In today’s world with more digitalization, more globalization and an increased focus on sustainability, it becomes essential to consider these 3 new contexts in marketing strategy formulation and execution. A solid business model can no longer afford to ignore incorporating digital transformation business models, ideas for internationalization and the triple bottom line principle of sustainability.
For example, organizations today should consider using mobile applications, internet of things (IoT) or artificial intelligence (A.I.) in their offering, just as Samsung is doing with its smart fridge. With the Samsung Alexia built-in smart fridge, it is possible to see inside your fridge from anywhere, get instant access to recipes based on what you have on hand, plan weekly meals, and get shopping list, to list a few features.
Furthermore, pricing strategies associated to digital transformation, such as the freemium approach used by most news companies, social medias platform such as LinkedIn can also be considered. The principal of the freemiumpricing model, is to make the most basic service level of an offering free for all, and for more sophisticated or premium services users have to pay.
As far as internationalization is concerned organizations could develop their offerings by deciding to follow either a globalization approach (no local adaptation at all), the contingency approach (partially adapting to local requirements) or full adaptation (make a single offering per targeted country). For instance to enter the Indian market, Mac Donald offered the classic well know big mac menu but also more menus adapted to local tastes such as: Veg Pizza McPuff, Maharaja Mac, McAloo Tikki (potato patty), McSpicy Paneer (cheese patty), and the Masala Grill Veg.
For sustainability, organizations can either be very active in their supply chain by working with like-minded partners, just as the company Patagonia is doing. They could also follow the circular economy principles the way Nike did by offering a recycled-content version of the Converse Chuck Taylor All-Star made from factory and post-consumer waste.
