In simple words, it is defined as the presentation of the product in the market. It involves many aspects such as advertising, product placement, distributing, selling etc.
Apart from product projection, it also involves analyzing the market and the expectations of the customers. Market research is important as it is futile channelizing your energies towards developing a product that does not have scope. It is difficult to launch a product if your competitor has already taken the lead and is successful.
Whenever a new product enters the market, it is always subjected to apprehension from the public. Increasing sales depends on how well the product appeals to the public and care must be exercised while promoting it. How well users gel with a product depends on the way the product has been introduced. Marketing involves strategies that determine the correct time, location and way to launch a product. By location we mean the area that is targeted for sales. Marketing is not only restricted to launching a product. It plays a decisive role in extending the lifetime of a product in the market. It is not necessary that a product that is launched in an excellent manner will sustain in the market for long. It is, after all, the long term presence of the product that is desired by any manufacturer. The launch and continuous marketing are equally important for a product. This is because there will be constant competition in the form of new products that enter the market.
Marketing is an efficient method to mask the defects that the product has. A product may have several flaws but they can be hidden by proper promotion of the product. Promotion or advertising forms a major part of marketing.
Viral marketing is an upcoming form of marketing wherein everything apart from the idea is new. It utilizes resources that are already available and revolves around how they can be manipulated to promote your product. It is not necessary that the resource you use is related to the product. It can be absolutely anything that you can link with your product. Also, the resource can be modified to suit the product. It can be a song, a video or even an event that was widely publicized.
Viral marketing uses existing networks to promote the product. It can be any type of network ranging from local peer to peer network to the internet itself. The creation of a successful viral marketing campaign involves identifying people with high Social Networking Potential. Individuals with high SNP are people who are connected to a very large network as well as are positioned in the network in such a way that they can influence them effectively. Thus targeting these individuals would mean that the message will be passed on to other in the network. The high SNP individual will receive the information or the advertisement and will tell the others in his network about it.
The term viral marketing was coined by a Harvard business graduate named Tim Draper. He had used the term to describe the innovative advertising technique used by Hotmail. The person who receives the advertisement or information, which is the virus, is said to be affected. He understands the information and conveys it to others in his network, who are now said to be affected. The name is derived from the biological pathogen, virus and the marketing strategy adopted is similar to the behavior of the virus.
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