Page 9 - Marketing the Basics 2nd

Since the first edition of our book was published in 2006, we have witnessed a dramatic shift of advertising dollars towards digital channels. In just four years, online marketing evolved from a curiosity into a legitimate marketing tool. The amount spent on Internet advertising tripled to $21.2 billion worldwide and all indicators point to double-digit growth rates for the foreseeable future.
The growth in online marketing spend is attributable to a decline in the reach of traditional advertising mediums: more and more people are spending less and less time watching television, reading newspapers and listening to commercial radio. Instead, they are accessing their content online. Consequently, in just a few years, marketers have developed a whole new range of strategies and tactics to create one-on-one relationships with customers in environments where competitors are merely a mouse click away.
Furthermore, for the first time in human history, there are five distinct generations living on the planet at the same time. The adaptation of consumption patterns and values of these cohorts in response to new technologies is swift and decisive. Wanting more convenience and free time, customers are more sophisticated, less brand-loyal and price-sensitive than in the past, rendering traditional marketing approaches less effective.
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