Written by students who passed Immediately available after payment Read online or as PDF Wrong document? Swap it for free 4.6 TrustPilot
logo-home
Summary

Summary MKTG 4111

Rating
-
Sold
-
Pages
5
Uploaded on
16-11-2022
Written in
2022/2023

Providing simplified and precise lecture notes and summaries for college students in marketing. Added are the possible test materials.

Institution
Course

Content preview

A Practical Approach—Summary

Chapter 1. Marketing in a Digital World

This first chapter considers some of the aspects of technological development that will
–or already do – impact on the digital marketer. They are generic in nature in that they
are not marketing subjects – but they have either (a) an impact on marketing, or (b)
can be used by marketers in the practice of their craft.

A natural successor to the digital revolution, where changes to business brought about
by digitalization were presented, the digital transformation takes the issue a stage – or
several stages – further on into the impact of various technologies on business.

Although the term digital transformation has been around since the birth of the
commercial Internet, it has previously been used to describe how organizations,
industries or markets adapted to the digital world. Obvious examples are e-commerce
(the sale of goods online) and the impact of digital technologies on the printing and
music industries. More recently, however, digital transformation has become the term
that indicates how the entire organization has adopted, adapted to – or ignored – the
changes brought to society by the digital revolution.
In attempting to define digital transformation, Fitzgerald et al. (2013) suggest it
encom-passes the use of new digital technologies to enable major business
improvements (such as enhancing customer experience, streamlining operations or
creating new business models). Customer service writer and practitioner Gerry
McGovern is more specific, saying that: ‘Digital transformation is about
organizing around the current customer.
It is about putting the customer at the centre of the universe.’ In a warning to
those organ-izations that follow a trend rather than fully committing to digital
transformation, McGovern has also said that ‘Digital is the transformation agent,
not the transformation.’

It is agreed, however, that for any organization to digitally transform, that
transformation has to:

● be organization wide
● be understood by everyone in the organization
● involve everyone in the organization
● be cultural and not forced
● have no end date.

, An effective digital transformation cannot be undertaken by one area or department of
the organization. Furthermore, digital transformation is not about technology, it is
about the strategic use of technology. However, too often the IT department is the least
digitally savvy department within most organizations because they are still obsessed
with the technology. A great many organizations still seem to think that the answer to
digital technology is in buying the right technology.

Key components of the digital transformation include: big data, reverse marketing,
mobile applications, the Internet of things and the automation of business processes.

Big data
This is the collection of a wealth of data from and about everything internal and external
to the organization and its interpretation to help make the business run more
efficientlyand improve customer service. It facilitates the ability to track customers and
their communications across every channel, which can help measure and manage the
customer experience – the sum of all the experiences a customer has with a business. In
turn, this can:

● help improve customer service levels
● enhance customer retention
● improve overall customer lifetime value
● be used to deliver personalized services.

However, some are sceptical. As with other aspects of technology, those promoting the
concept – and term – are more often those who will gain from its adoption; that is, those
selling products or services associated with it. It is still not agreed whether it is the
cutting edge of modern marketing or an overhyped buzzword. Commentators raise two
other issues with regard to big data’s value:
● Mathematical algorithms produce data in abundance on what has happened – or is
happening – but they have difficulty answering the question of why things are
happening. That is where the analytics come into play

Sceptics who question the value of the deluge of data produced by data scientists have
coined the phrase weapon of math destruction to describe the impact of useless big data
on organizations.

Reverse marketing
Associated to the concept of helping the buyer to buy, this is where organizations and
brands are increasingly distrusted by customers and so the customer has become the
marketer, that is, the roles are reversed.

Written for

Institution
Course

Document information

Uploaded on
November 16, 2022
Number of pages
5
Written in
2022/2023
Type
SUMMARY

Subjects

$5.99
Get access to the full document:

Wrong document? Swap it for free Within 14 days of purchase and before downloading, you can choose a different document. You can simply spend the amount again.
Written by students who passed
Immediately available after payment
Read online or as PDF

Get to know the seller
Seller avatar
eloisa

Also available in package deal

Get to know the seller

Seller avatar
eloisa Central Luzon State University
Follow You need to be logged in order to follow users or courses
Sold
-
Member since
3 year
Number of followers
0
Documents
10
Last sold
-

0.0

0 reviews

5
0
4
0
3
0
2
0
1
0

Recently viewed by you

Why students choose Stuvia

Created by fellow students, verified by reviews

Quality you can trust: written by students who passed their tests and reviewed by others who've used these notes.

Didn't get what you expected? Choose another document

No worries! You can instantly pick a different document that better fits what you're looking for.

Pay as you like, start learning right away

No subscription, no commitments. Pay the way you're used to via credit card and download your PDF document instantly.

Student with book image

“Bought, downloaded, and aced it. It really can be that simple.”

Alisha Student

Working on your references?

Create accurate citations in APA, MLA and Harvard with our free citation generator.

Working on your references?

Frequently asked questions