New Consumer Capabilities

Last Updated on Mon, 11 Dec 2023 | Marketing Insight

Ihe digiiai fflwMta lias placed a whole new set ol capabilities in ttie nan® of constiroeis and businesses. Consider what consumers haw? today that they didn't have yesterday;

■ A substantial increase in buying power- Buyers today are caty a cSick away Iroai coir-paiing competitor puces and product atiri&uies. TJiey can pet answers on ihe Internet In a matter of seconds. They don't need lo drive lo stores, pa rk. wait on iine, and hold discussions vrilh salespeople. Consumers can even name Ihe price they want lo pay for a hotel room, airline ticket, or mortgage, and sec it lhere are any willing suppliers. Business buyers can run a reverse auclion whenft sellers compete to capiure me buyer's business. Buyers can join with others to aggregate 1 heir purchases to achieve deeper volume discounts.

■ A greater variety of available goods and services. Today a person can order almost anything over :hu Internet: furniture [Ethan Allen), washing machines (Scars), management consoling ("Ernie"), irethcal advice (WebMD). Amaron.com advertises ilseli as ihe world's largest bookstore, wiitt over 3 million hooks; no physical bookslwe can match this Furthermore, buyers can oider lhese goods from anywhere in the world, v-tiich helps people living :n oourtines wiih very limited local □fferings to aeti.:eve great savings, it also means that buyers in coLtntries with high prices can reduce Iheir costs by entering in countries with Itrar prices.

■ A great Amtiunt of infitrrrtaiiim about practically anything* People can read almost any newspaper in any language from anywhere in the world. They can access Online encyclopedias, dictionaries, medical information, movie ratings, consumer reports, and countless other infamalicn sources.

» A greater ease in interacting and placing and receiving orders. Today's buyers can plocc orders from home, otlice, or mciiife phone 24 houra a day, 7 days a week, and the orders will be Ottered to their home ot office qutWy.

* An ability to compare notes on products and services.

Today's customers can enter a chat room centered on some area of common interest and exchange iniormafon and opinions.

Ii PARTI UNDERSTANDING MARKETING MANAGEMENT

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etiler each courttry (as an exporter, licenser, joint venture partner. coil trail manufacturer, or solo manufacturer); how to adapt their produei and service features to Oiich country: how to price their products In different countries; and how to adapt their communications to fit different cultures. These decisions must he made in the face of different requirements for buying, negotiating, owning and disposing of property; different rühme. language, ami legal and political systems; and a currency thai might lluctuate in value.

Nonprofit and Governmental Markets Companies selling their goods to nonprofit organizations such as churches, Universities, charitable organ ¡/.a lions, or government agencies need to price carefully because these organizations have limited purchasing power. Lower prices affect the Features and quality that the seilet can build into the offering, Much government purchasing calls fijr bids, with the lowest hid being favored, in the absence qf exirnuating factors.

MARKETPLACES, MARKETSPACES, AND METAMARKETS Today we can distinguish between a marlccipiticcand tkarkaspace. 1 fie marketplace is physical, as whcli votl sliop in a store; rtiarket space is digital, as when you shop on the Internet.1'

Mohan Sauhiky has proposed the concept iff a ntfiamarket to describe a cluster of com: pleuientary products and services that are closely related in ifroirftnds of consumers but are spread across a diverse set of industries.'I he automobile nietamarkei consists of automobile manufacturers, new tnr and used ear dealers, financing companies, insurance companies, mechanirs, spare parts dealers, service shops, auto magazines, classified auto ads in newspapers, and ¡into sites on the internet, In purchasing a car, a buyer will get involved in many parts of thir> me t;t market. and this has created an opportunity for mctamcdiaries to assist buyers to move seamlessly through diese groups, although they are discuimceted in physical Sparc, Qoe example is Edmund's (www.edmwndiconi^i a Web silc where a ear buyer can

