Adapting marketing to the new economy

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Adapting marketing to the new economy

  1. 1. Adapting Marketing to the New Economy Strategic Marketing Perspective Prof.Prasanna Venkatesh Indian Business Academy
  2. 2. Chapter Objectives <ul><ul><li>What are the major forces driving the New Economy? </li></ul></ul><ul><ul><li>How are business and marketing practices changing as a result of the New Economy? </li></ul></ul><ul><ul><li>How are marketers using the Internet, customer databases, and customer relationship management in the New Economy? </li></ul></ul>
  3. 3. Adapting Marketing to the New Economy <ul><li>Major Drivers of the New Economy </li></ul><ul><ul><li>Digitization and Connectivity </li></ul></ul><ul><ul><li>Disintermediation and Reintermediation </li></ul></ul><ul><ul><li>Customization and Customerization </li></ul></ul>
  4. 4. Wanna Buy Jeans with exact fit? Visit nearest Browsing centre. Courtesy: http://levi.com
  5. 5. <ul><ul><li>Industry Convergence </li></ul></ul><ul><li>How Business Practices are Changing </li></ul><ul><ul><li>Organize by product units to organize by customer segments </li></ul></ul><ul><ul><li>Shift focus from profitable transactions to customer lifetime value </li></ul></ul><ul><ul><li>Shift focus from financial scorecard to also focusing on the marketing scorecard </li></ul></ul><ul><ul><li>Shift focus from shareholders to stakeholders </li></ul></ul>Adapting Marketing to the New Economy
  6. 6. Old Economy vs. New Economy 2- Old Economy New Economy Organize by product units Focus on profitable transactions Look primarily at financial scorecard Focus on shareholders Marketing does the marketing Build brands through advertising Focus on customer acquisition No customer satisfaction measurement Overpromise, underdeliver Organize by customer segments Focus on customer lifetime value Look also at marketing scorecard Focus on stakeholders Everyone does the marketing Build brands through behaviour Focus on customer retention and growth Measure customer satisfaction and retention rate Underpromise, overdeliver
  7. 7. Adapting Marketing to the New Economy <ul><ul><li>Everyone does the marketing </li></ul></ul><ul><ul><li>Build brands through performance, not just advertising </li></ul></ul><ul><ul><li>Customer retention rather than customer acquisition </li></ul></ul><ul><ul><li>From none to in-depth customer satisfaction measurement </li></ul></ul><ul><ul><li>From over-promise, under-deliver to under-promise, over-deliver </li></ul></ul><ul><ul><li>The New Hybrid </li></ul></ul>2-
  8. 8. <ul><li>How Marketing Practices are Changing: E-Business </li></ul><ul><ul><li>E-business </li></ul></ul><ul><ul><li>E-commerce </li></ul></ul><ul><ul><li>E-purchasing </li></ul></ul><ul><ul><li>E-marketing </li></ul></ul><ul><li>Internet Domains: B2C (Business to Customer) </li></ul>Adapting Marketing to the New Economy 2-
  9. 9. Adapting Marketing to the New Economy <ul><ul><li>Internet Domains: B2B (Business to Business) </li></ul></ul>2-
  10. 10. The Supplier-Customer Relationship: Traditional and New Economy Structures 2-
  11. 11. Adapting Marketing to the New Economy <ul><ul><li>Internet Domains: C2C (Consumer to Consumer) </li></ul></ul><ul><ul><li>Internet Domains: C2B (Customer to Business) </li></ul></ul><ul><ul><li>Pure Click vs. Brick and Click Companies </li></ul></ul><ul><ul><ul><li>Pure-click companies </li></ul></ul></ul>2-
  12. 12. Adapting Marketing to the New Economy <ul><ul><ul><li>Brick and Click companies </li></ul></ul></ul>2-
  13. 13. Thank you

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