Economics and Marketing - India's Case

Today if you ask any investor in the world that which is the most lucrative market in the world the answer no doubt would be INDIA.
The market is growing like anything and growing market means lots of opportunity and challenges for marketers.
As the context of present discussions is impact of economics on marketing lets start from the early 80ies nd mid 80ies., when the stupid box had only one major channel to reach - national channel or Doordarshan. The way the communications were made to Indian audience was totally different because that time Marketers were looking at the share of pocket that was not for luxury but for the normal living.

Target consumer had very less choices as the spending pattern was also very low. the basic necessities were met and that was the luxury .

But everything changed in 1991 when world third largest country population came into the world market with the immense Knowledge and intellect base.

Economics had changed . We were now a free nation in business terms. People started becoming rich , Money started to be made.Lookout of life started to change . And with all this came the change in Marketing,Change in approaching customer base in India. Change in the product line-up.

And we have grown consistently with 8%,IT , telecoms ,real state , financial market all has grown with the vigor of a young Indian. the change in the personality has taken place.

Economics has redefined the marketing.

We are witness to it . and it is still making the change.

Look at the approach that telecoms use to take to attract a user.BSNL or Nationalized telecoms sector companies.

It was product ,price earlier , now it is service , emotions and total customer experience.

What has changed us. It is the prosperity and the way of thinking.
What has brought change in the style of marketing. It is Economics

Economics and Marketing thus goes hand in hand.
So for any successful marketer it is important that he know and practice economics.

Economics will define the future shape of marketing ..Come what may ..!!!

:)

Is Economics Guiding the Marketing

Is economics driving present trends of marketing.. Is it that Marketing is the brain child of economics around it .. Has the world of economics changed marketing ..

I think yes..

Let us in this first post discuss the Marketing trends ...

If we analyze Internet marketing , Viral marketing are taking place of traditional marketing.. Media has also changed .. the way of presenting ideas has changed..

Technology and Marketing have become more compatible .. and all this has happened because the customer touch points have changed drastically.. Web has become one of the formost runner..

Taking the case forward the high penetration levels of Internet are the reason for the same ..

What i feel is the reason for all this is the change of Target Customer Life style.. people prefer using sophisticated means now.. Podcasts ... Website, Mobile marketing .. all these have come into the picture because Customers are using them and what is the reason that it was not so prevalent before.. Reason is that People disposable income has increased ..economics has changed and thus the trends..

So is it the E comics define the way people will consider or percive the marketing

To survive in business, you must reach, effectively, the audience that you want to influence.
And influence to an extent that they are not only aware about u but give u business ..
This effectiveness can be best reached when correct customer Touch points can be reached..

So what decides the trend in customer touch points..
The economics gives the siple reasoning that ''Now country will have money, (GDP).. People will have income (per capita Income) .. So the excess points will change ..

Discussion will continue..

Start of New Blog

Hey,
So finally i am back . Deleted all my previous blogs as now i am in new world...New world of Professional life.. It has been amazing till now...

Just to pour my heart out .. I felt this is the best place to be..
To discuss all about the Marketing , branding and all the issues related to it.

A topic will be discussed for a period !! and then the next one

Keep Blogging

Tushar