A Review of Literature Pertianing to the 5 Changes Relevant to Contemporary Marketing Practice

A review of literature pertianing to the 5 changes relevant to contemporary marketing practice.

Change 1: Financial Accountability, Loyalty, and Customer Value Management

The Main Issue:

The marketing function should be a stronger feature in business leadership, bringing a longer term view of performance, since understanding rapidly changing markets and marketing effectively to them will drive competitive advantage and shareholder value, through the acquisition and retention of customers . However, historically, it has been difficult to measure the financial impact of marketing initiatives. Cost cutting and short term revenue focus has de-emphasised innovative growth strategies, impacting negatively on staff morale, often leaving a business unable to develop it's value offering, build brand equity and customer loyalty. Customer value management programmes will be more successful if the efforts of employees are in tune with activities that drive satisfaction and loyalty, so a more holistic measurement of business success is required. The balanced scorecard attempts to reintegrate innovation, growth and marketing strategies based on rich relationships with customers with other traditional business measures. ICT enables companies to tailor their offering, manage customer relationships, and build loyalty, and in an iterative loop, continue to develop and enhance their position with customers over time.

Evolution and Relevance to Office Products Depot:

The evolution of the internet and ICT tools such as web site analytics allow marketers to measure KPIs such as click through rates, unique visitors, pages viewed and to undertake agile marketing activity which can be switched on and off, or modified very cost effectively and very quickly, unlike the cumbersome mass media choices of the past. Historically