This document provides an overview of a lecture on consumer behavior and consumer research. It discusses key concepts like the marketing concept, market segmentation, targeting and positioning, the marketing mix, customer value and satisfaction. It also covers topics like the impact of digital technologies on marketing, consumer decision making as an interdisciplinary field, and qualitative and quantitative consumer research methods. The document outlines different philosophies guiding a company's approach to the marketplace, from production to societal marketing concepts.
Consumer Behavior and Marketing StrategyChapter 1.docxmaxinesmith73660
Consumer Behavior and Marketing Strategy
Chapter 1
Consumer behavior Definition
Consumer behavior is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.
Key Aspects Regarding Consumer Behavior
Need extensive information about consumer behavior (i.e., organizations are regularly applying theories and information about consumer behavior)
Need to obtain information about specific consumers of interest (i.e., conduct research)
Key Aspects Regarding Consumer Behavior (continued)
3. Consumer behavior is complex and multidimensional (note: research increases the odds for success but is not a guarantee that you will succeed)
4. Marketing approaches that focus on modifying consumer behavior can involve ethical concerns (e.g., marketing Coca Cola can provide consumers with an enjoyable drink but also a lot of sugar consumption can have unhealthy effects such as cavities in teeth)
Applications of Consumer BehaviorMarketing StrategyRegulatory PolicySocial MarketingInformed Individuals
Marketing StrategyMarketing strategies and tactics are based on explicit or implicit beliefs about consumer behavior.Decisions based on explicit assumptions and sound theory and research are more likely to be successful than are decisions based solely on implicit intuition.Knowledge of consumer behavior can be an important competitive advantage and can greatly reduce the odds of bad decisions and market failures!
Regulatory PolicyVarious regulatory bodies exist to develop, interpret, and/or implement policies designed to protect and aid consumer [e.g., Food and Drug Administration, (FDA)].Effective regulation of many marketing practices requires an extensive knowledge of consumer behavior.
Social MarketingSocial marketing is the application of marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole.As is true for commercial marketing strategy, successful social marketing strategy requires a sound understanding of consumer behavior.
Informed IndividualsMost economically developed societies are referred to as consumption societies. Most individuals in these societies spend more time engaged in consumption than any other activity, including work or sleep.Knowledge of consumer behavior can enhance our understanding of our environment and ourselves. Such an understanding is essential for sound citizenship, effective purchasing behavior, and reasoned business ethics.
Marketing Strategy and Consumer BehaviorCustomer value is the difference between all the benefits derived from a total product and all the costs of acquiring those benefits.It is important that one considers the customer’s perspective.Providing superior customer value requires the organization to do a better job o.
For too many years marketing and sales have operated in silos...while in some forward thinking companies, the two organizations work together to drive new opportunity development and revenue. This session will explore the lessons learned in that beautiful dance that can occur when marketing and sales work together...to drive new opportunity development, account expansion and customer satisfaction.
No, this is not a conversation about MQLs and SQLs. Instead we will focus on a framework that allows the two organizations to drive company success together.
Consumer Behavior and Marketing StrategyChapter 1.docxmaxinesmith73660
Consumer Behavior and Marketing Strategy
Chapter 1
Consumer behavior Definition
Consumer behavior is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.
Key Aspects Regarding Consumer Behavior
Need extensive information about consumer behavior (i.e., organizations are regularly applying theories and information about consumer behavior)
Need to obtain information about specific consumers of interest (i.e., conduct research)
Key Aspects Regarding Consumer Behavior (continued)
3. Consumer behavior is complex and multidimensional (note: research increases the odds for success but is not a guarantee that you will succeed)
4. Marketing approaches that focus on modifying consumer behavior can involve ethical concerns (e.g., marketing Coca Cola can provide consumers with an enjoyable drink but also a lot of sugar consumption can have unhealthy effects such as cavities in teeth)
Applications of Consumer BehaviorMarketing StrategyRegulatory PolicySocial MarketingInformed Individuals
Marketing StrategyMarketing strategies and tactics are based on explicit or implicit beliefs about consumer behavior.Decisions based on explicit assumptions and sound theory and research are more likely to be successful than are decisions based solely on implicit intuition.Knowledge of consumer behavior can be an important competitive advantage and can greatly reduce the odds of bad decisions and market failures!
