Abstract
This chapter considers main factors of digital transformation in business and society. The latest studies of digital ad spend in Europe and a number of marketing technology solutions all over the world within the period 2011–2020 have confirmed a rapid development of digital technologies in business and society. It was justified that due to digitalization process companies have to revise their priorities and modify their main strategic goals for simultaneous achievement of commercial efficiency and a social effect. These goals need some adjustment to specific requirements and wishes of main process participants that form five levels of approval. Proposed marketing management model in digital transformation of business and society contains basic components, which lie in the digital contour. Responses of millennials (the people born at the turn of the century) on the use of digital technologies in different spheres of life are analyzed. The pilot research allowed to distinguish three groups of millennials depending on how actively they use digital technologies in different spheres of life. Main directions of innovative marketing management development are defined. The opportunities of implementing functionality of artificial intelligence, neuromarketing, augmented and virtual reality, marketing technologies MarTech in company business-processes are studied.
Highlights
Nowadays technologies and innovations actively have effect on all spheres of human life triggering digital transformation in business and society
Among innovative technologies used in the administration of company business processes by managerial staff, it is possible to distinguish the most experimental ones, such as artificial intelligence, neuromarketing, augmented or virtual reality and marketing technology MarTech
Marketing management is an innovative approach to company administration in conditions of changeable environment for achieving key objectives
Summary
Nowadays technologies and innovations actively have effect on all spheres of human life triggering digital transformation in business and society. Wide spread of the Internet, the availability of various types of devices, the development of digital platforms, launching of social media and applications caused the emergence of generation of millennials, that is, those who were born at the turn of the century and have been growing within this period These young people do not almost represent their lives without digital technologies, actively use them in their everyday lives and are mastering new functionalities and adjusting to new realities of a society. Among innovative technologies used in the administration of company business processes by managerial staff, it is possible to distinguish the most experimental ones, such as artificial intelligence, neuromarketing, augmented or virtual reality and marketing technology MarTech These four technologies grounding on the knowledge of different sciences combine variable methods and tools and actively develop integrating one to another and acquiring new functionality. To solve this comprehensive problem, the research was carried out in five stages: At the first stage, the main factors of digital transformation in business and society were defined; at the second stage, the basic hypotheses of marketing management in modern conditions were formulated; at the third stage, the up-to-date marketing management model in digital transformation of business and society was developed; at the fourth stage, the use of digital technologies by millennials in their everyday lives was studied; and at the fifth stage, the main directions of marketing management innovation development were defined
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