – Promoting Products Or Services Through Physical Channels Such As Point-Of-Purchase Materials, Public Relations, Advertising Campaigns And Events.
Promoting products or services through physical channels such as point-of-purchase materials, public relations, advertising campaigns, and events can be time-consuming and expensive for businesses. Promotional materials have to look enticing to consumers and can’t just be one size fits all.
Sales promotion is the strategy and effort made to encourage consumer purchases or usage of products or services. It includes marketing activities conducted by a company to stimulate demand for its customer’s goods and services.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.