How does Technology Influence Marketing?• Technology acts as a catalyst for today’s changes in how marketing is done. ▫ Easier Access to More Information ▫ Possibility of people to Network with each other• Traditional marketing: ONE way flow: Company Consumer• Today: Technological advancements and Social media give consumers the collective power to dictate what companies do.
TRINIDAD’S MARKETING LANDSCAPE• Lack of integration of technology and ICT processes.• In my opinion, we are still strongly rooted in traditional marketing, with very little emphasis being placed on e-commerce processes and online niche marketing.
TRINIDAD’S MARKETING LANDSCAPE• There has been a recent growing trend toward online buying via Facebook. Although it increases consumer choice, they are sometimes subject to escalated prices.
Local Enterprises must adopt an Evolving Business Strategy Strategy Tactics Must not be static
Companies who Successfully Adopted an Evolving Business Strategy
DELL: Success Through Innovation • Dell changed his strategy to begin offering built-1985 to-order computers. • Revenues had climbed to $500 million1990 • Dell’s internet sales had reached an average of $41997 million per day. • Dell’s revenues had topped an astounding $252000 billion
Dell’s Strategy: No More Middle Man• Superior customer choice: Configuration• Discounted price: due to cost savings from cutting out retail middlemen.• Internet-based direct sales model offered: ▫ wealth of market data ▫ used to forecast demand trends, and ▫ carry out effective segmentation strategies
How can Local Companies benefit from New Channels• New media channels such as social media marketing and online advertising/e-commerce are becoming more and more popular, especially among specific market segments such as generation Y and part of generation X. SOCIAL MEDIA E-COMMERCE ONLINE ADS INFORMATION ONLINE COMPANIES/ MARKETING • Sales expenses • lower costs than AL SITES PROMOTIONS CUSTOMERS • discussions are cut down traditional • can be used as • offer new sales • can save money forums, corporat when using e- media ways to promotion tools by using Internet e commerce advertising communicate to compare blogs, communit enabled the messages sellers’ prices y groups, etc. websites. and/or drive before customers to the purchasing, to stores train staff or to hire employees
Benefits to Local Companies• Cut Costs: inventory costs etc.• Build Relationships with customers via effective CRM.• Deliver exactly what the customer wants: Customization.
The Future of Marketing• Radio-frequency identification (RFID) ▫ Is the use of a wireless non-contact radio system to transfer data from a tag attached to an object, for the purposes of automatic identification and tracking. May be used to replace price tags etc.