Saturday | 11 January 2025 | Reg No- 06
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Saturday | 11 January 2025 | Epaper

Modern concept of marketing

Published : Sunday, 9 February, 2020 at 12:00 AM  Count : 1199
Rana Dutta
Rana Dutta

Rana Dutta

The touch of technological advancement, innovative thinking and attitude and the endless desire for producing lucrative products or services have radically changed the entire traditional concept of marketing. Now, marketing is not confined within the efforts of merely buying and selling; it is something more than that.

Today's marketing doesn't have to be magic; we don't have to depend on guesswork because of the democratization of complex analysis and machine learning. With the magical touch of modern technology, we're able to learn each and everything quickly what works and what doesn't work whether we're online, offline or on the go.

The concept of modern marketing is comprehensive and customer-centric; it means discovering potential customers and creating goods or services in such a way to fulfil the needs and wants of the customers rather than simply providing them with what the seller has made. So, it is a must for the seller to read, scan or understand the consumer's psychological facts.

There is a difference between modern and traditional concept of marketing where an advertisement is created and then that is that; it is about customer experience at every touch point, building relationships with customers offering and providing various free and value added services, familiarizing continuously the new digital landscapes and marketing across the multiple channels to reach different consumers.

Traditional methods of marketing are still a matter of pain in Bangladesh. There are a large number of big and small business firms in Bangladesh but very few can read the consumers' psychology from the bottom line of the inner eyes and thus, creating an unparallel relationship between the market and the marketer.

But the question is why we should adopt modern marketing concept while traditional marketing is easy to apply without any research. This is because of creating employment opportunity, putting emphasis on marketing research, encouraging healthy business competition, better production quality, fulfilling consumers' needs, achieving enterprise objectives and so on.

Traditional forms of marketing include placing advertisements in newspapers and magazines, radio commercials, telephone sales, direct mail and door-to-door sales are also fit into this category. Although these marketing methods have been successful in the past in Bangladesh, they all have some disadvantages especially with the rapid growth of Internet usage.

In Bangladesh, traditional marketing uses static text or advertising commercials to promote a product. If an ad is placed in the newspaper, it can't change until we place another ad. But, on the Internet we can instantly update our page to let people know about our selling products are sold out.

Newspaper advertisement costs enough and every time has to pay whenever we run a new campaign. Adding new products or sales pages to our website doesn't create any additional costs as we already have a person on our team who can update our product information and our ad is accessible to the entire World Wide Web.

In fact, it is difficult to target a specific group of customers with the traditional concept of marketing; it can only be done through specific market segmentation but not an individual and this is possible only by applying modern concept of marketing.  
For example, an advertisement may target young women in our urban society. The advertisement may show young people interacting and present interesting copy about a new style of purse. Here, new marketing techniques can track what a viewer has looked at and suggest similar products.

Marketing philosophy must be incorporated with modern marketing strategies. Building a modern marketing plan requires several components: tech stack, skills, team, measurement, research and training. This guide will touch on each of those. But first, we need to address something else. There are six modern marketing concepts such as production concept, product concept, selling concept, marketing concept, consumer concept and societal marketing concept that can help marketing managers be successful to achieve his business goals.  

Production concept puts emphasis on production and assumes that consumers will always respond to products that are made available to them because of the manufacturing dominance and insignificant competition. This concept always ignores consumer interests.
But, the production concept not only puts emphasis on the quantity of production but also the quality of the product as it assumes that customers will respond to products of the best quality at the most reasonable price and hence, the major task of the management is to improve the quality of the product to attract and hold customers.

Due to the technological development, the competition has grown and the market has become complex. The selling concept suggests that consumers will not purchase a product unless interest is gowned through major selling and promotional activities. Traditional marketing strategy ignores consumer interests and a company may face difficulties in long run by following it.

The essence of the modern marketing concept is to fulfil the customer's demand. It is very important for the manufacturer to produce a product according to the consumers' needs so that consumers are satisfied and manufacturers earn profit as well. Now-a-days, consumer concept is also important for the marketers and the companies are using consumer concept to give attention to individual consumer and it can be done through one to one marketing.

Societal concept gives importance to consumer satisfaction, social welfare and company's profit. This concept is social-oriented and so, the company must satisfy the society by performing all its social obligations like pollution control, environment protection, not harming the ecology balance, doing social welfare activities etc.

The world is changing each and every day. Due to the triumph of globalization and the innovation of internet usages, life and living style, fashion trends and desires are also changing. Therefore, to sustain in the competitive world as a marketer, there is no alternative to adopting and materializing modern concept of marketing.

The writer is assistant deputy secretary, BKMEA


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