Thursday, January 10, 2013
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The world of marketing professionals has witnessed a drastic change in recent times with the advent of internet marketing through technology enabling channels like the internet. Some may call it a major turmoil, while some may call it a paradigm shift within the discipline. Indeed the move has been so revolutionary that often the very experienced marketer fails to understand how deeply these changes have affected not only the macro environment of the business / firm, but also the micro management perspectives have been taken for a ride.
To many bystanders, the classic theories of marketing management seem to lose their relevance in this turbulent market. In fact, there has been a great realization of the limitations of the marketing mix theories. What is merely happening is the extension of the existing theories to the world of internet marketing using newly developed and deployed channels of communication with the customers and other partners. So what has changed so drastically in these years and why? In this article, we respond to a few burning issues which has evolved with the digitalization of one of the most important function within an enterprise.
One of the major issues is how to address the concerns over intellectual property? This becomes even more relevant as we move towards offerings (sometimes products and sometimes services) which by their very definition is intangible. The differentiating factors are slowly getting dissolved in this era of internet marketing. The mantra to “create, communicate, deliver the value to the target market at a profit”, a term that has been popularised by Philip Kotler, is being stretched like never before. Creation of replicated intellectual property and communicating them across geographically dispersed segments has really made it easier to deliver the same and thus acquire new customers, unlimited by market structure or dynamics.
Another key concern is strategy implementation through a roadmap of implementation and the replicability of the roadmap over a short period of time. While there are a lot of guides for internet marketing, which are readily available on the web, implementation of a successful internet marketing strategy has become quite difficult due to the high concentration of competition despite the elasticity of demand of the professionals. Indeed, one needs to take a deeper insight while strategizing, while formulating a digital marketing blueprint. All the more difficult is to actually replicate the model of a successful strategy, after it has been implemented, and thus, the sustainability becomes a major question. This in fact prevents many marketers to even try this new channel, despite being convinced about the potential benefits.
In fact, a lot more has changed since the internet took our world like a whirlwind. Today it is of utmost importance to understand the dynamics and implication of the digitization of the web. Do get in touch with me if you have any queries regarding this article.
About the author: Dr. Arpan Kar (PhD) is a faculty of the globally renowned Indian Institute of Management. He has rich experience in research, training and consulting in e-business, e-commerce, digital marketing, technology marketing and technology enabled supply chain management. He was earlier associated with IBM Research and Cognizant Business Consulting besides handling advisory projects for multiple Fortune 500 MNCs. He is the Editor of Business Fundas and also writes for Technorati.