Changing Markets – Challenge and opportunity for marketers

Gone are the days when consumers had few choices for their requirement. One had to either go through long government processes to grab desired product from foreign supplier or had to get satisfied by whatever they get from indigenous supplier.

Liberalization of many developing countries has broadened choice available to consumers and expectations of consumers have also increased. On one hand more product choice availability has forced marketers to target their consumers more efficiently, on other hand it has enabled consumers to get product of their choice. For example in India we had only one branded noodles i.e. Maggie but with increased competition after liberalization forced even most popular noodles of India to produce different flavors and variety like whole flour based noodles to target more health conscious consumers.

Internet is now frequently sought for obtaining information on product and their comparisons with similar offerings. Social networking sites are becoming tools of taking opinion on product and trend discussion. With faster information delivery consumers are now more aware of product then before. A negative feature of product can now spread in market by means of internet, social networking site. Marketers were previously only highlighting benefits of product while making their offer but now they also have to highlight drawback and limitation of their product otherwise negative marketing may take toll on their product sell. It is not uncommon on social networking sites to have community named after product name, where features of product are discussed. Now product owners have also started to register themselves in such communities to consciously monitor and manage their brands. When brands control is moves in hands of consumers and carried away with sentiments of consumers it become difficult for brand owners to manage their brands .But with increasing advancement in information technology brand management has become more difficult.

If we focus on Indian market we could observe changes in demographical pattern and income pattern. More youths are entering job market and are now earners. Purchasing power and expectation of youths are more then older generation. Youth requires more trendy products and purchase them from malls and supermarkets.

Rural income has also increased and penetration of TV and other communication channels have increased demand of various previously unsought products into rural area. Marketers have got this opportunity to trap this “bottom of pyramid” by offering correct product at reasonable pricing. In India cola firms have targeted them by offering smaller size pack within their pocket limit.

Previously the marketing concept was production based and development of market has made them product based by increasing quality, focusing on consumer needs. There is also change in offerings; consumers need after-sale services, experience attached with product buying and during its use. A new concept of integrated marketing is entering Indian market. Consumers are treated like guests in airlines, after sale services are faster and hassle free, 24 hrs call centers and customization of products are example of it.

With the development of market, Marketers task have become more complicated then ever before. It has provided challenges but has also given opportunity to marketers to continuously work towards improvement of their offering. Marketers have to adopt more holistic approach towards serving larger society by adopting corporate social responsibility and environmental issued in their marketing campaigns.

1 comment:

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