STRATEGIC MARKETING OF AMAZON2 3.7 Recommendations..............................................................................................................19 Competitive advantage of Amazon...................................................................................21 CONCLUSION AND RECOMMENDATIONS.................................................................22 Appendices...............................................................................................................................23 REFRENCES...........................................................................................................................23
STRATEGIC MARKETING OF AMAZON3 ABSTRACT The paper criticizes Amazon's reasoning for being a case study organization: the right marketing plans are not top-down, they start from the outside, start from the wishes and expectations of consumers. "It uses various analytical writings to appraise how consumer speech affects strategic marketing choices in that sector. The company's growth has centered on a positive, customer-oriented corporate approach throughout its existence. The study of the corporate marketing campaign reveals that Amazon is heavily focused on the advantages of online technologies. However, since consumer was first installed, Amazon has opened several physical outlets at various sites where, beyond division and placement, Amazon is implementing 4Ps advertising techniques. While the commercial has recognized possessions and located itself as a multinational frontrunner, it has been told, as many other firms aspire for being consumer focused as various offline businesses come online, growing competitiveness slowly. INTRODUCTION Amazon is a US e-commerce business that is focused on online distribution of goods and services (John, 2017). The business took advantage of cloud technologies according to Dave (2018) to become an industrial giant of electronic firms with substantial revenue through improved internet marketing and data delivery. The organization was guided by long-term ambition from its founding date in 1995 to 2003, which contributed to the adoption of product infrastructure research and growth approaches (Fadikar, 2010). The firm has also gradually expanded its net profits to become a major seller worldwide (Shaughnessy, 2012) and the commercial eventually extended its possibility, including the operational bookstore, by selling various other goods and services.
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STRATEGIC MARKETING OF AMAZON4 Amazon is one of the 500 fortune corporations founded in 1995 by Jeff Bezos. The first move in e-commerce has been made. Originally it was referred to as Cadabra. Amazon's growth was a gradual and steady one; the company concept was unique and introduced in the 1990 dotcom era. Amazon set up a solid base after early sluggish growth and made a income of $2.5 million at the close of its fourth year on the sector. The growth never stopped and the latest insights in the e-commerce industry were exposed to Amazon. In 2005 the income rose to 359 million dollars and in 2006 to 190 million dollars. This was CEO Jeff Bezos ' management ideology. Total revenues of Amazon rise from 24,509 billion dollars in 2009 to 61,093 billion dollars in 2012 (2013a) quarterly. The latest 2013 quarterly forecast reveals that net income will rise to $34 million, which reverses the declining trend in revenues (2013b).Amazon's goal line is not about delivering merchandise, but their path to growth is to think to consumer satisfaction (Bell and Zemke, 2013). Amazon's present position is that it would not identify itself as a retailer or distributor. By improved distribution strategies and other key business functions, they have established new e-market technologies Product New goods have been introduced to the roster since Amazon's founding, and offerings have been steadily enhanced. Amazon has three product groups, namely television, software and general products, among several groups of which Amazon Business Solution is the most relevant one. It demonstrates that you can purchase something in Amazon shops through the Amazon Marketplace.Amazon's most significant and top-business is to offer books, and the shift against books prices in mainstream shops is generally based on the reality that Amazon cuts. It is also blamed that Amazon has deprived Amazon Kindle of the conventional bookshops market. The business Amazon type’s main offering is presently Amazon's biggest seller. It is compact and identical to a standard book if a3-book cover is attached to this
STRATEGIC MARKETING OF AMAZON5 package. The key features are. The Amazon typeset style is designed so that consumers can interpret the paper through a font size change. The business has established a market development marketing plan completely tailored, including interior and outside advertising (Amazon, 2015). The business has a policy for market success. Jeff Bezos (2007), the creator of Amazon, is inspired, in his terms, to cater to the clients that drive him to invest on their behalf, and to discover the most appropriate way to base a company on clients. The communication plan of Amazon is analyzed in this article, which is important to how it places consumers first. Structureof the report
