19 June 2018

Marketing: Connecting World

MARKETING: CONNECTING BUSINESSES ACROSS THE WORLD

The term business has been defined as “a person's regular occupation, profession, or trade” OR “Business is the activity of making one's living or making money by producing or buying and selling products (goods and services)”. The definition of business varies from person to person and from place to place. Some do their business individually and some in the community that is families etc. Some are into business because their forefathers have been doing that or the example can be given of a young new entrepreneur who has his/her expectations from their startup. As you all see business is mainly divided into seven components and they are mainly executive summary, business description, market analysis, organization management, sales strategies, funding requirements, financial projections etc. There are many other components but not to get any deeper into the business the above-mentioned components are the principal ones and they will not change no matter what.  So as we all know that one element of the business decides the fate of your product which we know by the term “MARKETING”





WHY MARKETING??

Marketing as you see is nothing but the popularity of your product, how famous your product is. It would not be wrong to say that it is the id card of your business. No matter how innovative your product is or how user-friendly stuff you make if your product is not out for sale or it has not been gone through public’s eyes or ears, you cannot expect a great outcome. Every component in the business has its own significance but the marketing sector is of greatest importance.  That is why it is being said the marketing sector is the spine of your business, that have the control of the business they can either fetch you great sums of money or they can ruin your reputation even before the product comes into the market.  If a common example was to be given we have all seen the movie “The Wolf of the Wall Street”, this may sound a little quirky, quite out of the line but I must say but a great marketing strategy was used by Mr Jordan Belfort who owned a firm named “Stratton Oakmont” who was accused of money laundering and using the “pump and dump” scheme for cheating people into buying cheap stocks for higher prices. In that movie, he says “Don’t hang up the phone until the client either buys or dies”. My only motive of giving this example in this article was to show what kind of dedication is needed to sell even the worst of your products. 






URBAN-RURAL MARKET LINKAGE

In 1947 when our India became independent the condition of our country was miserable. The British left us a disrupted trade which led us into a poor economic state. But as the time passed and small-scale industries emerged the economy was somewhat balanced by the newly emerging occupation.  These newly formed companies are today’s giants that are ruling the market.  Looking up to them as an example the small-scale business which is done in the rural areas started taking an initiative to earn them a name and become financially independent. This gave a solution to eradicate problems like poverty and unemployment on a large scale. Nowadays as the technology flourished the small scale industries are jumping up and competing with the large-scale industries. They don’t go unnoticed by the media which displays the achievements of these industries in the form of articles in the newspaper. The greatest living example of this entrepreneur who made his way out into the market by selling potato wafers and earning his name in the country as the most preferred food company. You all must be very well acquainted by the brand “Balaji”. The story takes back to the time when in the year 1976 when “Balaji Wafers” was founded by Chandubhai Virani and his brothers in Rajkot.  Prior to this, they worked in a canteen and as a result of a failed fertilizer business the Virani’s came up with Balaji and see now where it is.






ROLE OF DIGITAL MARKETING

All thanks to the digital marketing for bringing many household businesses on track. Right from a puja samagri company to a big cloth store everyone is now into a digital marketing. The marketing which was done by clients actually going out into the open with their companies’ products from door to door in search of customers can now be done by just sitting in one place. The internet plays a crucial role as now most import deals are sealed with a digital signature.
So as we come to an end it can be concluded that no matter what marketing will always be crucial and it can also be said as “MARKETING: CONNECTING BUSINESSES ACROSS THE WORLD”.
PS: The example of Balaji Wafers is extracted from the book “Take Me Home” by the author Rashmi Bansal.
Reference:  Images taken from Google.