Three concepts that we looked at when we were examining the marketing strategy process are the environment, marketing mix within the firm and value creation for customers and firms.
In the environment, as before, we have the customer, the context, the competitors, and the collaborators with the customer right in the middle.
But now we have a few newer forms of institutions that have emerged in the last 20 years that has irrevocably changed the environment.
The first of these is the search engines like Google – basically platforms which connect those customers searching for information with firms using search keywords; We have social media and chat platforms – Facebook, Instagram, LinkedIn, WeChat – which connect users to other users where they review and recommend products, services, while providing opportunities for companies to connect with users; We have e-commerce platforms such as Amazon, Alibaba, where customers can go, get reviews from other customers, get recommendations, and shop for all their needs.
Then comes Omnichannel – the opportunity for firms to interact offline as well as online through different media and channels, providing a seamless transition to customers as they move from one touchpoint to another.
All these new institutions are immersed in the context of the environment - geography, regulation and norms, privacy and security, and their implications for digital marketing.
Then comes the Company with its marketing mix elements and marketing analytics, interacting with the environment, which all lead to value creation – for the customers and the firm.
Source: MaryLand Smith University