Marketing and Branding
What do we know about market?
Market for every seller or distributor is different. It focuses on acquiring a target audience which will use the products and services the industry is offering. This helps in reducing bulk generation and increasing profitable productions.
In earlier times, industries were very few in number and were the market leaders as they had no competition. No other person was in competition to these leaders and the products were also limited to a specific number, may be one or two. This helped the industries to grab as many consumers as possible. As a result of this, the industries started producing products in bulk. Bulk production helped them in reaching maximum consumer base as well as into all the geographical areas they wanted to target.
As years passed, the competition in the market grew to a large extent.
In today’s scenario, an individual has ample knowledge of products and services and is also capable of producing them with the right use of resources. The market has grown to such an extent that the product offered in the same range are varied in categories. Here comes the concept of marketing.
Marketing in these areas help the industries to understand their target markets and their needs and wants. As result these industries reduce bulk productions and produce according to the needs and wants of the consumers. This helps in increasing the profit margin as well as efficient use of resources.
A brand is an identity of a specific product, service or a business. A brand helps the industry or the product to stand out in the market. Psychological studies prove that, humans relate to images and numbers more efficiently than text. Thus, brands help the industries to relate to the consumers more comfortably.
In today’s business scenario, brand management has been given a lot of value. Brand management is nothing but applying marketing principles to a specific product or a business. This helps the product to establish itself in the market more competently.
Nowadays, brand management and marketing is also done through electronic media. This helps in spreading the word for the industry globally in the market. The World Wide Web has given the opportunity to connect a product to its customer globally. Resources such as blogging and social media marketing are the latest buzz in the market today. They help you to reach a global consumer database at the click of the mouse. The consumers and stakeholders can be kept aware of the happenings in the industry as well the advancements in the products and services.
Thus, Marketing and Brand management are lifelines of a industry if they want to reach the customer in a proactive manner. This still remains a million dollar question, how does the consumer choose their range of products from the variety offered? But, the industries are trying hard to get to the doorsteps of the customer and offer him the best deal.