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Chapter 1 : Understanding Marketing And The Marketing Process


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Learning Outcome

By the end of this topic, you should be able to:

  • Define marketing and the utility (value) it creates for the customer
  • Trace the origin of marketing and explain how it has evolved
  • Understand how organizations promote brand awareness and differentiation through current digital technologies.

Introduction:

According to the Organization for Economic Cooperation and Development (OECD), digital innovations can bring countries closer to sustainable prosperity. McKinsey lists top innovations that have had the most significant economic impact, including mobile internet, automation of knowledge work, the internet of things, cloud technology, advanced robotics, and 3-D printing, among others. These digital technologies have been around for some years but their impact reached the highest point only recently, fuelled by the convergence of multiple technologies.

These technologies help develop multiple sectors in the economy such as retail (e- commerce), transportation (automated vehicles), education (massive open online courses), health (electronic record and personalized medicine), as well as social interactions (social networks). However, many of the same technologies that drive the digital economy are also disrupting key industries and upsetting major incumbents.

Under the current digital age, new technologies emerge one after the other. Many upgraded technologies are seen in information exchange, client information and data storage, which have caused a new impact on traditional business environment. We By the end of this topic, you should be able to: Define marketing and the utility (value) it creates for the customer Trace the origin of marketing and explain how it has evolved Understand how organizations promote brand awareness and differentiation through current digital technologies.

conclude this as three key trends: digitalization of information exchange, digitalization of client interaction and digitalization of data storage (Figure 1.1)

This is an era when the world embraces digitalization. Almost everyone have more access to the internet, able to share more information through online and are more likely to obtain information from the internet and somehow making marketing digitalization an inevitable trend. The best enterprises and institutions no longer just talk about digitalization alone but discuss it together with marketing for discussion. the most efficient and operative one is “digital marketing strategy”, which is possible to be “value visualized” in real-time age. As Drucker proposed, marketing and innovation were the only sources of generating profit in enterprises.

The rise of social media marketing and search engine marketing as well as the exponential growth of e-commerce have introduced marketers to the benefits of digitalization. But marketing in the digital context is not much more than migrating customers to digital channels or spending more on digital media. Digital technology can revolutionize how marketers ply their trade. In essence, technology will enable marketing to be data-driven, predictive, contextual, augmented, and agile