Marketing

While the world is increasingly changing with an emerging advancement in technology, the business environment is continuously shifting. Marketing environment in recent years has significantly evolved. Moreover, firms have to revolutionise marketing practices in order to catch up with the changing pace of new technologies. The mass marketing strategies, which focuses on the products, is not enough for the firms to retain long-term customer loyalty. Customer values become the main factor for firms to run the business successfully. In today’s digital age, contemporary marketing focuses on relationship marketing, which is how firms attract, retain, and enhance their relationships with customers (Capon, et al., 2009). To attract customers in the millennial generation, firms should draw attention in increasing customer value. This is done by analysing data generated from advancing technologies. There are many useful tools for the marketers to attract customer retention. Data-driven marketing has been prevalently significant, factors that trigger this practice includes data mining, CRM and e-CRM. In turn, there has been a boom in Web 2.0 where many embrace the benefits that social networking delivers as well as the advancement of neurosciences.

Customers are the core assets of the firms’ success. While customer behaviours are changing in turn with technology, firms should innovate and differentiate the marketing strategies to maximise customer loyalty. Moreover, firms should find the opportunity to increase brand awareness, attract and create customers satisfactions to accomplish their goals and core values. Internet is a useful and powerful medium for marketers to build and sustain long-term customer relationship. In this paper, the importance of data mining and eCRM, the continuing impact of web 2.0 and 3.0 technologies, and the potential insights from advances in the digital neurosciences will be discussed.

Evolution of marketing Theory

The evolution of...