Regulatory PolicyVarious regulatory bodies exist to develop, interpret, and/or implement policies designed to protect and aid consumer [e.g., Food and Drug Administration, (FDA)].Effective regulation of many marketing practices requires an extensive knowledge of consumer behavior.
Social MarketingSocial marketing is the application of marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole.As is true for commercial marketing strategy, successful social marketing strategy requires a sound understanding of consumer behavior.
Informed IndividualsMost economically developed societies are referred to as consumption societies. Most individuals in these societies spend more time engaged in consumption than any other activity, including work or sleep.Knowledge of consumer behavior can enhance our understanding of our environment and ourselves. Such an understanding is essential for sound citizenship, effective purchasing behavior, and reasoned business ethics.
Marketing Strategy and Consumer BehaviorCustomer value is the difference between all the benefits derived from a total product and all the costs of acquiring those benefits.It is important that one considers the customer’s perspective.Providing superior customer value requires the organization to do a better job o.
For too many years marketing and sales have operated in silos...while in some forward thinking companies, the two organizations work together to drive new opportunity development and revenue. This session will explore the lessons learned in that beautiful dance that can occur when marketing and sales work together...to drive new opportunity development, account expansion and customer satisfaction.
No, this is not a conversation about MQLs and SQLs. Instead we will focus on a framework that allows the two organizations to drive company success together.
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TL;DR. These are the three themes that stood out to us over the course of last month.
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-Recognize the critical role of strategy in marketing
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When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.
Key Takeaways:
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The Forgotten Secret Weapon of Digital Marketing: Email
Digital marketing is a rapidly changing, ever evolving industry--Influencers, Threads, X, AI, etc. But one of the most effective digital marketing tools is also one of the oldest: Email. Find out from two Houston-based digital experts how to maximize your results from email.
Key Takeaways:
Email has the best ROI of any digital tactic
It can be used at any stage of the customer journey
It is increasingly important as the cookie-less future gets closer and closer
Core Web Vitals SEO Workshop - improve your performance [pdf]Peter Mead
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- Understanding the latest Core Web Vitals including the significance of LCP, INP and CLS + their impact on SEO
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Digital Commerce Lecture for Advanced Digital & Social Media Strategy at UCLA...Valters Lauzums
E-commerce in 2024 is characterized by a dynamic blend of opportunities and significant challenges. Supply chain disruptions and inventory shortages are critical issues, leading to increased shipping delays and rising costs, which impact timely delivery and squeeze profit margins. Efficient logistics management is essential, yet it is often hampered by these external factors. Payment processing, while needing to ensure security and user convenience, grapples with preventing fraud and integrating diverse payment methods, adding another layer of complexity. Furthermore, fulfillment operations require a streamlined approach to handle volume spikes and maintain accuracy in order picking, packing, and shipping, all while meeting customers' heightened expectations for faster delivery times.
Amid these operational challenges, customer data has emerged as an important strategy. By focusing on personalization and enhancing customer experience from historical behavior, businesses can deliver improved website and brand experienced, better product recommendations, optimal promotions, and content to meet individual preferences. Better data analytics can also help in effectively creating marketing campaigns, improving customer retention, and driving product development and inventory management.
Innovative formats such as social commerce and live shopping are beginning to impact the digital commerce landscape, offering new ways to engage with customers and drive sales, and may provide opportunity for brands that have been priced out or seen a downturn with post-pandemic shopping behavior. Social commerce integrates shopping experiences directly into social media platforms, tapping into the massive user bases of these networks to increase reach and engagement. Live shopping, on the other hand, combines entertainment and real-time interaction, providing a dynamic platform for showcasing products and encouraging immediate purchases. These innovations not only enhance customer engagement but also provide valuable data for businesses to refine their strategies and deliver superior shopping experiences.
