First of all, we need to understand what does marketing mean? Well, it can be anything which can be sold through services or advertising is called marketing. It’s like an identification and development of a product by determine its price through proper distribution channel with appropriate promotional strategy. There are number of things which can be marketed to increase the sales or market share.
What is marketed?
- Physical Goods: – Each year, companies need a marketing strategy to sell their cars, trucks, watches, gadgets, chemicals, food products etc. These goods are tangible.
- Services: – It means to give assistance or any kind of help to someone. For example, lawyer, a doctor, a banker, an engineer who is giving their time and experience to someone needs marketing to increase his/her clients.
- Events: – Any corporate conclave, concerts etc. needs marketing to tell people about their events.
- Experience: – Intangible things like experience can also be marketed. For example, if anyone who has devoted his time to build some formula or new innovation needs marketing strategy to convince everyone else that he has done some worth for his thing.
- Place: – Marketing plays a vital role for every tourism company to promote his place to attract visitors. Like in India, Gujrat government made Amittabh Bacchan a brand ambassador for promoting tourism in Gujrat which has tagline like “Kuch din toh guzaariye gujraat mein”.
- Network Information Technology: – The digital world has created an informational era. The industrial age was characterized by Mass production and mass consumption, stores full of inventory, ads everywhere and many discounting offers. This digital world lead to more targeted customers with better communication and more relevant prices.
- Globalization: – The world has become much smaller than before. You need not to think twice if you are willing to expand your business in other countries. The procedure of transportation, shipping and communication has become so easier that you can buy or sell your product or services though anywhere in the world.
- Deregulation: – Many countries have deregulated industries for better competition and growth opportunities. For example, In India, domestic airline industry showed its growth very rapidly after deregulation. Every airline company is competing very hardly with each other by offering lower air ticket prices and better services.
- Privatization: – Many countries have converted their public companies to private companies for more efficient work and accountability. For example, British Airways and British Telecom in United Kingdom.
- Extreme Competition: – Manufactures are facing intense competition in domestic and foreign brands which lead to rise in promotional advertisements and decrease in their profit margins to match customers’ expectations regarding the product.
- Industry Convergence: – Now industries have realized that there are some other possibilities of business lie with their current business. For example, Computing and electronic industries like Dell and Hewlett-Packard introduced a stream of entertainment devices like MP3 players to plasma TV and Camcorders.