As far as a layman is concerned marketing could be defined as a way through which existence and benefits of a product or a service are spread in the consumer market . In this era of increasing competitors the number of factors responsible for maximum market reach of a product have increased .
Principles of Marketing
Earlier when the market was still in the development phase or say it was growing one had to focus on the 4 Ps namely :
1.Product 2.Price 3.Place 4.Promotion
The product that one has to offer should be something which fulfills the need of a consumer and continues to do so . With the market being as diverse as it is there are various segments which a product can be focused upon .The product’s success also depends on the fact that it gets adapted and improves taking in consideration the change in needs of the consumer segment .
The price of the product should be such which is not considered to be too high or too low as both of these factors can have major impacts . If the price is too high then there are chances that it is out of reach for the potential buyer and if the prices are low one may lose on the profits resulting in losses and eventually a shutdown .
Back in the days geographical diversities determined the reach of a product but in recent times with the internet becoming a major platform ,consumer has got a lot of options therefore determining the right distribution channel also directly impacts the sale of a product .A product having a good reach has more chances of being sold .A good reach could be determined by introducing the product in offline as well as online markets by selecting the right set of distributors .
“What you see is what you buy .”A product having a nice advertisement for it would have more chances of it being bought as the graphical impact on one’s subconscious plays a major role in need generation .Therefore advertising a product through different medium viz. radio , television and websites would help in the increment of sales. Jingles or at times TVCs (Television commercials) have resulted in a jump of sales for a particular product as compared to its rivals .
With the recent development in technologies and the ease of trade introduced and facilitated by countries the local market segment has become as diverse as the global market making the competition tough for companies and more options available for a consumer . This change has lead to a generation of few more principles companies now need to focus upon to have an edge in market and to gain good sales number .
As discussed above graphical visual content does help in leaving a lasting impact on one’s mind therefore determining a unique
Packaging for a product would also help in increment as in this physical world appearances differentiate and at times also generate a need in a consumer .
The people working behind the making of a product also matter a lot now a days as the right people hired would determine the the final outcome of a product . The people who have the right skill set could gauge the needs and requirement of a consumer which can lead to businesses becoming a huge success . A product being as basic as flour being sold by different companies would have at least one major seller who would have established it self as a Brand name in the market .
A product’s life cycle in the market is determined hugely by how it is talked about in the consumer fraternity . Leaving a good lasting impact in the minds of consumer can hugely alter the product or commodity’s sales . At times what differentiates major players of the market from the rest is the way they commit themselves in providing “servicing ” or “Quality” .