- TODO marketing approaches notes 📅 2024-04-18
Production approach
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- (1820s to 1920s)
- the production approach is : a marketing approach that focuses on the production of goods and services
Selling approach
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- (1920s to 1960s)
- the sales approach (Selling approach) is : a marketing approach that emphasises selling because of increased competition
Marketing approach (stage 1)
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(1960s to present)
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the marketing approach focuses on : finding out what customers want
- (through market research)
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and then satisfying that need.
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For the first time, most Australian families had discretionary income,
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discretionary income is :: disposable income that is available for spending and saving after an individual has purchased the basic necessities (food, clothing and shelter)
- meaning there was more purchasing power by consumers (demand)
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The marketing concept is based on the (four) following principles.
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customer-oriented
- base marketing decisions on wants/interests
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aimed at satisfying customers
- meet or exceed customer expectations
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integrated into the business plan so as to achieve the business’s goals
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aimed to develop long-term relationships with customers.
- to maintain sales
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customer orientation is :: the process of collecting information from customers and basing marketing decisions and practices on customers’ wants and interests.
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customer satisfaction measures :: how goods and services supplied by a business meet or exceed customer expectation.
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relationship marketing is :: the development of long-term and cost-effective relationships with individual customers
The societal marketing approach (stage 2)
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- (1970s to present)
- The societal marketing approach emphasises : social responsibilities, as well as the importance of maintaining and improving the wellbeing of customers and society
- make good marketing decisions by balancing three considerations:
- consumers’ wants,
- business profits,
- society’s long-term interests.