Creative Destruction How Technology Is Changing The...

Creative destruction: How technology is changing the marketing History has proven that technological innovation can always change how we live and how marketers practice marketing. Basically, it affects marketing in two ways: with new products and with new process. As one of the most important factors of business environment, technologies including the Internet, social media and mobile phones has regarded as a force of ‘creative destruction’ (Kotler, 2012). Creative destruction, coined by Joseph Schumpeter(1942), refers to a process by which the emergence of something innovative supplants the outdated and declining one. In modern marketing use, however, this term is more likely refers to a revolution of marketing mix in order to adjust to the transformation of marketing environment. In this paper, I will attempt to demonstrate the impacts of technologies on marketing planning: the positive effect through efficient communication and the negative effect that come from the open and changing environment. Digital technologies enable marketers to reach and communicate with consumers more effectively. In the past, only a few channels can be utilised to reach the customers, but currently marketers can make use of multiple technologies including the Internet, social media, email, search engine, mobile etc. (Kooser, 2015). With various digital technologies, the marketers are believed that they can help them to improve their marketing, from building and maintaining the brand image toShow MoreRelatedCreative Destruction And Its Impacts On Market Planning1240 Words   |  5 PagesCreative Destruction Abstract This paper aims to explore Joseph Schumpeter’s theory of creative destruction and its impacts on market planning .This concept would be explained with the help of an example. This paper focuses on Netflixs innovative approach led Blockbuster to extinction. Introduction Creative destruction refers to the incessant product and process innovation mechanism by which new production units replace outdated ones. It was coined by Joseph Schumpeter (1942), who consideredRead MoreIs It Useful For Non Sensitive Content?1288 Words   |  6 Pagessecurity that repercussions linked to sexting will vanish along with the content. 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