Impact of 2.0 on Contemporary Marketing

Impact of 2.0 on Contemporary Marketing

DOI: 10.4018/978-1-4666-4373-4.ch020
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Contemporary marketing recognizes the scope and complexities of marketing activities. It is a multidimensional and a dynamic concept, known as holistic marketing, that asks and allows for the support systems in order to permanently connect to the parties, to create value and long-term relationships among all. In this context, this chapter presents a wide review about conceptualization of relationship marketing and its evolution and integration within the broader concept of contemporary marketing. It highlights that the development of a program for implementing and managing a successful Customer Relationship Management (CRM) system is an essential part of a strategic contemporary marketing plan. Additionally, it is imperative to assess it to better demonstrate its success or failure. The metrics to do this are also revisited in this chapter. Still, the emerging capabilities of CRM systems using Internet technologies are putting tremendous challenges on organizations and their human resources. Reference is made to some social media tools that can be a cheap and useful support in marketing strategies.
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Marketing is derived from “market” which refers to a group of sellers and buyers that cooperate to exchange goods and services. Contemporary marketing should be conceived as a complex multidimensional concept designated by Kotler and Keller (2009) as Holistic Marketing: an (1) Integrated Marketing Concept (integration of all components of the marketing-mix); (2) Internal Marketing (marketing as business perspective in all departments of the organization); (3) Relationship marketing (develop a strategic and long term vision for the organization with all its stakeholders); and (4) Performance Marketing (financial accountability and social responsibility marketing).

Key Terms in this Chapter

Online Social Network: Web-based service that allows individuals to construct a public or semi-public profile within a bounded system, articulate a list of other users with whom they share a connection, and view and traverse their list of connections and those made by others within the system.

Relationship Marketing: Part of marketing strategy focused on the tasks necessary to build, develop and maintain long-term relationships with key stakeholders.

Customer Relationship Management: Strategic business process implemented in organization to keep an ideal mix of customer relationships.

Information System: Set of interdependent components (hardware, software, telecommunication networks, databases, human resources, and procedures) that captures, processes, stores and disseminates information to meet some organizational goal.

Contemporary Marketing: Holistic vision that enhances that all marketing is important and requires the development and implementation of programs, processes, and activities with the recognition of their breadth and interdependencies of its effects long-term.

Social media: Set of tools based on Internet technologies, as for example, blogs, podcasts, wikis and online social networks.

CRM System: Information system incorporating a set of subsystems to support the diverse activities of Customer Relationship Management.

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