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2. Find ways to show EEAT
3. Repurpose across all platforms
2. Consumer Behavior and Consumer Research
Lecture Contents:
1.1 Development of Marketing Concepts
1.1.1 Marketing Concept
1.1.2 Implementing Marketing Concept
1.1.3 Segmentation, Targeting and Positioning
1.1.4 Marketing Mix
1.1.5 Customer Value, Satisfaction and Retention
1.1.6 Impact of Digital Technologies on Marketing Strategies
1.1.7 Consumer Behavior and Decision Making are Interdisciplinary
1.2 Consumer Research
1.2.1 Quantitative Research
1.2.2 Qualitative Research
1.2.3 Combining Qualitative and Quantitative Research Findings
1.3 Consumer Research Process
1.4 Ethics in Consumer Research
2
4. Company Orientations to the Marketplace
4
What philosophy should guide a company marketing and selling efforts?
What relative weights should be given to the interests of the organization, the customers,
and society?
These interests often clash. However, an organization’s marketing and selling activities
should be carried out under a well-thought-out philosophy of efficiency, effectiveness,
and social responsibility.
Five orientations (philosophical concepts to the marketplace have guided and continue to
guide organizational activities):
1. The Production Concept
2. The Product Concept
3. The Selling Concept
4. The Marketing Concept
5. The Societal Marketing Concept
5. Company Orientations to the Marketplace
1. The Production Concept.
This concept is the oldest of the concepts in business.
It holds that consumers will prefer products that are widely
available and inexpensive.
Managers focusing on this concept concentrate on achieving high
production efficiency, low costs, and mass distribution.
They assume that consumers are primarily interested in product
availability and low prices.
This orientation makes sense in developing countries, where
consumers are more interested in obtaining the product than in its
features. 5
6. Company Orientations to the Marketplace
2. The Product Concept.
This orientation holds that consumers will favor those products
that offer the most quality, performance, or innovative features.
Managers focusing on this concept concentrate on making superior
products and improving them over time.
They assume that buyers admire well-made products and can
appraise quality and performance.
However, these managers are sometimes caught up in a love affair
with their product and do not realize what the market needs.
Management might commit the “better-mousetrap” fallacy,
believing that a better mousetrap will lead people to beat a path
to its door.
6
7. Company Orientations to the Marketplace
3. The Selling Concept.
This concept holds that consumers and businesses, if left alone, will ordinarily not
buy enough of the selling company’s products.
The organization must, therefore, undertake an aggressive selling and promotion
effort.
This concept assumes that consumers typically show buying inertia or resistance and
must be coaxed into buying.
It also assumes that the company has a whole battery of effective selling and
promotional tools to stimulate more buying.
Most firms practice the selling concept when they have overcapacity.
Their aim is to sell what they make rather than make what the market wants.
7
8. Company Orientations to the Marketplace
4. The Marketing Concept.
This is a business philosophy that challenges the above three business
orientations.
Its central tenets crystallized in the 1950s.
It holds that the key to achieving its organizational goals (goals of the
selling company) consists of the company being more effective than
competitors in creating, delivering, and communicating customer
value to its selected target customers.
The marketing concept rests on four pillars: target market, customer
needs, integrated marketing and profitability.
8
9. Company Orientations to the Marketplace
9
5. The Societal Marketing Concept.
This concept holds that the organization’s task is to determine the needs, wants,
and interests of target markets and to deliver the desired satisfactions more
effectively and efficiently than competitors (this is the original Marketing
Concept).
Additionally, it holds that this all must be done in a way that preserves or
enhances the consumer’s and the society’s well-being.
This orientation arose as some questioned whether the Marketing Concept is an
appropriate philosophy in an age of environmental deterioration, resource
shortages, explosive growth of population, world hunger and poverty, and
neglected social services?
Are there companies that do an excellent job of satisfying consumer wants
necessarily acting in the best long-run interests of consumers and society?
10. Marketing Concept
How does Consumer behavior study help business?
A recipe of good marketing strategy lies in sound understanding of
its market.
All good market communication strategies( brand , IMC) are
developed from deeper insight in the market.
Sound Product Distribution, Price , Customer services ( CRM )
strategy etc. originates from understanding of behavior of a market.
10
11. Marketing Concept
11
Consumer Buying process:
Impulsive buying : Consumer buy due to stimuli.
