Marketing in the 21st Century: Strategic Innovation in Globally Diverse Markets
Praxis II: Marketing in the 21st Century
Marketing: Strategic Innovation in Globally Diverse Markets
December 23, 2012
Abstract
This paper will explore the potential evolution of the role of consumer marketing. I will examine the role of the retailer and the consumer on the Internet and the vital changes retailers must incorporate to stay competitive in the marketplace. In addition, I will discuss the role of personalized marketing, traditional advertising versus online advertising, changes in the marketplace attributable to globalization, the implications of interpersonal communications, and management of the 5Ps.
Personalized Marketing
Personalized marketing (sometimes referred to as one-to-one marketing) is the marketer attempt to provide the customer individual attention through a variation of methods. Personalized marketing is a strategic approach which involves tailoring products differently for each and every consumer while retaining the principles of mass production. One-to-one marketing is attributable to two converging phenomena: the interactive flow of information made possible by robots and just-in-time inventory (Lampel & Mintzer, 1996, p. 21).
In order for a company to be effective in personalized marketing, the company must be able to gather information on the target individual. Today, with the power of technology this is a widespread practice on the Internet. The Internet provides a medium to make one-on-one personalization practical for a variety of firms (Schibsted, 2001). For example, a web page may establish cookies and track the buying habits of the customer. Based on the customer buying habits, advertisements are geared towards that individual.
An example of personalized marketing is something I witness on a regular bases, but did not realize it was referred to as personalized marketing. I consistently purchase items through Amazon.com, in which I typically purchase books. Amazon.com routinely sends me emails,
Marketing: Strategic Innovation in Globally Diverse Markets
December 23, 2012
Abstract
This paper will explore the potential evolution of the role of consumer marketing. I will examine the role of the retailer and the consumer on the Internet and the vital changes retailers must incorporate to stay competitive in the marketplace. In addition, I will discuss the role of personalized marketing, traditional advertising versus online advertising, changes in the marketplace attributable to globalization, the implications of interpersonal communications, and management of the 5Ps.
Personalized Marketing
Personalized marketing (sometimes referred to as one-to-one marketing) is the marketer attempt to provide the customer individual attention through a variation of methods. Personalized marketing is a strategic approach which involves tailoring products differently for each and every consumer while retaining the principles of mass production. One-to-one marketing is attributable to two converging phenomena: the interactive flow of information made possible by robots and just-in-time inventory (Lampel & Mintzer, 1996, p. 21).
In order for a company to be effective in personalized marketing, the company must be able to gather information on the target individual. Today, with the power of technology this is a widespread practice on the Internet. The Internet provides a medium to make one-on-one personalization practical for a variety of firms (Schibsted, 2001). For example, a web page may establish cookies and track the buying habits of the customer. Based on the customer buying habits, advertisements are geared towards that individual.
An example of personalized marketing is something I witness on a regular bases, but did not realize it was referred to as personalized marketing. I consistently purchase items through Amazon.com, in which I typically purchase books. Amazon.com routinely sends me emails,
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