STRATEGIC MARKETING OF AMAZON6 This study analyzes the customer-centered communication approach of Amazon. The job consists of four central parts. In the first chapter, the full research, methodologies and processes are presented, the second chapter addresses a comprehensive marketing strategy, strategies for execution and marketing functions.The third chapter provides a thorough reviewofthecommunicationcampaignforAmazon,andthefourthchapteroffers suggestions and deductions. STRATEGIC PLANNING Strategy in the commercial mentions to the set of performances that require a particular target for Ghemawat (1991). It comprises the business's approach to reap long-term financial gains. In view of the changing business climate, Johnson et Al (2008) proposed that this possibility plan might "configure resources and competencies to satisfy the needs of stakeholders."A sense of purpose and tangible goals is a significant thinking for the company as strategic strategy provides day-to-day feedback and allows to measure success and to provide a guide of improving company-like strategies (Devra, 2018).). (Devra, 2018). The importance of strategic preparation in creating successful management plans and, ultimately, keeping environmental progress resilient is recognized by Dutton and Duncan (1987). They allow management to identify strategic goals, analyze the market landscape and establish detailed plans and methods obligatory to perform the plan (Dutton & Duncan 1987). This method A variety of phases are taken by the strategic planning phase as seen below:
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STRATEGIC MARKETING OF AMAZON7 Source:Pikuoec (2010) Strategically speaking, following the World Trade Center assaults in 2011 and the Global Economic Downturn of 2008 (Krystal, 2013), Amazon was just able to deal with a number of environmental shifts and business growth. The group has shown competitive versatility with its consistent competitiveness, its extension of its market to India and the outline of the first online shop in a growing field. As part of the Stockport 2010 strategy, Amazon has confirmed that it is primarily in the interest of its 3 different focus groups: consumers, suppliers and producers that the strategic and marketing goals are being met(Baltes, 2015). 2.1. marketing Plan Advertising is an agency that tackles the awareness and production of revenue desires of customers. Kotler and Armstrong (2014) identify interactions to sustain effective consumer relationships. In addition to the selling of goods and services, marketing includes consumer analysis and advertising to produce revenue. Grönroos (1989; 2006) suggests that this technique is meant to contribute to the creation of a successful product / service that suits and desires clients ' needs. In addition to growing revenue and consumer service by developing innovative goods
STRATEGIC MARKETING OF AMAZON8 desired by consumers, marketing became a tactic that other businesses utilized to grow client loyalty and improve competitiveness (USW, 2018). A collaborative preparation mechanism to direct and articulate a range of realistic outcomes required to accomplish the intended goals would be critical to increase the effectiveness of initiatives. Paula defines the strategy of marketing as "a tool for developing strategic and practical partnerships between company interests, skills and resources with future business opportunities," it is related to identifying priorities, strategies and missions and target markets, with reasonable budgets (South Wales University 2018).Ali (2018) notes that the method includes collecting and reviewing evidence that facilitates the accomplishment of long-term strategic goals in the business after implementing them. Unlike the company's approach, the marketing action plan will take into consideration developments expected to emerge on the sector. The strategic strategy method allows executives to determine where the business is heading, achieves a thorough knowledge of the target audiences and clienteles and reflects on the key drivers (Ali, 2018). The brand policy of Amazon, which relies on consumer satisfaction to deliver user-specific products, ill uses a company in which its consumers come first. 2.2 mission and vision At the point of strategic preparation, the objective and goal message are prepared. The long- term aim of Amazon, in particular, was to target buyers by "providing our consumers cheap costs, comfort and wide selection of items, with digital delivery in the main" and "Amazon is the consumer sector where consumer are technologically informed of what they want and are striving to maintain customers ' pricing at the lowermost price conceivable (Bhasin, 2017).
STRATEGIC MARKETING OF AMAZON9 2.3Strategies of amazon Collaboration with suppliers provides geographic cost benefits in the procurement of market resources and time to pursue a sustainable approach. The brand blend technique known as Edward (2017) for 4Ps draws Amazon buyers. Amazon is also recognized as the 4Ps company. In the next part, several techniques and methods such as positioning, segmentation and resources will be addressed. 2.4 Action With an connected warehouse Amazon begins and gradually expands the reach to a broad variety of product groups, letting other shops to sell and deliver their goods over the Amazon marketplace. The network program can monitor the behavior of consumers in an attempt to individualize their products to provide, according to user preferences, the correct product to market segment. AMAZON’S MARKETING ANALYSIS "The best messaging strategies are not up-to-date, external and are in accordance with customers ' preferences and aspirations," is the central theme of this article. 3.1. Amazon’s Internal Marketing Strategy Both companies are based on customers in today's market landscape (Kaushik, 2013). An significant factor is that the business staff are efficiently hired and are willing to work successfully and satisfy the customer's demands. This top-down approach is an worldwide campaign for the marketing of the company and its workers ' goods and services. The approach involves capacity creation, efficient organizational collaboration and alignment that makes workers grasp the whole communication organization. Walter et al. (1994) recommend that the top leadership first take this into consideration to address the project.
