We are living in 2022 and everything has changed post the years. The whole world is running on two phenomena, either #technology or marketing. In a simple sense, earlier if we had to buy something our choice was clear with respect to the product, its price, brand, even shops from where to purchase, and more such factors. There were not many alternates and substitutes available in the market for anything. But now the scenario has changed and we could find ample alternates and substitutes available in the market and not only that, even we have alternatives to markets as well. Now we even have a choice among the mode of the market to choose from, i.e. either physical market or virtual market. Simultaneously the competition between the businesses has also risen. So a question arises, in such a competitive and dynamic environment how do businesses sustain themselves?
The only solution to this question is ADVERTISEMENT / MARKETING. Marketing plays a very important role in the #success and failure of any company. Marketing philosophy is implemented to attract new and existing customers towards their product/service or company. The very common tool used for marketing is advertising. The basic idea behind advertising is to give customers knowledgeable about the product or service in a very interesting and attractive way.
Any company should opt for the advertisement model very judiciously. The advertisement tells customers which product they should buy and which to leave. Advertisement affects businesses in a very crucial way as they decide whether a product is ready to play in long run or not. Most of the products are chosen by the customers because of the advertisement only. If businesses don’t advertise then no one will buy their products. Advertisements are the main reason behind the revenues of a company. There are many ways to do advertise through electronic mediums such as televisions, radio, social media, etc., and paper mediums such as newspapers.
Wrong advertisements can be harmful to businesses as they provide information in the wrong manner. Instead of being the needs of people, it becomes unnecessary for the people. This could result in a big loss for the company and may also hamper the image of the company. For example, TATA introduced the Nano car in India to have low price car but its marketing went wrong in the eyes of the public and it got failed.
So advertising/marketing affects a business in both positive and negative ways.
Blackcoffer Insights 45: Kush Jain, Rukmini Devi Institute of Advanced Studies
