This course examines how digital tools, such as the Internet, smartphones, and 3D printing, are revolutionizing the world of marketing by shifting the balance of power from firms to consumers. This is offered by University of Illinois at Urbana-Champaign on Coursera and taught by Professor Aric Rindfleisch.
Here is my Summary:
Key Lessons:
1. Marketing is a process of value exchange that is facilitated by 4 Ps
2. The tools employed in enacting the 4 Ps are increasingly becoming digital and are democratised across a large number of consumers
3. This digitalization and democratisation is shifting the balance of power from firms to consumers
4. As a result, firms are losing control over the marketing mix and consumers are taking on a more active and expansive role across various marketing activities
Takeaways, Concepts and Examples
1. Customer Co-Creation: Example Threadless--> all t shirts designed and selected by customers
2. Doppalganger Brand Images: A doppelganger brand image is a collection of disparaging images and stories about a brand ciculated in popular culture by a loosely organised network of anti brand activists, bloggers and opinion leaders
3. Digital Authenticity: The degree to which a product's online promotion provides customers with a genuine portrayal of its origins, features, and benefits ( as well as its limitations)
4. User Generated Content- Widipedia
5. New Retail: A collection of strategies ( both physical and digital) that physical retailers are using to react to the challenges of operating in the digital world
6. Showrooming: Customers first visit a physical store but then they buy a product online
7. Webrooming: Customers first obtain information about a product online but then buy it in a physical store
8. Pay-What-you-want: A pricing strategy that lets customers decide how much they want to pay for a particular product.
9. Price Comparison Tools: A digital platform that provides shoppers with the ability to easily compare prices across a set of retailers ( both physical and online)-Enabling participants price comparison increase their price sensitivity.
What I like About the Course
Lots of examples and activities.Excellent delivery
What I don't like about the course
Peer Review method of Evaluation
Prerequisites
If you intend to do this course basic marketing management knowledge ( 4Ps) will be helpful.
Click Here to View My Certificate
Here is my Summary:
Key Lessons:
1. Marketing is a process of value exchange that is facilitated by 4 Ps
2. The tools employed in enacting the 4 Ps are increasingly becoming digital and are democratised across a large number of consumers
3. This digitalization and democratisation is shifting the balance of power from firms to consumers
4. As a result, firms are losing control over the marketing mix and consumers are taking on a more active and expansive role across various marketing activities
Takeaways, Concepts and Examples
1. Customer Co-Creation: Example Threadless--> all t shirts designed and selected by customers
2. Doppalganger Brand Images: A doppelganger brand image is a collection of disparaging images and stories about a brand ciculated in popular culture by a loosely organised network of anti brand activists, bloggers and opinion leaders
3. Digital Authenticity: The degree to which a product's online promotion provides customers with a genuine portrayal of its origins, features, and benefits ( as well as its limitations)
4. User Generated Content- Widipedia
5. New Retail: A collection of strategies ( both physical and digital) that physical retailers are using to react to the challenges of operating in the digital world
6. Showrooming: Customers first visit a physical store but then they buy a product online
7. Webrooming: Customers first obtain information about a product online but then buy it in a physical store
8. Pay-What-you-want: A pricing strategy that lets customers decide how much they want to pay for a particular product.
9. Price Comparison Tools: A digital platform that provides shoppers with the ability to easily compare prices across a set of retailers ( both physical and online)-Enabling participants price comparison increase their price sensitivity.
What I like About the Course
Lots of examples and activities.Excellent delivery
What I don't like about the course
Peer Review method of Evaluation
Prerequisites
If you intend to do this course basic marketing management knowledge ( 4Ps) will be helpful.
Click Here to View My Certificate
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