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STRATEGIC MARKETING OF AMAZON10 In the growth of Amazon's consumer-centered strategy internal marketing played essential roles, helping to improve customer loyalty, establish a deep customer attachment, and ultimately overcome rivalry. This indicated that rivals of Amazon have long been involved in a nesting technical and technological ecosystem while Amazon has concentrated on technology that serve its customers betterThis means that all staff will grasp this philosophy in line with market desires as well as the objectives of the organization and thus, originating with management. CEO Jeff Bezos (2017) said: "Our customers remain loyal to us until they are really well handled by the second party. We are committed to our customers," said CEO Jeff Bezios (2017). Rendering to Walter et al (1994), "Global promotion is the key to better quality and is a product to external promotion" In order to advance customer loyalty and outshine in international advertising, Amazon considered it essential for workers to understand and satisfy consumer desires. 3.2. Amazon’s 4Ps Here you can look at Amazon's marketing strategies as an alternative to gain customers. "The worldwide customer-centred enterprise through which customers can search and find everything they choose to buy digitally" is the Amazon Marketing mission (Bhasin, 2017). As stated, Amazon has a variety of strategies and tactics as a global e-commerce business to achieve inexpensive compensations over its rising contestants on the internet. The consumer- centered business strategy of Amazon is projected to remember and win additional market shares. The subsequent research will rely on the premise that the 4Ps of the advertising mix are linked together to render the organization's advertising strategy actual. The Marketing Mix Strategy, it is believed, enables advertisers to attain their competitive goals, position the business on its board markets and have customer loyalty if properly achieved. (Chaplain, 2005).
STRATEGIC MARKETING OF AMAZON11 Amazon’s Product This plan stresses the quantity of goods a corporation provides its consumers. In Kotler, 2005, firms utilizing this mixing technique take note of their instruments, for example the range, scale, style, products, brand name, packaging, machinery, etc. Amazon aims to broaden and diversify its merchandise offering, including branded items and services including Amazon new, film, web site, prime, multimedia material, etc. in adding to the broad diversity of crops and services obtainable through the company online marketplace (Fadikar, 2010). This supports the hallucination of the company to be more customer-centred because diversification can satisfy the customers if they have many choices and can find what they really want and need. It is obvious to Edward (2017) that change refers to business demands and thus consumer loyalty. The growth of the company's portfolio has also significantly increased the marketing mix. The organization also sells membership to goods, which requires delivery charges for consumers who buy from their online platform. At the additional side, Amazon helps other retailers to position and sell their goods through their website and can boost or decrease consumer share from their affiliate retailers through the inconsistent product price. This is also important that the organization verifies consistency before publishing the goods of its partner shops. In summary, Amazon's marketing mix is that productivity of new items in the e-commerce bundle and represents the efforts of the organization to continually broaden its product portfolio in instruction to gain new and current marketplace shares. However, Amazon will take into consideration the price of items offered through Amazon's partner vendors. Amazon’s Place Awareness of all delivery networks, reach, sizes, sites, production, transport and logistics (Mars Library, 2014).
