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The use of technology to apply marketing concepts
Pages 8 (2008 words)
The new economy has brought success to numerous organizations that use technology to apply marketing concepts like customer focus, good value, quality service and efficient exchange mechanisms for satisfying customer needs and wants. The new economy is based on the digital revolution and the management of information about customers, products, prices, competitors and every other aspects of the marketing environment.
Consumers have great amount of information access power. As the demographics has been continuously changing worldwide, needs and preferences has been changing. In any part of the globe it's the consumers demographics and culture plays an all-important role in shaping any marketing strategy. For the product like Ice cream consumers' age as well as eating culture always plays a major role to decide preference and needs. In general, today's youth particularly interested in technology and gathering information in emerging economy, is more aware of its environment and changes that is taking place globally. Young are more technology friendly and connected through Internet, TV and other communication gadgets. They are more information oriented. Today's youth is more assertive and they have specific preference and needs as well as they are more influential in shaping others buying behaviours to buy almost anything. Children age 2 to 14 indirectly influence as estimated $300 billion in annual household purchase (Mc Neal, 1998, pp 37-41). Reaching and influencing the young segment is ever more challenging. Consumption patterns are shifting from mass media towards micro media for the masses. ...
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