Author: workhouse123
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MANAGING CONSUMER DEMAND
With an understanding of consumer behavior and its changing patterns and influences, in this second part of the chapter we shall concentrate on what consumer demand means, how we can gauge it, the factors impacting demand and how marketers can interpret and manage changing consumer demands to integrate them into the product development lifecycle. Understanding…
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Marketing Intelligence from User’s Online Data
This final section of the first part focuses on how to gather marketing intelligence through user’s online data and the key application areas to benefit from those insights. Consumer behavior data typically resides across multiple repositories and platforms and marketers need appropriate tools and technologies to gather, integrate, and analyze that data. This field, typically…
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Passive Digital Influences
Active Digital Influences Attributes of Online Buying Behavior With a good understanding of the impact of digital technology, let us now study the key attributes of online buying behavior and what motivates customers to buy online. In Chapter 2 we had looked at the key value elements which create ‘digital value’ for any online buying. Those included…
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Impact of Digital Technology on Consumer Behavior
Before we move ahead to understand the impact of digital on consumer behavior, it is important to know the difference between a regular consumer and one who is online. What are the characteristics which separate these two types of consumers and why is it useful for marketers to give importance to digital consumers? A digital…
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EVOLUTION OF CONSUMER BEHAVIOR MODELS
In the section on Chapter 1 titled “Digital Marketing Channels—Types and Business Models,” we had looked at the key stages of the consumer funnel which any consumer would typically go through before finally buying a product. These stages (intent, awareness, interest, action, and follow), describe the journey of the customer from an initial thought to sealing the…
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Digital Value-Led Marketing Approach
With an understanding of the key value elements which differentiate sales of products and services in an offline or online mode, let us extend these concepts by applying them to the same example—journal publishing—which we were discussing in the earlier section for easy reference. Laying down the key digital value aspects on all of the…
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Understanding Digital Value Elements
Value elements essentially are the set of key differentiators which when used individually or in conjunction with each other provide a unique compelling proposition for any customer to buy a product from online rather than physical channels. In Fig. 2.8, we will showcase how a combination of physical goods and services along with the value elements (discussed…
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DIGITAL MARKETING BUSINESS MODELS
From the last section we learnt how reduction of transaction costs across the value chain has helped create the new digitized value chain. We are aware that a product or service sold on any digital platform provides some additional value due to which customers prefer to buy from these new channels. We term this congregation…
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Emergence of Digitized Value Chain
With an understanding of the value chain process steps for a generic journal publishing value chain, let us look at how multiple and digital expert functions help revise the value chain to create a completely refined and agile ‘Digitized Value Chain’ which opens up the possibility of creating newer digital marketing models (which we will…
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VALUE CHAIN DIGITIZATION
In the last chapter, we learnt about the stakeholder-based ‘digital transformation model’ to understand how various elements affect the interactions of a firm with their suppliers and intermediaries, and how internal processes can yield necessary transformation elements for customer satisfaction. Starting with elements of the same model, we would start to map out key value…