Knowledge Based Marketing In 21st Century

Knowledge based marketing is a key tool used as a competitive advantage by most of the Multinational Corporations in todays global context. The implementation of knowledge based strategies through the transformation and exploitation of strategic measures will pave the path for improved performance of corporations and organizations. This book provides an insight to the most prevalent question of knowledge based marketing on how companies or organizations are able to extract maximum information from the process of knowledge creation and using this information aptly to add value to organizations. Conventionally, the concept of knowledge in the field of management and marketing was not appropriated effectively because of the gap between the investors knowledge about a companys assets and companies under-regulated information about their customers. Hence, to bridge the gap between the two the tools of knowledge management are applied in most of the firms. Knowledge is an intangible part of this dynamic world where it lies tacitly within the effective users and managers. In the present scenario, where most of the transactions and work is done online through automatically processed inputs, the advent of knowledge based strategies has led to the easy conversion of implicit form of knowledge into the explicit ones to ensure quality delivery of products and services to customers. This concept of knowledge based marketing and its holistic approach towards the management of market is illustrated in this book. This book covers a wide range of prospects from delivering the insights on marketing laid on the foundation of knowledge based strategies to overcoming all the challenges in this field. Chapter 1 provides a glimpse of the concepts of management processes and an introduction to the organizational structure of marketing in the economy. Chapter 2 effectively reviews the approaches towards the knowledge enhanced marketing which explains the three-different perspectives of management like CRM, SCM and PDM along with the useful applications of these approaches. Chapter 3 explains the dynamic role of knowledge marketing in the 21st century with its widening impact on other features of markets as well. The subsequent chapters throw light on the implementation and mapping of knowledge management by explaining the strategic, operational and functional characteristics of marketing structure. Chapter 6 gives a drive through the application of knowledge enhanced management in three major sectors of the economy covering pharmaceuticals, energy sector and consulting services sector. Along the same line Chapter 8 delivers the full review of customer relationship management, which has a major role in the development of marketing structure headed by the knowledge processing. Chapters 9 and 10 towards the end examine the challenges faced by the firm while implementing the strategic process and overcoming it efficiently, thus giving the salient prospects of the future scope of the knowledge based marketing through the application of advanced technologies and skills respectively.