Mass Marketing to Micro Marketing: Democratization of Goods

Research Paper (postgraduate) from the year 2005 in the subject Business economics - Offline Marketing and Online Marketing, IIM Calcutta, language: English, abstract: In today's competitive markets, many marketing organizations are considering how micromarketing efforts can directly impact their bottom line by achieving greater results with a fixed marketing budget. The challenge is that micromarketing requires a new level of understanding of customers, prospects, and the demographic makeup of targeted areas. Marketers depend on marketing research to determine what consumers want and what they are willing to pay for. Technology is available today to market to people on an individual basis. Marketers are faced with the challenge of influencing the decision-making of retailers and reaching a consumer audience that is more fragmented than ever. Companies are rediscovering their customer. The definition of customer extends to include both retailers as well as end users. Micromarketing is facilitated using new techniques like customer intimacy, experiential marketing and storytelling. We analyse the possibilities of theses and the future direction and momentum of micromarketing.