How has technology impacted marketing?
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In your own words, can you give me a "one over the world" opinion on,
--how has technology impacted marketing?
--What types of new technologies are organizations using to market their products and services to both buyers and sellers?
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Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer.
My personal definition
Marketing is a set of activities, which will satisfy the objectives of both the organizations its stakeholders including customer.
Impact of technology
The basic objective of marketing remains the same now also. But the position has now changed to a certain extend due to advancement in technology. Thus the marketing environment has been changed tremendously in the last five years than when compared to the last fifty years. The ever-changing technology has affected marketing in following manner:
? Now the competition has become global.
? Geographic boundaries have become almost incidental.
? Competitors are coming from outside traditional core business.
? Margins are thinner, with severe impact on cost structures and profitability.
? Customers are less loyal, but more sophisticated and ever more demanding.
? Technological shifts in information availability and processing power have virtually eliminated the information float from business processes.
(Indiainfoline)
New technologies
Ecommerce
Marketing has been more dynamic and challenging with increasing competition and at the same time decreasing customer loyalty in the market. There also has been an explosion of new technology driven channels to reach the customer. Now organizations can reach customer much more easily with the help of e technologies. Internet is helping in improving the ability to understand and meet changing global market requirements and the ever-changing customer requirements. Thus ecommerce is helping in enhancing the product's quality, reliability and end-use performance, improving customer satisfaction, increasing the market share.
The information is exchanged much more quickly than any other thing which is helping the organizations to make more quick and accurate decisions. E business has removed geographical and time restrictions for the organizations. It also helps in following:
? Recording and analyzing strategic management records : processing these strategic management records ...
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