Marketing: Strategic Innovation in Globally Diverse Markets

4464 words 18 pages
Praxis II: Marketing in the 21st Century

Marketing: Strategic Innovation in Globally Diverse Markets
December 23, 2012

Abstract
This paper will explore the potential evolution of the role of consumer marketing. I will examine the role of the retailer and the consumer on the Internet and the vital changes retailers must incorporate to stay competitive in the marketplace. In addition, I will discuss the role of personalized marketing, traditional advertising versus online advertising, changes in the marketplace attributable to globalization, the implications of interpersonal communications, and management of the 5Ps.

Personalized Marketing
Personalized marketing (sometimes referred to as one-to-one marketing) is the
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Retailers need to understand who their customers are, understand their behavior, and execute seamlessly across those channels (Beasty, 2006).
Online retailing is the fastest growing channel in which consumers purchase products. Integrating online retailing with offline retailing comes with numerous problems. The consumer may see a product in the store for one price and see that same item online at a different price. Retailers compete nationally and locally on prices and products. Someone in Florida may not want to purchase the same products as someone in Washington D.C. or you may have a retailer located in California, but the company’s web site can be accessed by anyone that can utilize the web.
According to study by Beasty, (2006), you mainly see this problem when consumer purchasing is based primarily on price. For example, a PlayStation is a PlayStation no matter where you purchase it, but saving $20 makes a big difference to customers. Another example is a few years ago Circuit City gave one price online, another price in their ad, and a different price in the store, all for the same item, without any explanation as to why (para. 6). This leaves the consumer frustrated, confused and a lack of understanding.
Francis, (2007) studies states that one size does not fit all in the Internet retailing

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