Posted in Marketing & Strategy Articles, Total Reads: 1831
, Published on 31 January 2013
“Marketing is to be approachable to the market and present your product so as to create its demand.”
Running across the same line and following the same trend leaves us nowhere. That is the current scenario of marketers and this presents the marketing follies which show that the marketers are lacking ingenuity and innovation in their works today. The initialization of the job of marketers begins with market segmentation; even prior to designing the product, as it paves the way and set benchmarks of what the customer actually wants. “Defining market, the wrong way” can be seen the actual trend these days.
It has been a normal trend among those who fail in the long run or those who struggle to survive that they divide the market on the basis of various stereotypical benchmarks such as age, gender, climate, zone etc. Rather the fruit bearer is the one who understands this fine difference in market segmentation that differentiates them from others. The market need not be segmented on the theoretical benchmarks but on the basis of what market actually demands. Say, for example, if a food chain restaurant segments the market on the basis of zones i.e. East, West, North and South and overlooks the demand of the market as to what they want ; the Indian cuisine or the Italia no that will surely lead to their sad end one day. This is what makes a difference and makes one firm take over the other in the Industry.
The globalized India has now become one of the most lucrative markets in the world economy. What it has in the stock is the demand for the branded product.
The product did the job, and customers talked about it. This is how brand equity is built and here in India, people have that preference of brands. Why is it like even after so many fast food restaurants the first word that comes into pupil’s mind is McDonalds and KFC? It is because McDonalds foresaw the future of the growing India and the people running all day and that’s how it took its first mover advantage in the country. People have no time these days to sit in restaurants and wait for their turn to come. They just go to a counter, place an order, swipe the credit cards, grab the meal and go back to their work. That’s what we call the time saver of the century. In case of amchi Mumbai the same is the vadapao‘s utility, it is famous but since no brand (although Golivadapao is on its way) the majority is grabbed by the branded food chains.When we see the reverse of the case i.e. Brand equity being destroyed; it is the case when marketers don’t tie the brand to a purpose. They just innovate for the sake of creating something and that is of no use whatsoever.
Also a major disbelief turning into a malpractice is the advertisement wastage, considering it to be a brand builder.Much advertising is wasted in the mistaken belief that it alone can build brands. Advertising cannot build brands, but it can tell people about an existing branded product’s ability to do a job well. To create a purposeful product, then to tie it with a sensible brand name, also a unique one; and then inducing the potential customers to buy the product as per the adequate segmented market structure through an advertisement filled with the information is what we can conclude to be a solution to the prevailing market malpractices.
This article has been authored by Vinayak Maharishi from Shaheed Bhagat Singh College.
If you are interested in writing articles for us, Submit Here