Authors : Alexander M. Zobov, Ekaterina A. Degtereva, Vasily S. Starostin and Veronika Y. Chernova
Abstract: Due to a need in a focus of marketing technologies changed towards the consumer, the research is aimed at personalized marketing and the study presents guidelines on product personalization as a tool of individualized marketing.In the process of market relation development, a role, strategies and tasks of marketing have been changed, while a modern understanding of marketing depends on its history. To achieve the set aim, the researchers of the study used generalization and systematization, structural and comparative analysis methods and a classification of existing theoretical trends. Modern economic conditions are described with increased competition, an emergence of the innovative economic development model, changed consumers’ needs and values associated with an expansion in an offered products range, an increased supply of similar goods and services, a growth of population well-being and a change to a person’s worldview. In this regard, companies haveto look for new ways to capture their market share. The product personalization appears to be among the highly successful concepts, its difference lies in a new focus on the customer’s needs. To introduce customization technologies (consumer goods) into marketing departments’ activity using product components’ adjustment is very expensive, so it is important to calculate possible efficiency of changes. The studypresents a mathematical model to calculate the feasibility to use personalized marketing in sales of consumer goods. The calculation model presented in the study will allow companies that use it to track quickly the changes to the markets, analyse dynamics of market segmentation and identify the most promising directions in product personalization.
Alexander M. Zobov, Ekaterina A. Degtereva, Vasily S. Starostin and Veronika Y. Chernova, 2016. Product Personalization as a Tool of Individualized Marketing. The Social Sciences, 11: 4469-4472.