Towards the development of knowledge-based marketing: how the new market space reshapes marketing
2011 (English)Conference paper (Other academic)
Recent advances in ICT are reshaping the opportunities for firms to create and extract value in their marketing processes. The emergence, for instance, of new interactive channels and media that promote dialogue and collaboration empowers consumers to act both as producers and consumers of information online. Social media that relies solely on user-generated content permits consumers to share knowledge with each other and to mass collaborate by pooling knowledge for various causes. These advances have laid the foundation for a new, global, social and ubiquitous digital arena – a new marketspace – where transactions of goods and services and in particular the exchange of information between different actors is taking place.
As marketing practice is associated with processes of gathering, manipulating and applying information and knowledge, the implications of the new marketspace become significant. It leads to a change in the approach to and relationship with the customer and demands a change in the marketing logic itself. As a firm, acting in the new marketspace means participating and collaborating with consumers in order to influence and get influenced by them through supporting their value creation processes. The new marketspace essentially pushes towards the development of a more knowledge-based marketing practice, i.e. a practice based on facts, as it represents an essential source to large amounts of information that combined with internal proprietary information can be harnessed systematically to advance the knowledge of the firm.
The purpose of this conceptual paper is to analyze implication of the new marketspace on marketing practice. We do so by drawing on previous works within the fields of marketing, communication and IT-research. We argue that firms acting on the new marketspace to harness knowledge face a situation that require both a new logic, new skills and new ways of organizing market communication in order to create and develop value for customers.
Place, publisher, year, edition, pages
marketing, knowledge, marketspace, social media, scientification, marketing practice
Research subject Business Studies
IdentifiersURN: urn:nbn:se:uu:diva-157866OAI: oai:DiVA.org:uu-157866DiVA: diva2:436632
Nordic Academy of Management conference 2011, Stockholm, August 22-24, 2011