The inter-dependence of the various elements within the system has vast potential to establish a market that is sustainable as well as mutually satisfying. IMC, through e-communication greatly facilitates the success of the existing and new products and therefore needs to become intrinsic part of market strategy of the organizations.
The core business strategy of any business heavily relies on the market strategy that facilitates its products and services to meet the needs and requirements of the people at large. According to Shultz, McCarthy’s principles of 4Ps of marketing have outgrown their effectiveness in the present age of information technology. In the past, the 4Ps (product, price, place and promotion) of marketing strategy were highly relevant mainly because of the three reasons: There was lack of variety within the products; people were exposed to limited means of publicity; and promotional activities were more localised (Shultz, 2001). Therefore, under the given restrained parameters, the strategy satisfied both the customers and the retailers.
The equation is drastically changed in the contemporary times. Today, the technological advancements have brought forth an explosion of information that is easily accessible to public through the internet and other media like television, radio, mobile phones etc. The internet has made it easy for the customers to become aware of the product details including its availability at competitive prices which has precipitated the need to develop a whole new perspective for a new marketing technique. Integrated marketing communication therefore, becomes the most vital part of market strategy for all organizations to maintain a competitive edge over their rivals. The inter-dependence of the various elements within the system has vast potential to establish a market that is sustainable as well as mutually satisfying.