We are in an era of massive disruptions in markets, media, management approaches and business models. These disruptions are being caused by rapid technological changes on the one hand and tectonic shifts in customer preferences and societal behaviour on the other. Marketing knowledge and practices have to advance at a significantly higher pace to address the changing context of market behaviour. Handbook of Advances in Marketing in an Era of Disruptions is meant to share ideas and new knowledge that are relevant to this world of disruptions. Leading scholars from around the world, who have keenly observed the changing market environment, business policies, parameters, theories, methods and practices, have put forth their theses on how marketing thinking needs to evolve to keep pace with the market reality.
Chapter 31: Influence of Technology and Data on Customized Marketing Strategy*
In this paper, we provide an insight into the potential influences of technology and data on customized marketing strategy in the context of deeper consumer insights driving marketing practice. Marketing has evolved from mass marketing to the current age of engaged customization, driven by the heterogeneous and dynamic nature of consumers, and the growing ubiquity of technology. It is now crucial that firms understand consumer preferences and behaviours at the individual level and forge personal connections with consumers. Consumer interaction with technology has increased, giving firms the ability to collect and analyse abundant data on consumers' ...