The Digital Transformation of Marketing: Impact on Marketing Practice & Markets

Abstract

Digital technology technologies and business practices are expected to radically transform the competitive landscape and society. Central to changing business practices is how digital technologies are transforming the practice of marketing which in turn is transforming the nature of markets globally. This paper, guided by the literature concerning the wave of digital disruption brought about by new technology, changes in consumer demand and new forms of business competition discusses industry level and macroeconomic impact of the digital transformation of marketing. The drivers of the digital transformation in marketing, the critical role of understanding the consumer value chain relative to marketing practice and the impact of changing business practices on the larger economy. A new model developed by (Teixeira, 2019) to assess consumer demand is described as a marketing practice innovation that can be used to gain new insights for innovation and marketing. These innovations in gaining market insights and in marketing strategies are discussed regarding implications for industry and macroeconomic policy. The authors call for calls for further research using this methodology to better understand how digital disruption is likely to impact firm competitiveness and the nature of larger global economy.

Keywords

• industry 4.0
• digital disruption
• digital marketing
• trends in consumer behavior
• macroeconomics
• n30
• m31
• o10
• e20