Why is product placement such a valuable selling tool in marketing and advertising? Starting with an efficient marketing policy is one of the critical factors that define a product's success in the marketplace. Several companies choose different marketing strategies for their products and try to promote the goods out the view, countering many forces in the market and public relations (Ebert & Griffin, 2016).
Product Placement as an Effective Marketing Strategy
Product placement is among the current selling tactics that aim to make the goods or services available by utilizing interject of certain intermediaries. That is a type of advertisement that tries to access vast audiences (Troilo, 2015). Product placement is vital in marketing as it is beneficial to both the marketing company and the target audience.
Benefits for the Marketing Company
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). 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.
Ethics and Public Responsibility
Product placement 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. New York: Pearson.
Troilo, G. (2015). Marketing In Creative Industries. Palgrave Macmillan