Compulsive buying : Consumer feels the product or service is
best suited for her need.
Addictive buying : Consumer feels the product or service is only
option available to meet her aspiration & life style.
12. Implementing Marketing Concept
Market Segmentation, Targeting and Positioning:
1) Identify bases for segmenting the market
2) Develop segment profiles
3) Target Marketing
4) Develop measure of segment attractiveness
5) Select target segments
6) Market Positioning
7) Develop positioning for target segments
8) Develop a marketing mix for each segment
12
13. Focus on Health and Beauty
The Information Superhighway
Trends influencing consumer behavior in
contemporary society
Shifting Roles of Sexes
Telecommuting
Personalized Economy
Emphasis on Leisure
Concern about Safety
Diversity
Focus on Ethics
Ecological Consciousness
A Global Village
Changing Perception of Religion
14. Market Segmentation, Targeting and Positioning
MARKET SEGMENTATION: Dividing a market into smaller groups of buyers on the
basis of needs, characteristics or behavior who might require separate products or
marketing mixes.
SEGMENTING CONSUMER MARKETS: Major segmentation variables are:
1. Geographic segmentation: Dividing a market into different geographical units e.g.
Country, City, Density (Urban, suburban, rural),Climate (Northern, Southern).
2. Behavioral segmentation: Dividing the market into groups based on consumer
knowledge, attitude, use or response to a product, Occasions, Benefits, User status,
Usage rate, Loyalty status.
3. Demographic segmentation: Dividing the market into groups based on demographic
variables e.g. Age, Gender, Family lifecycle, Income, Occupation, Religion.
4. Psychographic segmentation: Dividing the market into groups based on social class,
lifestyle and personality.
14
15. SEGMENTING BUSINESS MARKETS
Major segmentation variables:
Demographics
Industry
Company size
Locations
Operating variables
Technology
User-nonuser status
Customer capabilities
15
16. Purchasing approaches Personal characteristics
Purchasing function organization
Power structure
Nature of existing relationships
General purchase policies
Purchasing criteria
Situational factors
Urgency
Specific applications
Size of order
Personal characteristics
Buyer-seller similarity
Attitudes toward risks
Loyalty
16
17. SEGMENTING INTERNATIONAL MARKET
Major segmentation variables:
Geographic location
Economic factors
Political and legal factors
Cultural factors
17
18. TARGET MARKETING
Target Marketing: The process of evaluating each market segment’s
attractiveness and selecting one or more segments to enter.
Evaluating Market Segments:
Segment size and growth
Major structural factors affecting segment attractiveness
Competitors
Substitute products
Power of buyers
Powerful sellers
Company objectives and resources
18
20. SELECTING MARKET SEGMENTS
Undifferentiated (mass) marketing: A market coverage strategy in which a firm
decides to ignore market segment differences and go after the whole market with
one offer.
Company Marketing Mix
Market
Differentiated (segmented) marketing: A market coverage strategy in which a
firm decides to target several market segments and design separate offers for each.
Company Marketing Mix 1
Segment 1
Company Marketing Mix 2
Segment 2
Company Marketing Mix 3
Segment 3
20
21. SELECTING MARKET SEGMENTS
Benefits of segment marketing over mass marketing: –
The company can market more efficiently toward the consumers that
it can serve best and most profitably.
The company can market effectively by fine-tuning its marketing
mixes to the needs of carefully defined segments.
The company may face fewer competitors.
21
22. SELECTING MARKET SEGMENTS
Concentrated (niche) marketing: A market coverage strategy in which a firm goes after
a large share of one or a few submarkets with distinctive traits that may seek a special
combination of benefits.
Company Marketing Mix
Segment 1
Segment 2
Segment 3
Benefits of niche marketing over mass/segment marketing:
Niches are Smaller and normally attract only one or a few competitors.
Marketers understand their consumers’ needs so well that their customers willingly pay
a price premium.
It offers smaller companies an opportunity to compete by focusing their limited
resources on serving niches that may be unimportant to or overlooked by larger
competitors.
22
23. SELECTING MARKET SEGMENTS
Micromarketing: A market coverage strategy in which a firm
tailors its products and marketing programs to suit the tastes of
specific individuals and locations.
