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Modern marketing now juggles two competing philosophies. The first is the transaction approach epitomised by the 'Four Ps' o - Essay Example

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Modern marketing now juggles two competing philosophies. The first is the transaction approach epitomised by the 'Four Ps' o

The ancient marketing strategies include direct marketing, the use of free samples, media marketing, sales representatives and Corporate Social Responsibility. In words by O'guinn (2008) the ancient marketing strategies form the basis from which development of marketing is achieved. The above factors shape the two major philosophies of marketing. The two are different in terms of their approach to the consumers. The transactional approach detects its target market then strategically pleases this specific group of consumers while the relationship approach is a generalized approach to the market (Howard, 1997). The approach seeks to impress the entire market by creating stable market with the society. The approach to marketing uses the implementation of the 4p’s of marketing. They are the price, product, place and promotion (Plunket, 2008). The price refers to the pricing of the commodity at a price that is suitable to the consumer are also gather the required profit. The product refers to the quality of the product supplied to the market and its presentation to the market (O’guinn, 2008). The place refers to the most suitable location for the sale of their products depending on the nature of the population or a particular area. Promotion refers to the tools of advertising used by an organization. In words by Plunket (2008) this philosophy is a definition of a typical modern marketing strategy. The author further argues that the decisions to research on every marketing aspect before indulging into a market is very important if a marketing strategy is to effective (Tapp, 2008). Additionally, organization using this strategy only put into consideration the most suitable way to lure and please a specific target market. The relationship philosophy dwells on creating lasting relationships with an entire market (Tapp, 2008). Different from the other philosophy, this particular one does not have a specific target market. According to Howard (1997) in implementing this approach an organization is usually advised to practice an effective Corporate Social Responsibility. This includes participating in charity events, organization social activities like sports day, offering of significant discounts on specific days like holidays and developing infrastructure of a particular region (Plunket, 2008). In an argument by O'guinn (2008) this approach acknowledges the characteristic of human nature. The author argues that, pleasing consumers through incentives may attract the to a business entity faster than using a strategic market approach (O'guinn, 2008). In this case, an organizations success in marketing is greatly dependable on how well it satisfies the appraisal need of human nature. In the modern corporate environment, organizations apply both theories depending on the product the company indulges in, the nature of the consumer market and the competitiveness of a market. It is for this reason that business entities have incorporated the use of decision making theories ...Show more

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Marketing Name Institution affiliation Tutor Date Marketing The evolution of marketing has been significant in shaping the way in which business make decisions on their marketing strategies. According to Tapp (2005) the development of marketing tools has complicated the approaches organizations use in selecting marketing strategies…
Author : hassanmclaughli
Modern marketing now juggles two competing philosophies. The first is the transaction approach epitomised by the Four Ps o essay example
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