Innovative Marketing Approaches in the Digital Era—The Transformation of Businesses and Marketing Mix Strategies

The digital age, with its technological, cultural, social, and industrial contributions, has shaped the way we produce and consume today. Digitalization has had a major impact on companies’ marketing approaches. Because of globalization, and the development of information technologies, companies’ approaches to customers and customers’ demands on companies are in a state of constant transformation. Understanding the digital world and the role of such tools in gaining customer insight is critical. Digital touchpoints, which are now part of the physical or so-called offline world, are actively used to maintain customer relationships. Companies are therefore blending the physical and digital worlds for their customers, giving them an edge toward superior marketing success. This situation, manifested in business investment, can actually be seen as a response to the demand created in markets by new environmental developments. This study addresses the impact of digitalization from the perspective of marketing mix formulation strategies. The role of digital channels as service, distribution, and/or sales channels, and the change brought about by going digital at every touchpoint are driving business innovation. The aim of this study is to synthesize and discuss valuable insights from the literature on innovative marketing approaches and strategies of companies in terms of access to market information, new product development, branding, pricing, channel management, and communication. Discussing the use and effectiveness of digital touchpoints for marketing insight is important. Marketing analytics and data management are valuable for attracting and retaining customers by increasing efficiency and effectiveness in a digital and global world. It is important to understand how the branding of a digital product today, for example, an online marketplace or a social media platform, is different from the traditional branding. Pricing processes and policies reflect this debate about what consumers are willing to pay for a branded product. The digital world has given rise to many new pricing models, such as interactive pricing and freemium. Deciding whether to use a digital intermediary is also important. Customer perceptions and reactions to new channel approaches should be carefully studied. Examples of innovative communication strategies and how the markets adopted and used them, and evaluations based on existing studies can help anticipate new ones. In line with these developments, the impact of digitalization in the new marketing management process is examined and discussed in terms of what other changes it may lead to in the needs and desires of current and future societies. With its scope, the study aims to provide an original value by reviewing the literature on the relevant issues through selected implications, and by providing a critique for the globalizing societies.