Knowledge Management in Strategic Marketing

Abstract

In a constantly changing world, one of the most important factors to stimulate and achieve the strategic goals in any organization is “Knowledge Management”. Knowledge for marketing decision support can come from three major sources; customer knowledge from the retailer, consumer knowledge from market research and market knowledge from third-party data providers. Four marketing approaches can employ IT as a tool in the inertial role using a wide variety of technologies. Transaction Marketing employs technology to process the volumes of transactions. Database Marketing employs database technology to capture and organize customer information. Interaction Marketing can employ a range of technologies to support the person-to-person interaction. Lastly, Network Marketing also employs a variety of technologies to support its network of group interactions. Further studies will be done to cover key areas of knowledge management in other industrial sectors such as production-industry and financial-industry. The comparative study of knowledge management initiatives in different industry, or in the same or related industry but different in the scale of businesses will be presented.