Retail Fashion Industry and Youth
Realising the fact that urbanisation and exposure to visual media has provided more exposure to the kids, retailers have stepped in to create and nurture the new segment. We see all the leading brands including fashion as well as sports and retailers promoting kids collection separately and exclusively. The market in terms of kids and […]
Merchandising in International Retailing – An Introduction
International Retailing is going places. With globalization and with E Commerce, the horizon of opportunities has expanded significantly. Efficiency and the profitable operations of International Retailing both in terms of fashion as well as grocery retailing is dependant largely upon the Buying or Merchandising function. As the industry has progressed and evolved, the key role […]
What is the Efficient Market Hypothesis and How it Works and Doesn’t Work in Practice
Are Markets Really Efficient in Delivering Optimal Outcomes for All Stakeholders? Are Free Markets really “free” in the real world? Are market forces allowed to deliver efficient outcomes or do governmental and private entities interfere in the workings of markets and distort the outcomes? Moreover, does Crony Capitalism introduce bias against the smaller players and […]
Role of Coupons in Retail Marketing
What is Retailing? The sale of products to the customers from a fixed location (malls, department stores, super markets and so on) in small quantities for their end use is called as retailing. Coupons play an important role in promoting the retail stores and making the brand popular amongst the masses. What are Coupons? Any […]
Difference between Market Segmentation, Targeting and Positioning
A market refers to a set up where two or more parties are involved in transaction of goods and services in exchange of money. The two parties here are known as sellers and buyers. It is the responsibility of the marketers to create awareness of their products amongst the consumers. It is essential for the […]
We often hear the term fourth estate being applied to the media. The term refers to the four pillars of democracy and the media is the fourth pillar and an important one at that. Ever since many countries adopted democratic norms of governance, a vibrant and a free media were thought to be the necessary conditions for a healthy democracy. This is because in any democracy, there needs to be a medium wherein the authorities and their actions are commented upon and analyzed critically.
Without self-reflection and self-debate, no democracy can hope to actualize the noble principles behind the conception of freedom and equality. Further, the media is vital to the countries because of its inherent nature of questioning and criticism that is directed at the ruling dispensations. This means that without a free and fair press, no country in the world can hope to aspire to democratic norms of governance.
In the days before the advent of the television and the internet, the print media were the only source of information for the people.
With the advent of television, the ground rules changed since people could view the actions and the statements of their fellow citizens and the elected representatives live and hence, could form their opinions about them. Further, as the saying goes, a picture speaks a thousand words, and hence the moving images that are beamed into the living rooms on the Television did spark a revolution of sorts among the countries of the world. Moreover, as the legendary media theorist, Marshall McLuhan put it, the medium is the message and hence, TV radically altered the way in which countries and their systems of governance functioned. This has had a cascading effect on all forms of the body polity.
Next, the advent of the internet was another game changer. With the rapid spread of information technologies and the easy availability of information about hitherto closed countries, people finally had a chance to communicate and articulate their concerns and needs as well as their aspirations and dreams along with their anxieties and fears to others in faraway lands. This meant that internet went one-step ahead with the interactive format allowing for rapid dissemination of events and happenings across the world to anyone who had access to a computer and an internet connection. In addition, the advents of social media like Facebook and Twitter provided fresh impetus to the notion that media are a tool of revolutionaries as well as reactionaries. In the recent past, the Arab Spring was an example of a successful protest that was wholly driven by social media.
We have discussed how media should be unshackled and unrestrained to ensure a representative democracy. In addition to that, the media themselves have to introspect and analyze whether they are doing their job in accordance with the noble intentions that underpin the media industry. Only when there is critical, self-analysis and effective regulation of the media by the government can there be a symbiotic relationship between the various pillars of democracy that is healthy and productive.
In conclusion, we are living in extraordinary times and the challenges of the future call for extensive changes to be made in all aspects of our lives. The media has a preeminent role to play in this future and hence, there is a need more than ever for the media to perform their assigned roles professionally.
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