What is marketing?
Traditionally marketing has been referred to as performance of business activities that direct the flow of goods and services to the consumers. Traditional marketing operates on the basis of production, price, promotion and distribution. Before launching any product, it’s production, price, promotion, what should be the Maximum Retail Price (MRP) and by which mode it will be distributed to the customers are decided and planned. The target customers are divided categorically and then studied.
What can be marketed?
Anything can be marketed that is of value to the others, be it a product or service or idea. It can be anything.
What are the traditional methods of marketing?
Traditional marketing includes methods like newsletters, billboards, flyers etc. which have been used by businesses for many years.
What is the role of marketing in a business?
Marketing plays a very important role in achieving the objectives of a business. It also plays a crucial role in the survival and growth of a business.
- One of the biggest challenges associated with traditional marketing is that it is more expensive than Internet marketing.
- When a business decides the cost of a product, it includes all expenses related to the product like product information brochure, transportation charges etc. As a result of all such costs associated with the product, the cost of a product goes up which makes it expensive.
- It is not possible for the business to interact with the customers because between the two operates wholesaler and retailer. So it lacks in costumer interaction.
- Businesses often face problems in marketing activities because marketing executives, brochure and advertising agencies lack coordination and all of them cannot function at the same time. Delays become common as a lack of coordination.
- Customers are being exposed to more and more brands with each passing day it is difficult for customers to make a brand choice as all brands compete with each other and they are as good as their competitors.