STRATEGIC MARKETING OF AMAZON12 Amazon's official ecommerce website and books from Amazon are primarily viewed by their consumers as an online shopping company. In other regions, the organization has established numerous physical libraries, though driven by customer preferences, enabling shoppers to evaluate their goods before purchases. Amazon’s Promotional It depends on publicity, financial transfers, formation of revenues and public relations. The commercial primarily uses many strategies to persuade consumers to connect and pay for its web goods and facilities in the promotional mix. Promoting ads and public relations and integrating targeted communication are among the most effective approaches. The company uses the collaborator scheme to work with multiple website owners in a way that provides profits from bought goods to display the product ads through links to the website e-commerce portal. In order to support this approach, Amazon utilizes exclusive sales or promotions to help the business meet its potential buyers. In turn, organizations donate some of their sales to boost their credibility and strengthen the consumer's brand through the smile of Amazon (Amazon 2017). The perceptions of buyers and the intention to promote continued sales at the end of the day are influenced by all of these strategies. In short, Amazon can easily connect with its target buyers to browse and purchase their goods online. Amazon’s Price The goal of this commercialization plan is to increase market prices in a manner that attracts customers. Amazon's method to attract shoppers from its different offerings, such as discounts, prizes, paying periods and payment terms, which are available via the e-commerce website, is the same as that of the price given on a single good / service (Bennett & Coleman,
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STRATEGIC MARKETING OF AMAZON13 2018). Amazon employs a more conventional mix of product selection methods, value-based demand competition and market-based pricing. It is an analysis of competitive economies to render the customer fairly priced. However, Amazon also sets various rates for the same products. Quality discount. Amazon's appetite for goods Ferguson (2017) has been shown to be separate from the UK and the US. This strategy allows market adjustments dependent on economic considerations which is complemented by a pricing mechanism focused on demand that takes into account commodity worth and customer favourites. This balancing method thus shows the flexibility of adjusting prices in order to bring more buyers to the business. However, in order to sustain its business growth and upsurge its marketplace portion, the increasing environmental dynamism and instability that lead to greater pressures and eventual shifts in demand, forcing the organization to update its Consumer Mix (Edward, 2017). Amazon should be mindful of the reality that customers also want more consistency, versatility, and assistance and that they will maintain competitive marketingopportunitiesbyaffordabilityandconvenienceforbuyersunderlocal requirements.
STRATEGIC MARKETING OF AMAZON14 3.3. Segmentation Strategy To be modest, businesses must prosper and rely on profitable customers. In instruction to survive in the worldwide economy. ZAMIN (2014) claimed that's the main concept by which corporations should bargain with current consumers to obtain stable market shares. Their aim is to guarantee that the consumer meets its needs. In strategic marketing, this is a term. When goods or companies are of a common kind, the selling form of service is Dibb et al., 2012.p.212. Segmentation is a plan of contact that allows the clienteles more conscious of and cares about their needs. After identification of and clustering of customers with specific criteria, they should produce the correct products or services within each segment to fulfill their needs and desires. Depending on the segmentation, a variety of variables can be created, such as location, demography, consumer behavior, etc. Segment Acquisition A business has to draw new consumers, because new clients bring value to a commodity. This strategy involves tactics and a cohesive plan to persuade clienteles to purchase the goods and facilities of the business. As previously reported, the best solution to winning potential consumers is to consider and spend more on gaining buyers than on revenue (Molly 2018). Angela (2018) acknowledges how challenging the procurement of customers is, but advises companies to first and foremost identify industry niches. The buying portion refers to the creation of customer associations in conjunction with purchasing particular firms. The segment gaining is seen as the process by which commercial frontrunners obtain a preferred market share for a specific customer segment.
STRATEGIC MARKETING OF AMAZON15 In the other hand, 65% of the demand come from existing buyers (Paula, 2018, though recruiting new users is more competitive than maintaining them). The catering interest for current customers is seen. For buyers no company flourishes, management must try to take care of and fulfill the consumer's desires to retain potential to existing clients (Thomas, 20001; Winer, 2001). Throughout this way it is perceivable that Amazón is perfect for attracting clients, as it has made it convenient to buy from its website and has developed solid consumer ties such that shoppers do not quit their homes.The company's willingness to benefit too much from the consumer contribute to its innovation and user interaction policies. Automation also allowed Amazon to quickly monitor the purchasing details the organization uses for its marketing campaigns, e.g. warn its consumers about future sale, attach them to the list of email, and submit a connection to Amazon blog and feedback on its website, so that consumers search the website for ideas on similar items. 3.4 Targeting Strategy Another advertisement campaign is aimed after consumer segmentation. Everything occurs after you have established a commodity category to offer (Doyle and Stern, 2006). That phase takes place. It approach measures the willingness of customers to fulfill their expectations and desires and the capacity of the business to accommodate them. John (2017) claims that the introduction of a targeting approach relates to the emphasis on a specific section of the company's sales and marketing operations, and "Customers will have a commodity they do not purchase which is important, otherwise." At the other hand, segmentation is seen as a segregation that puts other clients that do not fall under the segment out of focus, thus a lack of market opportunities. As a regional e-commerce company, Amazon boards separate clienteles who concentrate on their buying steps through a micro norm segmentation. The company also enabled its Internet
