Friday, August 10, 2007
Changing Marketing Dynamics with Changing Consumer
Customer’ will play an integral part in the changing marketing dynamics. Shift of power in the market place from the marketer and channel to the consumer or customer is occurring primarily because of the shift in information technology and changing customer characteristics. Information and knowledge will flow both ways: from marketer to consumer and from consumer to marketer. Information technology has resulted in the growth of customer power. Consumers can determine what they want to buy, search all available resources and compare prices and alternatives. Marketing and communication development in future will be based on who controls the market place and the variables that influence market place power. Major changes in the market place are primarily caused by technology.
Changes in the market place are also caused by the changing expectations and demands from customers. Identifying new opportunities and developing successful competitive strategies based on the creative application of leading edge technologies will also decide the success and failure of marketers in the future. Firms have to act in advance to tap this competitive advantage rather than reacting after the opportunity is lost. Focusing on consumers’ changing views and changing trends in future buying plans will be necessary for survival. This research paper attempts to understand the role of customers in the marketing network and throws light on the customer characteristics, which influence the transition from passive consumer to an active co-creator.
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