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1. Traditional Marketing Concept : Traditional marketing concept focuses on products only and it aims in production and marketing of products and gaining more profit. Traditional marketing is profit oriented. It is based on old marketing concept and refers to a narrow concept. Traditional marketing concept is based on push marketing. It is one dimensional as the only target of it is to sell the product and get the profit. Most commonly used traditional marketing strategies are :
- Business cards
- TV and Radio ads
- Billboards and signage
- Flyers and brochures
- Telephone marketing
Advantages and Disadvantages of Traditional Marketing Concept : Advantages :
- Opportunity for powerful creative efforts
- Easy to understand
- Easier reach to local target audience
Disadvantages :
- Little interaction
- Targeted customer is minimal
2. Modern Marketing Concept : Modern marketing concept focuses on customer’s need and wants and it aims in meeting the customer’s satisfaction. Modern marketing is customer oriented. It is based on new marketing concept and refers to a broader concept. Modern marketing concept is based on pull marketing. It is multidimensional as along with selling product and getting profit it also gives emphasis on customer satisfaction, planning, after sales service and many other variables. Most commonly used modern marketing strategies are :
- Internet ads
- E-mail marketing
- E-commerce website
- Use of social media
- Marketing automation
Advantages and Disadvantages of Modern Marketing Concept : Advantages :
- Higher ROI
- Deeper levels of customer engagement and targeting
- Cost effective
- Opened to larger and bigger markets
Disadvantages :
- Requires technical skill to be active in digital marketing and in use of internet
- More costly in implementing.
Difference between Traditional Marketing and Modern Marketing :
| S. No. | TRADITIONAL MARKETING CONCEPT | MODERN MARKETING CONCEPT |
|---|---|---|
| 01. | Traditional Marketing concepts focuses on products only. | Modern Marketing concepts focuses on customer’s needs and wants. |
| 02. | In traditional marketing the objective is maximum profit. | In modern marketing the objective is maximum customer satisfaction. |
| 03. | Traditional marketing is short term oriented. | Modern marketing is long term oriented. |
| 04. | It targets customer in focus of product/service selling and availing high profit. | It targets customer in focus of providing product/service and availing satisfactory profit. |
| 05. | In traditional marketing concept there is less promotional activities. | In modern marketing concept there is sustained promotional activities. |
| 06. | Traditional marketing is one type of push marketing. | Modern marketing is one type of pull marketing. |
| 07. | It is based on manual and physical marketing concepts. | It includes digital/automated marketing along with traditional marketing methods. |
| 08. | Traditional Marketing concept is a narrow concept. | Where as modern marketing is a broader concept. |
| 09. | In traditional marketing segments are developed by product portfolio. | In modern marketing segments are developed by differences between customers. |
| 10. | It is stuck in existing market. | It is always in search for potential market. |
| 11. | It has no target set of customers or any regular customer base. | It has target set of customers or a regular customer base. |
| 12. | It is based on production and selling concept. | It is based on social and selling concept. |
| 13. | It ignores the market survey and market competition. | It does the market survey and efforts to know market competition. |
| 14. | Geographical scope of traditional market is local area. | Geographical scope of modern market is global area. |
| 15. | The traditional marketing concept is oriented towards company view point which is to sell the product to the customer irrespective of customer needs and wants. | The modern marketing concept is oriented towards customer view point in which company looks for the needs and wants of customers and then only customize the product. |
| 16. | It is single dimensional as the sole target lies in selling of goods to customers for earning profits. | It is multidimensional as it makes out not only in selling of goods to the customers for earning profits but gains customer satisfaction too. |
| 17. | It is not cost-effective compared to modern marketing as it involves a lot of printing material cost. | It is cost-effective compared to traditional marketing. |
| 18. | It is not as suitable approach for targeting a large audience when compared to modern marketing approach. | For targeting a large audience, modern marketing approach is best one. |
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Last Updated : 16 Jan, 2023
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