Developing and Implementing Digital Marketing Strategies of the Future: Toward Improving Product Quality and Competitiveness
DOI:
https://doi.org/10.57125/FEL.2023.03.25.07Keywords:
Digital Marketing, Product Quality, Competitiveness, Social Media Campaigns, Personalized Email Marketing, Data-Driven Content Marketing, Structural Equation ModelingAbstract
The present study explores developing and implementing digital marketing strategies that enhance product quality and competitive position. The study employed a mixed approach, combining quantitative and qualitative methods. Structured questionnaires were used to survey managers from 50 companies representing various sectors of the economy. Specifically, social media campaigns targeted at specific audiences, personalised email marketing, and content based on data analytics emerged as the most effective strategies in this context. The purposive sampling method was used to form the sample. The collected data were analysed using structural equation modelling (SEM). Using a structural equation, model-based results demonstrate that all marketing strategies are positively and strongly related to product quality, β = 0.45; content marketing, β = 0.35; data analytics-based marketing, β = 0.40; personalised marketing, β = 0.30. Furthermore, product quality is further significantly positively related to competitive advantage, β = 0.55. An integrated approach, continuous marketing innovation, and reform to adjust for changes in consumer preferences are likely to direct results of the higher success of the first two strategies above. This finding has direct implications for marketing practice, as it establishes specific areas and aspects to be undertaken by businesses to improve product quality, offering and resulting better outcomes in the market. Future research should focus on long-term effects and differences in findings between and among specific markets.
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