Micromarketing includes –
Local marketing - Cities, neighborhoods and specific stores
Individual marketing – Mass customization
23
24. SELECTING MARKET SEGMENTS
Choosing a market-coverage strategy is based on:
Company resources
Product variability
Product’s life-cycle stage
Market variability
Competitor’s marketing strategies
24
25. POSITIONING FOR COMPETITIVE ADVANTAGE
POSITIONING FOR COMPETITIVE ADVANTAGE:
Market positioning is the process of arranging for a product to
occupy a clear, distinctive and desirable place relative to competing
products in the minds of target consumers.
A product’s position is the way the product is defined by consumers
on important attributes – the place the product occupies in
consumers’ minds relative to competing products.
25
26. CHOOSING A POSITIONING STRATEGY (3 steps)
1. Identifying possible competitive advantages :Competitive advantage is an
advantage over competitors gained by offering consumers greater value, either through
lower prices or by providing more benefits that justify higher prices.
Positioning on specific product features:
The most common basis for constructing a product positioning strategy are: –
Positioning on specific product features
Positioning on specific benefits, needs or solution
Positioning on specific use categories
Positioning on specific usage occasions
Positioning on a reason to choose an offering over the competition
Positioning against another product
Positioning by cultural symbols
26
27. CHOOSING A POSITIONING STRATEGY (3 steps)
2. Choosing the right competitive advantages :
How many differences to promote?
Which differences to promote?
The differences must have the following criteria: -
Important
Distinctive
Superior
Communicable
Preemptive
Affordable
Profitable
27
28. CHOOSING A POSITIONING STRATEGY (3 steps)
3. Selecting an overall positioning strategy :
Price (More, The same, Less)
More for more, More for the same, More for less
Benefits: The same, The same for less, Less for much less.
28
29. 4 Ps of Marketing Mix
1. Product: There are many things to consider when choosing a product to sell:
What do people want?
What services should be included with the sale of a product?
2. Price : The price is what the customer must give up to receive the product.
It often is necessary to try different prices periodically to see which prices
provide the best financial returns.
3. Place :It is important to make sure that there is enough of a product on hand
to sell.
For instance, if there is a sale, then enough of a product should be available so
that customers can be satisfied.
4. Promotion :Promotion involves all that goes into making consumers aware of
your product and its desirable features, including: Advertising, Personal selling,
Sales promotion etc.
29
30. Customer Value, Satisfaction and Retention
It is no longer enough to satisfy customers. You must delight them. (P. Kotler)
Customer Perceived Value: Is the difference between the prospective customer’s evaluation of
all benefits and all the costs of an offering and the perceived alternatives.
Determinants of Customer Delivered Value:
Total Customer Satisfaction: is a person’s feelings of pleasure or disappointment resulting from
comparing a product’s perceived performance (outcome) in relation to his or her expectations.
Customer Expectations: Customers form their expectations from past buying experience, friends
and associates’ advice and marketers’ and competitors’ information and promises. (High VS Low
expectation).
Total Customer Satisfaction:
Delivering High Customer Value :Delivering a competitively superior value proposition aimed at
a specific market segment, backed by a superior value-delivery system.
Value proposition: whole benefits a company promises to deliver.
Value-delivery system: all experiences the customer will have on the way to obtaining and using
the offering.
30
31. Attracting and Retaining Customers
Five levels of investment in customer relationship building:
1. Basic marketing: simply sell
2. Reactive marketing: sell & encourage to call
3. Accountable marketing: phone and ask for feedback.
4. Proactive marketing: contact from time to time.
5. Partnership marketing: work continuously to improve the company
performance.
Forming Strong Customer Bonds: Cross-departmental participation,
Integrate the Voice of the Customer into all business decisions, Create
superior offering for the target market.
31
32. Impact of Digital Technologies on Marketing Strategies
Positive Implications
Marketers can be in touch with anyone, anywhere and at any time
Availability of information increases consumers’ knowledge and
power in the marketplace.
Negative Implications
Increased information about consumers raises serious privacy
issues
Creation of a digital divide that further stratifies society based on
wealth, education and age
32