Traditionally, the term “market” refers to the place where buyers & sellers meet for the exchange of goods & services. The market is the very common term, known to all, but depending upon the number of goods handled, there are wholesale market & retail markets.
In the modern concept sense, the term “market” has a broader meaning. It refers to the sets/collection of actual or potential buyers of products & services.
There are various categories of marketing, but there are two main segments, first being the traditional marketing & second, being digital marketing. In this article, we will discuss these methods in details.
01) TRADITIONAL MARKETING
Traditional marketing refers to any type of promotions, advertising or publicity, which are generally used by the companies/ business entities for a longer period, & that has a proven success rate.
In old times, marketing was defined as the flow of goods & services from producers to consumers. This is a product-oriented definition of marketing. The producer concentrates only on the products that what they can produce / manufacture, & need of consumers are not taken into consideration.
Methods of traditional techniques include print advertisement, such as newsletters, billboards, newspapers ads. Other forms are television, commercials, radio -broadcasting advertising about the product or service of any company.
NEED OF DIGITAL MARKETING
Since the technology is advancing in nowadays, that demands the change in everything. Digital marketing is a part of the computerization. Talking for about 20 years back, there was no computers, no mobile phones & of course, no internet connection. But as the technology grows, after some time mobiles phones & computers are introduced into the life of human being. After some more time, internet facilities got introduced, which bring about the digital revolution. Examples of digital marketing include websites, social media networks, emails are common. Digital marketing is similar to the traditional one but by using digital devices & information technology. It is Faster, reliable & easy to find medium & therefore accepted worldwide.
02) DIGITAL MARKETING
Digital marketing is a broad term that refers the marketing through the online medium like search engines, websites, social media networks & emails. Digital marketing is sometimes also called online or internet marketing.
Digital (latest) marketing technique include the SEO (search engine optimization), SEM (Search engine marketing), content marketing, campaign marketing, e-commerce marketing & social media marketing.
There is various reason for the growth of digital marketing.
1) Digital marketing techniques are more cost-effective than traditional concept.
2) Digital process faster than the old one, thereby results oriented.
3) Any individual/company track his/ her performance.
4) All process being reliable, generates better revenues.
5) Digital media facilitate interaction with the targeted audience.
However, there are various factors that affect the process of a firm’s ability to develop & maintain successful transaction & relationships with the target customers. There is generally two types of environment inside any organization. One is stable, not changing with time & changes are very frequent. Second, being the dynamic field that keeps on change according to the demand.
For carrying out the successful business, either it may be old or new, one need to give the proper attention on choosing the right consumers, creating the audience & by developing the superior value of the service/products.
