Friday, 02 October 2020

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Thinking of Marketer


With the evolution of Modern Marketing, several changes have been witnessed by the Global Market. Technology is changing very rapidly & one has to adapt accordingly in order to excel in this hyper competitive market.
 
To begin with, firstly we have to understand what Market actually means.
 

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In marketing context, A Market refers to a group of customers who share similar needs. A Marketer is a person who identifies the goods & services desired by a set of customers & markets those goods & services on behalf of the company in which he is employed. A Marketer’s thinking power & sharpness of insight are far more superior to that of a layman.
 
Here, I would like to quote an example to support my point.
 
The example is of a company which is producing contact lenses. A layman would consider only those persons who have a low vision as the potential customers of such a company but a Marketer would think the other way around. A marketer tries to target the people with a low vision as well as the ones having a normal vision.
 
For the people having a low vision, the contact lenses would help to rectify their vision whereas the people with a normal vision can use the colored variants of the contact lenses having zero power as a fashion accessory or style statement. Here the Marketer is trying to broaden the consumer base for his company simply by launching another variant of the contact lenses having different color options and zero power for the customers with a normal vision.
 
Thus, we can say that a company should try to expand its Product Mix to target different sets of customers having varying preferences, taste & purchasing power.
Further, the motive of a company should be to have products at every price point so that the customer never goes to the competitor because he does not have the budget to buy premium products of your company
 
We’ll discuss more marketing & business issues and tactics in the upcoming articles under this column of Khabar Express.