The aim of both developed and developing economies is to have sustainable, equitable, democratic, diverse, and genuinely free societies, based on largely self reliant regional and local businesses, in harmony with their environment and each other. The important point is to empower nations and communities to retake control over their local economies and to make them as diverse as possible according to local needs. Globalization describes an ongoing process by which regional economies, societies, and cultures have become integrated through a globe-spanning network of communication and exchange. Globalization is used to refer specifically to economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology. That's how local businesses play an important role in the nation's economy. They are the backbone of the Indian economy, Indian government encourages young entrepreneurs to have an open market economy. With the right marketing strategies, businesses can flourish easily.
With these unique marketing strategies, Abhishek Parakkat, a 23 year old entrepreneur, came under the umbrella. According to him, everybody wants more users, subscribers, and consumers, but the problem is how to get them quickly and without paying too much, and for this you need to get creative with your marketing. Consumers trust personal recommendations in spite of a company's agent whispering in their ears. He further adds, "To have a clear understanding of what your ideal customer looks like, you need to go to the ground level, despite making plans in air-conditioned halls." When customers actively recommend your product or service to other people, sales can explode. Giving out free t-shirts is an excellent way of marketing to promote your ventures. Instead of just spending money on traditional advertising and digital media, look to think outside the box for huge results. I feel a limit should be set for market share at the regional and national level by any one company, he says. Where such a market is dominated by a particular company, new ventures should be encouraged through grants, loans, and subsidies to enter it to maintain the impetus for improved products and more efficient resource use. Word-of-mouth is arguably the most powerful marketing strategy in business. In the beginning, targeting a small audience is the best way to go. Then word of mouth plays its tremendous role, and slowly you get to the larger audience.
