Information for competitive advantage
We live in a knowledge-based economy
Information is a marketing asset:
- Helps increase responsiveness to customer demands
- Identifies new customer opportunities
- Anticipates competitor attacks
- Help adapts services to needs of the marketplace
Examples: Theatre database: name, address, tel., email, date of purchas(es), how often visit the theatre, what other entertainment interested in, do you combine with meal/hotel, frequency of purchases, number of tickets purchased, where heard about this production
Information, technology, markets and marketing
Structure of markets is changing – creating new marketing techniques & channels
More opportunities to develop global markets too
Examples:
Online ad spend is expected to overtake TV in 2009 - reversing the business model since mid C20th. Last year, online adspend grew by 38% to a current market share 16% (2007). Signs show that the credit crunch isn't having much impact.
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