Mass Marketing to Micro Marketing : Democratization of Goods
Marketing is a management process directed at satisfying customer needs and wants through an exchange process.~Smith, Bucklin amp; AssociatesThus, the very essence of marketing is defined to be satisfaction of customers. Everyone wants to be treated like an individual. Customers want products that serve their exact needs. Product innovation, instead of being a process of designing standardized products born from inherent compromises, is transformed into a quest for the perfect match between product and individual buyer. Ensuring this for all your targeted customers is micromarketing. Micromarketing is the practice of tailoring products and marketing programmes to suit the taste of specific individuals and locations. Thus, micromarketing as a concept is not new to marketing. But it has changed its form evolving perennially in a circle of marketing orientations.In today's competitive markets, many marketing organizations are considering how micromarketing efforts can directly impact their bottom line by achieving greater results with a fixed marketing budget. The challenge is that micromarketing requires a new level of understanding of customers, prospects, and the demographic makeup of targeted areas. Marketers depend on marketing research to determine what consumers want and what they are willing to pay for. Technology is available today to market to people on an individual basis. Marketers are faced with the challenge of influencing the decision making of retailers and reaching a consumer audience that is more fragmented than ever. Companies are rediscovering their customer. The definition of customer extends to include both retailers as well as end users. Micromarketing is facilitated using new techniques like customer intimacy, experiential marketing and storytelling. We analyze the possibilities of theses and the future direction and momentum of micromarketing
Year of publication: |
[2007]
|
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Authors: | Gupta, Deepali |
Other Persons: | Raju, Bhadrish S. (contributor) |
Publisher: |
[2007]: [S.l.] : SSRN |
Saved in:
freely available
Extent: | 1 Online-Ressource (8 p) |
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Type of publication: | Book / Working Paper |
Language: | English |
Notes: | Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 31, 2006 erstellt |
Other identifiers: | 10.2139/ssrn.878617 [DOI] |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10012731972
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