You may have encountered the various marketing concepts in marketing management and ever asked yourself 'Why are these concepts incomplete in themselves'. If yes, then you are the most appropriate reader for this article. I shall now walk you through a marketing concept which embraces the new marketing realities known as 'The holistic marketing concept'
Holistic Marketing: Meaning
Let us define holistic marketing and decode its meaning eventually.
Holistic Marketing Definition:
Holistic marketing is defined as a set of new beliefs and practices based on the development, design, and implementation of marketing programs, processes and activities that recognise their breadth and interdependencies.
Calm down. Do not get puzzled. Even, I was confused upon looking at the definition for the first time. Let us understand it in simple words.
Holistic marketing is a broad, integrated approach that acknowledges every aspect of a business to be important in marketing and the marketing activities shall be made consistent with other aspects of the business and vice-versa.
Amazon can be a great example of the application of holistic marketing approach. They are committed to providing the most efficient customer service. Every activity of Amazon is consistent with its customer-centric vision right from hiring its employees to communicating its marketing message to its customers.
This holistic marketing approach consists of four broad components namely, relationship marketing, integrated marketing, internal marketing and performance marketing.
Let us understand the above components in detail.
Holistic Marketing And Its Components
Relationship Marketing Relationship marketing aims to establish deep, long-term relationships with key stakeholders of the firm affecting its marketing activities. Such stakeholders are customers, employees, marketing partners and the financial community. To establish an ideal relationship marketing strategy, marketers must closely understand every stakeholder and should create value for them. Firms should aim at establishing an effective network of business relationships with the stakeholders to generate maximum profits. Firms, suppliers, dealers, distributions and agencies (i.e. a firm's marketing partners) should develop mutually profitable business relationships and shall consider themselves as part of a whole ecosystem in delivering value to final customers.
Integrated Marketing Every business has various departments to create, communicate and deliver value for customers. Also, every department has multiple alternatives to achieve its desired objective. Integrated marketing aims to develop a strategy that ensures every department is consistent with the overall marketing objectives of the business and every marketing effort is complementary to others. Hence, delivering a consistent and clear brand message to the target market whenever they interact with the firm.
Internal Marketing Internal marketing in the holistic marketing approach mainly focuses on employees and the departments within which the employees work for the firm. This marketing component includes hiring, training and motivating able employees to provide top-notch services to its customers. Also, it strives to develop inter-departmental harmony to achieve the overall marketing objectives of a firm.
Performance Marketing Performance marketing aims at directing the marketing efforts of a firm based on the financial and non-financial returns to business and society. These returns can be measured by evaluating revenue, market share, customer satisfaction, product quality and so on. Marketers these days are also considering the legal, ethical, social, and environmental effects of the marketing efforts taken by the firm.
Now that we understand the holistic marketing approach, let us look at the 4Ps of modern marketing management updated to thrive in the complexities of today's holistic marketing era.
4Ps Of Modern Marketing Management
People The employees of a firm are considered vital for marketing activities since they are a huge part of the entire organisation and should be consistent with the overall marketing vision of the firm. Also, marketing efforts should be carried out with an attitude to recognise consumers as people and to understand their lives in a broader sense than just the consumption patterns of various products and services.
Processes This represents the need for discipline and structure along with creativity for all the marketing efforts taken by the firm. This ensures that marketing is an integral part of a business from the very initial stages of its operation as a process rather than conducting marketing activities only when required or needed.
Programs This consists of all the old 4Ps of marketing (product, place, price, and promotion) and all other marketing activities of the new marketing realities which are consumer-directed. This is in part with the integrated marketing explained above and aims at integrating all marketing efforts towards the shared goals of an organisation.
Performance This is in part with the performance marketing which evaluates all possible financial and non-financial returns from the marketing activities and programs. Performance-based marketing on digital platforms is an arrangement where the brands pay for the marketing service only when there are measurable returns to the entity such as clicks, lead and sales. (source: simplilearn.com)
FAQs
What is holistic marketing?
Holistic marketing is a broad, integrated approach that acknowledges every aspect of a business to be important in marketing and thus the marketing activities shall be made consistent with other aspects of the business and vice-versa.
Which aspect of holistic marketing motivates employees?
What is modern marketing management?
Who is the father of modern marketing management?
What is the importance of holistic marketing?
To conclude, the scope and complexities of marketing have led to a holistic marketing era. Hence, businesses need to plan and execute their holistic marketing strategy for even mere survival.
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