Marketing is a very vast subject matter and does not have a concrete definition. In simple words, we can say that marketing is a process of notifying the consumers of products or services. Marketing requires prominent product positioning to create a buzz in its target market. The publicity, as a result of proper product positioning, will subsequently trigger the interest among users.
Today, at a time where hundreds of similar products exist in the market, an additional effort is required to raise product awareness. Marketers udigital platformse various techniques, including the famed marketing mix. It induces customers and provides all necessary information about their products.
If you’re associated with marketing, then you are familiar with the marketing mix. The marketing mix is a combination of factors that are used by a company to control its customer, to influence them to buy their product. Marketing mix consists of 4 Ps: Product, Price, Place, and Promotion.
Today, when the whole world is connected through various means, companies benefit by having a direct reach over a large number of customers. Today, companies are reaping the benefit in a very large scale. They think global and implement their strategy accordingly.
The world is scattered with various products, as a cause of globalization. Big companies set their plants in different countries where the material and the labor costs are relatively affordable. The affordability helps reduce the overall retail cost and at the same time generates employment.
Promotion mediums of the past: pamphlets, leaflets, hoarding boards, and posters, have been replaced by digitally mediums because of the widespread use of the internet. Today, when everything is digitized, companies are using the digital platform to promote their product. The digital platform is cheap compared to other platforms. We can now see lots of product advertisement on YouTube, Facebook, Google, Twitter, Instagram, Forums, Mobile phones, emails etc.
Companies won’t last long if they don’t update their marketing approach. Marketing enables companies to survive.