Successful marketing strategy
Successful marketing strategy is one of the main factors deciding the commercial success of a product. Different businesses prefer different marketing methods for their goods to support the view of the product, public relations and battle various market forces (Ebert & Griffin 2016).
Brand placement
Brand placement is one of the latest commercial marketing techniques for the purpose of making a product or service available through intermediaries. It is a publicity model targeted at large audiences (Troilo, 2015).
Advantages of product placement
Product placement is crucial in marketing. It is advantageous to both the marketing company and the target audience. The marketing company is in a position to identify economic systems that are affecting the business environment. Through this, they can manage in turbulent times through strategies that are sound and encouraging in business operations. Additionally, there is security of engagement in the right business policies with accordance to the law of business and client relations (Ebert & Griffin 2016).
Consumer information and market trends
Likewise, different companies keep consumers informed of the market trend and product evolvements. This means it is possible to make new ventures and entrepreneurship with the possibility of measuring productivity and market position regarding consumer view and legality perspective.
Business ethics and responsibility
Product placement model of marketing ensures that business ethics is observed as well as public responsibility applied in business operations. Companies are put in a position where they understand the concept of business and profits and prevent the concept of tearing away business and clients. Therefore, it is possible to identify risks, potential losses, and opportunities as well as formulate maintenance programs (Ebert & Griffin 2016). With that in place, businesses are enabled to develop financial goals, control their assets, and protect their net worth by saving on lower interests while encouraging faster payments (Troilo, 2015).
Conclusion
In conclusion, product placement is an important marketing strategy for businesses. It facilitates the involvement of legal regulations and business laws in the business operations (Ebert & Griffin 2016). Additionally, there is the application of socially responsible approaches to the way marketing is handled which contributes to the ability of the business to predict its position in the market and keep the consumers satisfied through a comprehensive outreach.
References
Ebert, R., & Griffin, R. (2016). Business Essentials (11th ed., pp. 5-650). New York: Pearson.
Troilo, G. (2015). Marketing In Creative Industries. Palgrave Macmillan.