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STRATEGIC MARKETING OF AMAZON16 users to become long-term clients. However, the organization depends on digitally well- educated clienteles since of its connected presence in industry. John (2017) argues that the segmentation and positioning strategies of Amazon rely on the broadest market field. Through incorporating multi-segment and versatile positions, the retail giant will do this. Such citizens belong to both socioeconomic categories, including the higher and lower classes. These are businesspeople or researchers who don't want to waste time attending a traditional store, but may shop digitally easily. Amazon's clients could be those that search that is why the store scheduled a few days to offer its customers a big discount for promotions. 3.5 Positioning When the target markets of a business became well identified, it began to deal on how customers perceived the goods / services in contrast to other items in the marketplace. A competitive strategy is applied to "the customer sees the commodity and other similar goods present on the market" (AMIN, 2017). Since consumers take a commodity into consideration in its advantages and characteristics, the business may use different characteristics, such as price, cost, sentiment, commodity consumer, product usage, and features and so on as the basis of a positioning strategy. As this serves a number of buyers, Amazon would not be forced to sell its goods to physical stores. Amazon also introduced exclusive E-Commerce portals for each nation to recognize their variations and has established many Customer Centres, which accept consumers in their mother tongue and company staff who understand consumers ' requirements. This is a huge move forward in consumer service and comfort. A flexible framework, which can service clients 24 hours a day and includes consumers in the company, is a strong marketing technique. Amazon also introduced numerous local payment solutions in addition
STRATEGIC MARKETING OF AMAZON17 to the launch of free delivery in 2001. In Fadikar (2015), the firm launched a postal order for German and tests on French clients and the European courier in supplying domestic clients are highlighted by the fact that it has been depending on the firm.This reliance on external suppliers is still highly important. The activities of the business can be uncontrollable in certain cases or cause extra expenses, which may be passed to the consumer. A common example is where providing a product or service requires gasoline or other taxing costs that cannot be borne by the corporation. In this situation, the burden is passed to the consumer, in order to reduce customer loyalty due to the adverse impact. Again, the provision of free shipping services can even erode business revenues, even if it is a successful tactic to draw and retain consumers. 3.6 gaps analysis The corporation also needs to effort with such organizations as public libraries in order to allow shoppers to easily scan and find the Amazon website as the business has formed close relations with its customers and third-party retailers. Given that the company already operates in the retail sector, there is also a need for a new digital marketing strategy as many existing retailers are now online to improve their competitiveness. 3.7 Recommendations In addition to the approaches and methods listed above, Amazon Goes Live would also boost access to the website, popular services, rebate schemes, the latest EBC content test scheme, news search advertising, paid sellers and consumer prime subscriptions. Amazon is expected to start innovating and implementing customer-centered approaches.
STRATEGIC MARKETING OF AMAZON18 In the next century, Amazon will add to its consumer offerings with the Blue Apron and drone delivery (Johnson, 2017). This is hypothetical to draw potential buyers, improve their loyalties and raise their incomes to recollect their competitive role. As the 4P marketing approach in today's industry is becoming increasingly prevalent, both businesses continue to remain consumer focused like Amazon. It ensures that Amazon will maintain its importance, not dwell on its accomplishments. To achieve so, the business would need to refine certain primary marketing blend elements and values such as tastes, productive programming, pervasiveness and printing. In current marketing strategies, consumer expectations are relevant because the desires of consumers have an effect on their attitude and behavior. The business would only be worthy of being successful in its communication campaign once it knows its clients ' tastes. For eg, where a given consumer chooses online shopping instead of attending store or night sales, email notifications through images, etc., then the business dataset will be appropriately adjusted such that it can properly connect with that consumer,in particular taking care of the right route, the right period and manner of purchasing. Although focusing on consumer needs, the organization remains important and programmatic, productivity can be assured. Programmatic, as described above, reveals how lucratively applicable validity can be talented. Adapting consumer support expectations to include specific promotions can be both time-consuming and costly, while leveraging programmatic programming to create a one-to - one large-scale consumer partnership. Amazon also has to concentrate on gathering and integrating data for real ads, all of which improve the marketing experience of its consumers and which displays goods and services that really attract them.
