Traditionally, the term “market” refers to the place where buyers & sellers meet for exchange of goods & services. Market is the very common term,known to all, but depending upon the quantity 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 a products & services.
There are various categories of the marketing, but there are two main segment, first being the traditional marketing & second, being the digital marketing. In this article, we will discuss about 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 concentrate only on the products that what they can produce / manufacture, & need of consumers are not taken into the 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 now-a-days, that demands the change in everything. The digital marketing is a part of the computerisation. 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 the digital marketing includes the websites, social media networks, emails are the common. The digital marketing is similar to traditional one but by using the 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 the 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 are various reason for the growth of digital marketing.
1) Digital marketing techniques are more cost effective than traditional concept.
2) Digital process faster than old one, thereby result oriented.
3) Any individual / company track his/ her performance.
4) All process being reliable, generates better revenues.
5) Digital media facilitate the interaction with targeted audience.
However, there are various factors that affect the process of firm’s ability to develop & maintain the successful transaction & relationships with the target customers. There is generally two types of environment inside any organisation. One is stable, not changing with time & changes are very frequent. Second being the dynamic field that keep 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.