Marketing in the 21st Century

Masters
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Marketing
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Personalization is modifying a product according to customer taste and preference. Method of personalization varies from business to business. Modern personalization has different faces. It can be segment marketing, adaptive personalization, cosmetic personalization, transparent personalization, collaborative customization…

Introduction

The value customer gain from personalization is far greater as it is tailored according to customer taste and preference. And for that value companies can charge extra price which customer must be willing to pay. The customers are also the co-creator in personalization, so it makes it easier for companies to match their needs and there is a lesser chance of failure. The loyalty of customer increases with personalization as customer feels that company cares about his values and preferences. (Vesanen, 2007) Nowadays it all depends on how well the company can understand its customer and the better it knows its customer the better product and services it can provide to its customers. It’s not necessary to make everything customizable for the user. It depends on multiple factors that what to customize and what not to customize? Companies should see where they can capture maximum value from the customer. If customer value is higher for personalized message then company should go with personalized messages, if customer value is higher for personalized product then it should offer personalized product. The company needs to do cost benefit analysis before deciding what to customize and the degree of customization. ...
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