Abstract
This chapter examines how social and economic changes of recent years have led to a new consumer profile. Furthermore, it explores how current responsible concerns regarding consumption, as well as a greater concern for welfare sustainability and the environment, are affecting purchasing behavior. With these ideas in mind, this chapter analyses how organizations have to evolve towards a new marketing paradigm in order to link to their customers emotionally. In this regard, the evolution of the marketing concept is reviewed—departing from a Marketing 1.0 paradigm, passing through a Marketing 2.0 paradigm—in order to understand how the so-called Marketing 3.0 emerged. The chapter concludes by analyzing the different rules that guide this new approach and how companies in the distribution sector are applying them in their daily activities.
TopThe New Economic And Social Context: Defining The New Consumer Profile
We are experiencing a time of significant changes. The world is going through a period of rapid and unexpected turbulence. The recent financial meltdown has increased the level of poverty and unemployment, thus reducing the rate of growth of developed countries. Meanwhile, economic power has been shifting to countries in the East, which are experiencing higher rates of growth. Moreover, climate change and rising pollution are forcing countries to limit the emission of carbon dioxide into the atmosphere, which is also imposing a higher burden on business.
These changes have a profound impact on the economic and social context. But it is true that their effect have been enhanced by two other factors such as: new technological development and the globalization process.
Technological advances have brought about huge changes in consumers, markets and society in general. Thus, since the end of the last century, information technology has been introduced into the market and further developed into what it is considered as a new-wave technology.
Key Terms in this Chapter
Co-Creation: A business strategy focus on consumer experience and interactive relationships. Co-creation allows and encourages a more active involvement from the consumer to create a value-rich experience.
Consumer Empowerment: A mental state usually accompanied by a physical act which enables a consumer or a group of consumers to put into effect their own choices through demonstrating their needs, wants and demands in their decision-making with other individuals or organisational bodies in the marketplace.
Collaborative Consumption: A global concept that involves sharing, bartering, lending, trading, renting, gifting, and swapping goods instead of buying them. This concept has been in communities for thousands of years, but has recently gained popularity in the United States and Europe.
Collaborative Social Media: Term used to refer to digital media that enables broad-range participation where the distinctions between production, consumption and design are dissolved.
Globalization: The worldwide movement toward economic, financial, trade and communication integration. Globalization implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers.
Perceived Value: An assessment of the worth of a good or service. The product value assessed by a business when setting a price for a particular product can depend on its production costs, its overall market value and the value of the product as perceived by a targeted group of consumer.
Expressive Social Media: Term used to refer to digital media that allows people to freely express their ideas, tastes, preferences, opinions, etc.