Modern Marketing Techniques

The columnist draws focus to modern marketing techniques best suited for the success of your business.

- Dr Pradeep B Salgaonkar

Out of the five Ms of a business – Money, Men, Materials, Machines and Marketing, it is believed that the only function which brings in money for the business is marketing. The remaining functions incur expenses. Thus, marketing what is produced by the business organization is a critical activity for profitability and needs to be effectively managed to ensure sustainability. A business organization exists because there is a customer to buy and consume its produce, and to satisfy and delight the customer, by providing quality products, safe products, cheap products and solutions to customers’ problems. Businesses need to appropriately market to the right customers with the help of appropriate marketing techniques. There are a host of marketing techniques one comes across everywhere. However, understanding which technique fits which product and which technique will provide better results is important and the marketing technique, or a mix of them, needs to be chosen adroitly by businesses.