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Personalized marketing (also called personalization, and sometimes called one-to-one marketing) is an extreme form of product differentiation. Whereas product differentiation tries to differentiate a product from competing ones, personalization tries to make a unique product offering for each customer. Personalization is tailoring specifically to one individual. ...
In marketing, product differentiation is the modification of a product to make it more attractive to the target market. ...
In marketing, a product is anything that can be offered to a market that might satisfy a want or need. ...
Personalized marketing is most practical in interactive media such as the internet. A web site can track a customer's interests and make suggestions for the future. Many sites help customers make choices by organizing information and prioritizing it based on the individual's preferences. In some cases, the product itself can be customized.
Don Peppers and Martha Rogers, in their ground breaking book on the subject (Peppers, D. and Rogers, M. 1993) speak of managing customers rather than products, differentiating customers not just products, measuring share of customer not share of market, and developing economies of scope rather than economies of scale. They also describe personalized marketing as a four phase process: identifying potential customers; determining their needs and their lifetime value to the company; interact with customers so as to learn about them; and customize products, services, and communications to individual customers. Economies of scope are conceptually similar to Economies of scale. ...
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Some commentators (including Peppers and Rogers) use the term "one-to-one marketing" but this is a misnomer. Seldom is there just one individual on either side of the transaction. Buyer decision processes often involve several people, as do the marketer's efforts.
See Also:
Recommendation systems are programs which attempt to predict items (movies, music, books, news, Web pages) that a user may be interested in, given some information about the users profile. ...
Management Information Systems (MIS), are information systems, typically computer based, that are used within an organization. ...
Relationship marketing is a form of marketing that emerged in the 1980s, in which emphasis is placed on building longer term relationships with customers rather than on individual transactions. ...
Management (from Old French ménagement the art of conducting, directing, from Latin manu agere to lead by the hand) characterises the process of leading and directing all or part of an organization, often a business, through the deployment and manipulation of resources (human, financial, material, intellectual or intangible). ...
Marketing is the process of planning and executing conception, pricing, promotion, and distribution of goods, ideas, and services to create exchanges that satisfy individual and organizational goals. ...
E-marketing is a type of e-commerce that can be defined as achieving marketing objectives through the use of electronic communications technology such as Internet, e-mail, Ebooks, database, and mobile phone. ...
For technical and sociological reasons, marketing has dealt with aggregates like market segments, target markets, and demand. ...
Mass customization, in marketing, manufacturing, and management, is the use of flexible computer-aided manufacturing systems to produce custom output. ...
Most firms use a fixed price policy. ...
This article is being considered for deletion in accordance with Wikipedias deletion policy. ...
References - Peppers, D. and Rogers, M. (1993) The one to one future : Building relationships one customer at a time, Doubleday (Currency Books), New York, 1993 ISBN 0-385-52528-7
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