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STRATEGIC MARKETING OF AMAZON19 In the other side, Amazon actively communicates to its clients and delivers the best response as and where appropriate to the right people. It involves reaching consumers across both channels and regular contact dependent on interests. Ultimately, Amazon must also remember the highly important success of current market reviews. A business mnemonic method will be useful to figure out how the communication campaign successfully serves digital assets and produces acceptable consumer incentives. In addition, it be contingent deeply on actual periodknowledge and data-based strategies. In brief, Amazon will rely on all four items in identifying resources, associates and network systems, who would be on a smoother road for more successful marketing and consumer interactions. Competitive advantage of Amazon Such confidence in outside firms will interrupt Amazon's deliveries, affect the standard of merchandise or simply make service unregulated. Distribution to other suppliers Amazon's worldwide advertising obligations have been compromised and customers who are not pleased with the items/ services purchased from their affiliate sellers have been refunded, because it allows more businesses to publish and vend their offerings on the Amazon E- commerce sector. The bigger the delivery network, the less Amazon's income. These deals allow Amazon to retain its affordable costs, which transmits the savings to customers. The rigorous consumer- centered methodology utilized by Amazon to evaluate the actions of the consumer ordering based on expectations has led to their competitive advantage. The frequent purchasers at Amazon.com are more than 50% of the market. Furthermore, Amazon has a strong place in
STRATEGIC MARKETING OF AMAZON20 European countries and the U.S. and is one of the longest player’s active in the online market. It is the foundation for the company's growth in new republics. CONCLUSION AND RECOMMENDATIONS Therefore, the company gives organizations a portion of its sales in order to increase its credibility by helping Customers grin (Customers 2017), and boost the perception of its buyers. All such strategies are structured to facilitate ongoing sales at the end of the day through buyers ' preferences and wishes. Within a word, Amazon can easily connect with its target customers so that they can order and purchase digitally(Alalwan, Rana, Dwivedi, and Algharabat, 2017). They has needed to deal for many new competitors as many mainstream companies are now online since a big e-commerce business was formed successfully. This helps Amazon to be revamped and adapts the content strategy to maintain concentrating on the customer-centered approach. The 4Ps strategies in this sector are becoming increasingly popular, and the company must be up to date to better consider its customers ' needs and desires to get the media
STRATEGIC MARKETING OF AMAZON21 Appendices
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STRATEGIC MARKETING OF AMAZON22 REFRENCES Morgan, N. A., Katsikeas, C. S., and Vorhies, D. W. 2012. Export marketing strategy implementation, export marketing capabilities, and export venture performance.Journal of the Academy of Marketing Science,40(2), 271-289. Parekh, D., Kapupara, P. and Shah, K., 2016. Digital pharmaceutical marketing: a review.Research Journal of pharmacy and technology,9(1), pp.108-112. Shirisha, M., 2018. Digital Marketing Importance in the New Era.International Journal of Engineering Technology Science and Research,5(1). Tiago, M.T.P.M.B. and VerÃssimo, J.M.C., 2014. Digital marketing and social media: Why bother?.Business horizons,57(6), pp.703-708. Alalwan, A. A., Rana, N. P., Dwivedi, Y. K., and Algharabat, R. 2017. Social media in marketing: A review and analysis of the existing literature.Telematics and Informatics,34(7), 1177-1190. Amazon (2017) You Shop, Amazon Give. Amazon smile. Available online at: https://smile.amazon.com[Accessed on 22 April 2018] Dann, S. 2010. Redefining social marketing with contemporary commercial marketing definitions.Journal of Business Research,63(2), 147-153. Angela S. (2018).21 Experts Share the Single Most Important Ingredient of a Successful Customer Acquisition Strategy. Available online at:https://www.ngdata.com/successful- customer-acquisition-strategy/[accessed on 17 MARCH 2020] Dasgupta, S. and Ghatge, A., 2015. Understanding the stickiness of corporate social responsibility reporting as a post globalization digital marketing strategy: a study of
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STRATEGIC MARKETING OF AMAZON24 Kaushik Mukerjee, (2013),"Customer-oriented organizations: a framework for innovation", Journal of Business Strategy, Vol. 34 Iss 3 pp. 49 – 56. Available online at: http://dx.doi.org/10.1108/JBS-Jun-2012-0013[accessed on 17 MARCH 2020] Kotler, P. Armstrong, G. (2012).Principles of Marketing.14thEd. Harlow: Pearson. P231. Kotler, P., Armstrong, G., Cunningham, P.H. (2005).Principles of Marketing.Toronto: Pearson Education Canada. pp. 67-70.