Contemporary issues in market strategy Assignment

Contemporary issues in market strategy - Assignment Example It is now universally accepted that the majority of consumers spend more time online than on other media channels such as television. Information is derived from an individual consumer’s online activities that include Facebook, twitter, tumbler and many more. The information of interest to marketing personnel relates to the consumer’s tastes and preferences as well as their wishes and expectations. Marketers are also interested in consumers’ opinions and perspectives on products (BOUTELLIER, GASSMANN & ZEDTWITZ 2008, pg33). The information gathered is then used to influence the individual consumer into consumption of a â€Å"personalized† product. Modern day consumer behavior forces companies to understand the individual consumers in addition to acquiring knowledge about the consumers. That is; these companies have shifted their strategy from production of goods for the consumers to creation of consumers who then form the demand part of their sales cycle. The shift from traditional marketing has led to the emergence of innovational marketing strategies which are discussed below. Digital marketing refers to the extensive employment of electronic media such as computers and software dependent devices, smartphones, cellphones, gaming devices, personal computers and tablets in the marketing of products and services (KASHANI & HOROVITZ 2005, pg44). The internet is regarded as the most effective and popular and digital marketing tool since it statistically agrees that most people spend more time online than on any other electronic channel. Digital media marketing also occurs through channels such as text messaging, instant mobile messaging, electronic billboards, digital radios and televisions, mobile applications and podcasts. Through digital marketing, companies can understand the tastes and preferences of their consumers, therefore, creating a special type of relationship