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The Digital Transformation of Marketing: Impact on Marketing Practice & Markets

Author

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  • Gillpatrick Tom

    (Portland State University, School of Business, USA)

Abstract

Digital technology technologies and business practices are expected to radically transform the competitive landscape and society. Central to changing business practices is how digital technologies are transforming the practice of marketing which in turn is transforming the nature of markets globally. This paper, guided by the literature concerning the wave of digital disruption brought about by new technology, changes in consumer demand and new forms of business competition discusses industry level and macroeconomic impact of the digital transformation of marketing. The drivers of the digital transformation in marketing, the critical role of understanding the consumer value chain relative to marketing practice and the impact of changing business practices on the larger economy. A new model developed by (Teixeira, 2019) to assess consumer demand is described as a marketing practice innovation that can be used to gain new insights for innovation and marketing. These innovations in gaining market insights and in marketing strategies are discussed regarding implications for industry and macroeconomic policy. The authors call for calls for further research using this methodology to better understand how digital disruption is likely to impact firm competitiveness and the nature of larger global economy.

Suggested Citation

  • Gillpatrick Tom, 2019. "The Digital Transformation of Marketing: Impact on Marketing Practice & Markets," Economics, Sciendo, vol. 7(2), pages 139-156, December.
    • Handle: RePEc:vrs:econom:v:7:y:2019:i:2:p:139-156:n:12
    DOI: 10.2478/eoik-2019-0023
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    References listed on IDEAS

    as
    1. Martin Kenney & Petri Rouvinen & John Zysman, 2015. "The Digital Disruption and its Societal Impacts," Journal of Industry, Competition and Trade, Springer, vol. 15(1), pages 1-4, March.
    2. Kaushik Basu & Joseph E. Stiglitz, 2016. "Inequality and Growth," World Bank Publications - Books, The World Bank Group, number 24983, December.
    3. Anna S. Cui & Fang Wu, 2016. "Utilizing customer knowledge in innovation: antecedents and impact of customer involvement on new product performance," Journal of the Academy of Marketing Science, Springer, vol. 44(4), pages 516-538, July.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Industry 4.0; Digital Disruption; Digital Marketing; Trends in Consumer Behavior; Macroeconomics;
    All these keywords.

    JEL classification:

    • N30 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - General, International, or Comparative
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)

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