Transformative Forces in Marketing: Technology, Globalization, and Social Responsibility | Study Guides, Projects, Research Marketing Management

There are three main transformative forces: Technology, Globalization and Social Responsibility

Technology

Technology is changing fast. The speed of change and the

level of technological innovation are incredible. The number of mobile phone users in a

developing

country like India has exceeded 500 million. Internet users are embracing the social media.

Facebook’s monthly users passed one billion. The internet is penetrating at a fast rate even in

developing countries like Africa. More than half of the urban population of Africa access the

internet monthly

With the rapid rise of e-commerce, mobile Internet, and Web penetration in emerging markets,

Boston Consulting Group believes brand marketers must enhance their "digital balance sheets”.

A huge amount of information and data about almost everything is now available to consumers

and marketers. Even traditional marketing activities are deeply influenced by technology.

In many leading companies,

CMOs and CIOs collaborate successfully to launch new products and services. For example,

Aetna’s CMO and CIO collaborated successfully for years to launch iTriage, a popular health app

for the iPhone. The app allows users to research ailments, find nearby physicians, and learn

about prescribed medicines

How are they likely to change in the future?

In the future, Artificial intelligence (AI) is not a strange term; In recent years we have also seen

that the "age of AI is booming". AI can be applied to most industries. I can say, "AI is the future

of marketing." AI has shown some impressive developments in the marketing industry over the

years. Let's take a look at some of the applications of AI in this industry:

1. Ai's applications in marketing: With the advent of digital marketing and the internet

revolution, mass media advertising is outdated, and things like consumer behavior,

interests, search history tracking, SEO, content marketing, voice recognition are slowly

leading the way.

2. AI in content management and creation: A program set up by AI can generate content

about an event, financial article, or some market trend. A few examples of program

content created by AI: Wordsmith, Contentop, Articolo, and WordAi.

3. AI can recognize text and voice: AI allows users to talk to the device and receive

relevant information. And voice recognition technology is a widely used and widespread

type of AI; there are many programs or software that use this feature; Like Spotify,

Google assistant, ...

4. AI in advertising personalizes the customer experience: Today, brands are moving to

how advertising can connect with their customers on a deeper level. Ads based on

customer insight analytics/predictions won't be enough for this era. Therefore, modern

advertising is about understanding the emotions of customers based on their

interactions with the brand.

5. AI understands the consumer behavior of the subject: We can track customers by the

"traces" they leave through their use of the Internet as cookies. AI helps websites track

users' preferences and search history to understand their behavior. This allows websites

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There are three main transformative forces: Technology, Globalization and Social Responsibility

Technology

Technology is changing fast. The speed of change and the level of technological innovation are incredible. The number of mobile phone users in a developing country like India has exceeded 500 million. Internet users are embracing the social media. Facebook’s monthly users passed one billion. The internet is penetrating at a fast rate even in developing countries like Africa. More than half of the urban population of Africa access the internet monthly With the rapid rise of e-commerce, mobile Internet, and Web penetration in emerging markets, Boston Consulting Group believes brand marketers must enhance their "digital balance sheets”. A huge amount of information and data about almost everything is now available to consumers and marketers. Even traditional marketing activities are deeply influenced by technology. In many leading companies, CMOs and CIOs collaborate successfully to launch new products and services. For example, Aetna’s CMO and CIO collaborated successfully for years to launch iTriage, a popular health app for the iPhone. The app allows users to research ailments, find nearby physicians, and learn about prescribed medicines How are they likely to change in the future? In the future, Artificial intelligence (AI) is not a strange term; In recent years we have also seen that the "age of AI is booming". AI can be applied to most industries. I can say, "AI is the future of marketing." AI has shown some impressive developments in the marketing industry over the years. Let's take a look at some of the applications of AI in this industry:

Ai's applications in marketing: With the advent of digital marketing and the internet revolution, mass media advertising is outdated, and things like consumer behavior, interests, search history tracking, SEO, content marketing, voice recognition are slowly leading the way.
AI in content management and creation: A program set up by AI can generate content about an event, financial article, or some market trend. A few examples of program content created by AI: Wordsmith, Contentop, Articolo, and WordAi.
AI can recognize text and voice: AI allows users to talk to the device and receive relevant information. And voice recognition technology is a widely used and widespread type of AI; there are many programs or software that use this feature; Like Spotify, Google assistant, ...
AI in advertising personalizes the customer experience: Today, brands are moving to how advertising can connect with their customers on a deeper level. Ads based on customer insight analytics/predictions won't be enough for this era. Therefore, modern advertising is about understanding the emotions of customers based on their interactions with the brand.
AI understands the consumer behavior of the subject: We can track customers by the "traces" they leave through their use of the Internet as cookies. AI helps websites track users' preferences and search history to understand their behavior. This allows websites

to understand specifically what a user's preferences, wants, and needs are for the most accurately targeted advertising possible.

AI in optimizing revenue: AI applications aim to reach customers with all advertising channels - in all forms automatically, which helps businesses increase their revenue from automated advertising in a strong way.

Globalization

The world has become a smaller place. New transportation, transportation and communications technologies have made it easy to know the rest of the world, travel, buy and sell anywhere. By 2025, annual consumption in emerging markets will total $30 trillion and contribute more than 70% to global GDP growth. It is forecasted that 56% of global financial services consumption will come from emerging markets by 2050, up from 18% in 2010. Demographic trends favor developing markets such as India, Pakistan and Egypt, with an average age of less than 25. In terms of middle-class growth, defined as earning more than $3,000 a year, the Philippines, China and Peru are the three fastest-growing countries. Globalization has made countries increasingly multicultural. Globalization changes innovation and product development as companies take ideas and lessons from one country and apply them to another. How are they likely to change in the future? In the future, globalization may move for better or for worse. Globalization will create more of the same as consumer demand for products. Moreover, it helps us to have more tools and technology to market. On the other hand, we will face environmental pollution, negativity in human behavior, the lifestyle of each person changes rapidly. Marketers have to adapt, they have to be ethical when doing marketing. Furthermore, violations of brand image and environmentally beneficial products will become common.

SOCIAL RESPONSIBILITY

Poverty, pollution, water shortages, climate change, war and the concentration of wealth require our attention. The private sector is taking on a number of responsibilities in improving living conditions, and companies around the world have enhanced the role of corporate social responsibility. The organization's mission is to identify the needs, wants, and preferences of target markets and meet them more effectively and effectively than competitors, while maintaining or enhancing the long-term well-being of consumers and society. As goods become more commodities and consumers become more and more socially conscious, some companies incorporate social responsibility as a way to differentiate themselves from competitors, build consumer preferences, and achieve significant sales and profits. How are they likely to change in the future? In the future, people will be more responsible for social problems. People will use environmental protection products such as paper bags or eating utensils made from paper. Dirty, polluting products will be thrown away and there will be more vegetarians.

Transformative Forces in Marketing: Technology, Globalization, and Social Responsibility, Study Guides, Projects, Research of Marketing Management

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Technology

Globalization

SOCIAL RESPONSIBILITY