Q.7. Explain the concept of holistic marketing orientation. Or Define holistic marketing and explain it with an example.
Ans. Holistic Marketing Orientation: Holistic marketing is a new paradigm in marketing. It does not focus on marketing one area of businesses, like holistic businesses only, but is a concept of marketing that strives to be an inclusive service that offers multi-layered marketing to best allow for the profitability of the company and alignment of the owners and employees with their values.
Holistic marketing focuses on how the parts fit into the greater for marketing any product or service. It is especially fitting for small business owners because a true approach looks at the values, passions and ideals of the business owner and employees. To be truly holistic, the marketing approach should address all appropriate venues to get the word about the business while keeping the strategy aligned with the values of the people involved with the business. Four main components of holistic marketing are:
1. Relationship Marketing: It builds mutually satisfying long-term relationships. It emphasizes customer retention and satisfaction rather than a dominant focus on sales transactions. This marketing builds strong economic, technical and social ties among the parties. It involves cultivating the right kind of relationships with the right constituent groups.
2. Integrated Marketing: It satisfies needs and surpasses expectations. It is an approach to brand communications where different modes work together to create a seamless experience for customers.
3. Internal Marketing: It is a process that occurs within a company or organization whereby the functional process aligns, motivates and empowers employees at all management levels to deliver a satisfying customer experience.
4. Performance Marketing: It is financially accountable and socially responsible and states that the company should take into consideration what is in the best interest of society in the present and long-term.