Chapter 22 - Marketing Strategy
Learning Objectives: To understand the different impacts of technology on Marketing
As you may have noticed IT has had significant impact on different aspects of business. On Marketing this is no different:
Internet:
- Websites are essential for products' marketing; (two-way communication, sharing of details, reviews, photos, videos);
- Useful for the attraction of new customers;
- Ecommerce as a prominent channel of distribution nowadays.
Email:
- Opt-in email lists that create large base of interested customers;
- Can be effective for communication, discounts, and other promotions;
- It is affordable;
- It aids businesses on creating demand and generating sales.
Mobile:
- Reaching customers at anytime, anywhere;
- Used for promotions (coupons, discounts);
- Effective for communication.
In-Store Application of IT:
- Digital signage to capture attention;
- Allows for quick adjustments to inventories (e.g. restaurants using digital menus).
Social Media:
- Quick and easy to communicate;
- Needs to be used regularly and effectively to be worthwhile the investment;
- Has recently replaced the 'old' word of mouth by encouraging shares and reviews.
Artificial Intelligence and Marketing:
AI has the great ability to go through, organize, and understand vast amounts of information quickly. Here are some of its uses nowadays:
Gain better understanding of customers by monitoring consumption, reading, watching, and commenting patterns on social media - it allows for quick modifications to be carried on for best performance;
Analyzes consumers' word searches and profiles allowing for more effective ads to be created;
Allows for interaction with customers to take place at the moment of purchase which can positively influence their decision-making (chatbots).
There are many concerns / limitations over the use of AI for Marketing:
- Privacy concerns over the collection and use of public data;
- There needs to be significant investments in technology (computing power) and expertise (labor);
- Although mostly automated there still needs to be management supervision and control.
Business in Action 22.2 - Discussion
Chapter 22 - Marketing Strategy
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