Critical Marketing in Today’s Marketplace
Brand building always gets hindered by the waste and inefficiency. Allocating the marketing techniques in the best way is arguably the most vexing challenge for marketers (White D., 2000). Some marketers maintain to have trustworthy rationale and this challenge has never been that much difficult or important. Nature of marketing has been redefined by the media, consumer behavior and data available to marketers. New techniques and principles have outdated the traditional approach of marketing. Today’s changing preferences of the customers are making marketers to keep themselves up to date and use all the effective resources for communication(White D., 2000).
Three factors that help markets to stand out of the rest are as follows:
• Fragmenting Media
• Consumer behaviorand their bargaining power
• Data proliferation.
Media mix continues to burst out in today’s marketplace playing the most significant role in branding and promotion of any product or service. The once-simple mix of television, radio and print has stuffed into a broad gamut of print and electronic options; Internet has become the most important sign of changed media landscape. In order to aggravate matters, the choices in each medium have expanded. For instance, Television has burgeoned to hundreds of cable channels from three network which carries with it brad messages.