Table of Contents
* Digital Revolution
* Consumer Behaviour
* Impacts on Marketing
* Impacts on Consumer Behaviour
The Digital Revolution is the change from analogue mechanical and electronic technology to digital technology that has taken place since c. 1980 and continues to the present day. Implicitly, the term also refers to the sweeping changes brought about by digital computing and communication technology during the latter half of the 20th century. Analogous to the Agricultural Revolution and Industrial Revolution, the Digital Revolution marked the beginning of the Information Age. Central to this revolution is the mass production and widespread use of digital logic circuits, and its derived technologies, including the computer, digital cellular phone, and fax machine. Marketing is the process by which companies create customer interest in goods or services. It generates the strategy that underlies sales techniques, business communication, and business development. It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves. Marketing is used to identify the customer, to keep the customer, and to satisfy the customer. Marketing evolved to meet the stasis in developing new markets caused by mature markets and overcapacities in the last 2-3 centuries. Consumer behaviour is the study of when, why, how, and where people do or do not buy product. It blends elements from psychology, sociology, social anthropology and economics. It attempts to understand the buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics and behavioural variables in an attempt to understand people's wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general. Customer behaviour study is based on consumer buying behaviour, with the customer playing the three distinct roles of user, payer and buyer. Relationship marketing is an influential asset for customer behaviour analysis as it has a keen interest in the re-discovery of the true meaning of marketing through the re-affirmation of the importance of the customer or buyer. A greater importance is also placed on consumer retention, customer relationship management, personalisation, customisation and one-to-one marketing. Social functions can be categorized into social choice and welfare functions. Impacts on Marketing
In the late 18th century, the Industrial Revolution marked an era in human civilization where there was a tremendous shift in the ways that people worked, what was produced and how. Manual-based labour was replaced by machinery and industries that could manufacture products at exponential rates than they could have been made before. The impact of this change was enormous on societies not only in Western Europe and North America, but all over the world. These contemporary times are marked by the Digital Revolution, another key movement that changes the workings of entire societies. The Digital Revolution refers to the present time and the global economy’s shift in focus away from the production of physical goods and towards the manipulation of information. Today, information is the largest commodity and who has access to it has become one of the most important factors in economic success. The Digital Revolution includes the markets of information technology or products that are a means of accessing information such as computers and the components it utilizes hardware and software, modems to access information, servers and satellites. Cellular phones have connected people in a way never conceived of in the past and satellite-based information such as global positioning systems...