Today Marketing Techniques

Marketing, a process by which management identify and supply the needs and wants of consumer by producing goods and then offered it for trade/exchange of values with customer, has started to be a hot topic in every firm/ company since the 1960s when globalization forces drawn market to a global based which caused the demand is greater than supply which made the company wanted to understand consumer behavior and it is the cause for company like GE interested to understand the consumer.

Marketing techniques have developed rapidly each year. New techniques are being found out and performed by firms. But most of the marketing technique that we learn was rather traditional because a new form of marketing technique is taking place. Companies in the US, especially because of the financial crisis has to cut budget and one of the possible budget cutting department is the marketing department. So now the manager of marketing department has to worked harder to achieve the same or even better ends with less means. The technique used by most company was to cut their TV based advertisement technique to another which they believed is a more effective technique such as word of mouth, point-of-purchased innovation and music label. TV revenue in the US itself, according to HBR, was down by 8% in 2007 and is forecast to decline by 10% in the US and are now.

The most innovative marketing technique from those three mentioned above was music label and this technique has been practiced by major MNC in the US such as procter & gambles, the world biggest consumer product which made it the world biggest marketers. P&G has recently sign a contract with Jermaine Dupri to sponsored his recording studio to discover new talent. The plan was that the music label will be named after a brand of body spray. Mr. Dupri himself is well-known for producing hit for Mariah Carey and Jay-Z. Mr. Dupri wife is also a singer, Janet Jackson. Others company also used this marketing technique.

Earlier, Bacardi was willing to help groove amanda, a British electronic duo, to finance and produce its next release. Caress, Unilever body care line, commissioned the singer of the pussycat dolls, Nicole Scherzinger, to record a version of Duran Duran's Rio that it give away on its website to promote Brazilian body wash product. Red bull is starting a label also, and it is expected to be out before the end of the year.

Songs made to promote products does not lose it competitiveness to fight for prestigiuous position for music lover, a hip hop song released by Nike sang by Kanye West, Nas and friends was nominated for best rap performance by duo or group. Star burst, an autralian juicy candy brand, released a song that was positioned in the first chart for weeks.