Tag Archives: Price Comparison
Connection Between New Technology And Marketing Management
Perhaps the biggest way that advance in technology and increased internet access has influenced marketing is through customer input and interaction with companies and product manufacturers.
The internet has essentially given a voice to the consumer, as well as a great deal of information and choice about products that are sold today. Because of the increased emphasis on the customer’s wants and needs, marketing has been forced to adapt as well in order to accommodate changing goals.
The four Ps of marketing management are undergoing some serious changes, and place and promotion are also influenced by technology and the changing demands of customers as well.
Effects of Technology on Marketing Management and Products Pricing
Many marketing managers are already aware of the four Ps and how pleasing customers has become a major priority in marketing today. With increases in technology, however, customer approval is more important than ever before, and all aspects of business are rapidly advancing to conform to expectations of today’s varied consumers.
The internet has offered consumers the ability to not only rate a large number of products, but also easily provide their own reviews, opinions, and input into the most popular products.
The effect of this on production is that today’s products are tested and engineered to be of the highest quality and also accommodate many customer needs. In terms of marketing management, it means being able to listen to the customers and not only what they like and dislike but what their needs are and how they can be met.
One great example of how businesses have adapted to customers can be seen in the auto industry. Today’s vehicles come standard with such things as mp3 players, navigational systems, Bluetooth capability, and even added cup holders and grocery bag hooks. Also, cars are now equipped with more added safety features than ever before.
