Marketing

New technological advances and new market forces are creating a new economy. Companies and marketers need to add new tools and practices if they hope to be successful.
Four specific drivers of the new economy are digitalization and connectivity, disintermediation and reintermediation, customization and customerization, and industry convergence. Digitalization in particular has introduced exciting new capabilities for consumers and for businesses.
The new economy is shifting several old economy business practices toward organizing by customer segments ( instead of only by products ), focusing on customer lifetime value ( instead of only transactions ), focusing on stakeholders ( and not only shareholders ),getting everyone to do the marketing, building brands through behavior ( not just advertising ), focusing on customer retention ( as much as customer acquisition ), measuring customer satisfaction, and underpromising and overdelivering.
Companies face many questions in adopting e-marketing. Three of them are knowing how to design an attractive web site, knowing how to advertise on the web, and knowing how to build a sound revenue and profit model for their dot-com business.
Companies are also becoming skilled in Customer Relationship Management (CRM), which focuses on meeting the individual needs of valued customers. The skill requires building a customer database and doing datamining to detect trends, segments, and individual needs.More...