Throughout the chapters of history, the target market of the FMCG industry is huge and constantly expanding. In a recent research, it is even found that the global FMCG market will grow at a CAGR of around 4% by 2020.
With the continuous expansion, the complexity and diversity in the 5 P’s of marketing – Product, Price, People, Place and Promotion has also increased.
Needless to say, the consumer base of any large to mid-sized FMCG company is enormous and is spread across numerous locations (countries/states/cities).
In marketing speak we can say, the distribution networks are extensive.
Consumption patterns of customers also keep changing and new segments are being created at the same time.
Depending on the specific market and its needs, strategies for pricing, marketing/advertising and product modifications vary too.
Customarily, the traditional media i.e TV advertisements, print and banner ads was the popular go-to marketing channel for several FMCG marketing executives.