DEFINING MARKETING FOB 21ST C I UIÍY

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  • Jeffrey
    How do customers new cpabilities affect the way companies conduct their marketing slideshare?
    10 months ago
    • The emergence of new customer capabilities can have a major impact on how companies conduct their marketing. With new customer capabilities, companies can create more targeted and effective marketing campaigns. Additionally, customer capabilities can play a role in how companies measure and track customer engagement, allowing them to better understand their customer base. Finally, customer capabilities can help companies create more immersive customer experiences, which can help them better connect with their customers in meaningful ways.
    • ERNESTO
      How consumer capabilities are affecting the way companies conduct their businesses/pdf?
      1 year ago
      • There are numerous ways in which consumer capabilities are affecting the way companies conduct their businesses, including:
      • Monika
        What new capabilities have these forces given consumers and companies?
        1 year ago
        • The emergence of new forces in the digital age has given consumers and companies several new capabilities:
        1. Increased access to information: Consumers now have access to a vast amount of information at their fingertips. This allows them to research products, compare prices, read reviews, and make more informed decisions. Companies can also leverage this access to information to gain insights into consumer preferences and trends.
        2. Enhanced communication and engagement: Digital forces have provided consumers and companies with various communication channels to engage with each other. Social media platforms, email, chatbots, and instant messaging facilitate quick and efficient communication. This enables companies to interact with consumers in real-time, address their queries and concerns, and build stronger relationships.
        3. Customization and personalization: Advances in digital technology have enabled companies to collect and analyze customer data, allowing them to personalize their offerings. Consumers now expect personalized recommendations, tailored marketing messages, and unique product experiences. Companies can leverage data analytics and artificial intelligence to provide these customized experiences, leading to increased customer satisfaction and loyalty.
        4. Global reach and market expansion: The digital age has eliminated geographical barriers, allowing companies to expand their reach globally. Consumers can access products and services from anywhere in the world, and companies can target audiences beyond their local markets. This global reach opens up new opportunities for both consumers and companies to explore a wider range of options and expand their businesses.
        5. Convenience and efficiency: Digital forces have significantly improved convenience and efficiency for both consumers and companies. Consumers can now shop online, access services, and conduct transactions from the comfort of their homes. Similarly, companies can streamline their operations, automate processes, and offer seamless digital experiences that save time and effort for consumers.
        6. Collaboration and co-creation: Digital platforms and tools enable consumers and companies to collaborate and co-create products, services, and content. Consumers can actively participate in the development process, give feedback, and contribute ideas. This collaborative approach allows companies to involve consumers in the decision-making process, increasing customer engagement and fostering innovation.
        7. Data-driven decision making: The digital age has ushered in the era of big data, providing companies with access to massive amounts of data. Companies can use data analytics to gain insights about consumer behavior, market trends, and business performance. This data-driven approach helps companies make informed decisions, optimize their strategies, and drive better business outcomes.
          8. Overall, these new capabilities driven by digital forces have empowered consumers with more choices, convenience, and personalization, while enabling companies to reach larger audiences, improve efficiency, and make data-driven decisions.
        • amna
          What are new consumer capabilities?
          1 year ago
          1. Personalized Shopping Experiences: Consumers now have the capability to customize their shopping experiences based on their interests, preferences, and budget. This could include everything from product recommendations to tailored search results.
          2. Seamless Payment Options: Consumers have access to more payment options than ever before. This includes the convenience of contactless pay, digital wallets, and cryptocurrency.
          3. Connected Devices: Consumers have the capability to connect smart devices to the internet to monitor and control them remotely.
          4. Multi-platform Shopping: Consumers now have the capability to shop online, in-store, and on mobile devices. This allows them to compare prices, find the best deals, and explore a variety of products with ease.
          5. Shopping with AI: Consumers can now use chatbots and AI-powered tools to assist them with product recommendations and other shopping-related tasks. This can help save time and provide a more efficient shopping experience.