It seems that the traditional way of describing the different components of marketing is very direct and simple way to identify each part. Known as the marketing mix, the traditional concept consisted of product, promotion, place, and price. Simple, right? But it was the simplicity that lead to the value approach being utilized because the 4-P approach didn’t fully describe all of the activities that takes place within each component.
Traditional Marketing
As I was mentioning earlier, traditional marketing consists of four components:
Product consists of the specific good or service that is going to be offered to potential consumers. In the traditional marketing style, this term only related to the product and did not further indicate any …show more content…
This method commonly uses the personal value equation to make that determination. The personal value equation can vary amongst consumers because what might be valuable to one, may not be as valuable to the other. The personal value equation is the benefits received minus the price and hassle. With that being said, the hassle for a consumer that leaves right next to a retailer may find more value in a product versus a consumer that has to drive 15miles across the city to buy the same product ultimately creating more of a …show more content…
In today’s times, consumers are looking high and low to find the best products and services and businesses are having to compete in a much more competitive market. For example, a brand new car has tons of benefits especially not having to worry with mechanical damage that you could encounter buying a used car. Well, now that there are so many different automobile manufacturers, they are having to compete for customers by offering warranties and now even service agreements that includes free oil changes and other dealership perks. It requires lots of different departments to ensure that the customer is getting a good value and the company is able to profit from it.
Communicating is very important part of the marketing process. This component allows for business to not only communicate what products and services they have to offer customers, they also receive feedback by listening to their customers to see what improvements or changes can be made to make sure the product being offered is being offered in its’ highest value. The could be a survey conducted after making a purchase or a consumer group that tests out the product or service and offers instant feedback. Another part of communicating is the use of advertisements to make consumers aware of the product or
Traditional Marketing
As I was mentioning earlier, traditional marketing consists of four components:
Product consists of the specific good or service that is going to be offered to potential consumers. In the traditional marketing style, this term only related to the product and did not further indicate any …show more content…
This method commonly uses the personal value equation to make that determination. The personal value equation can vary amongst consumers because what might be valuable to one, may not be as valuable to the other. The personal value equation is the benefits received minus the price and hassle. With that being said, the hassle for a consumer that leaves right next to a retailer may find more value in a product versus a consumer that has to drive 15miles across the city to buy the same product ultimately creating more of a …show more content…
In today’s times, consumers are looking high and low to find the best products and services and businesses are having to compete in a much more competitive market. For example, a brand new car has tons of benefits especially not having to worry with mechanical damage that you could encounter buying a used car. Well, now that there are so many different automobile manufacturers, they are having to compete for customers by offering warranties and now even service agreements that includes free oil changes and other dealership perks. It requires lots of different departments to ensure that the customer is getting a good value and the company is able to profit from it.
Communicating is very important part of the marketing process. This component allows for business to not only communicate what products and services they have to offer customers, they also receive feedback by listening to their customers to see what improvements or changes can be made to make sure the product being offered is being offered in its’ highest value. The could be a survey conducted after making a purchase or a consumer group that tests out the product or service and offers instant feedback. Another part of communicating is the use of advertisements to make consumers aware of the product or