The Impact of Blockchain on the Marketing Mix Elements: A Literature Review
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Tarih
2022
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Verlag Peter Lang AG
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
Although digital cryptocurrencies like Bitcoin, monetary systems and the financial sector are commonly known application areas of blockchain, its impact goes well beyond these areas and it has a potential to revolutionize transactions in various fields such as education, energy, stock markets, insurance, healthcare, public services, as well as communications. Although its application in marketing is still in its infancy, marketing can also be defined as an important potential application area for blockchain. Advantages of using this technology such as cost reduction due to disintermediation, tokenization of tangibles/intangibles, increased efficiency due to smart contracts, secure payment opportunity, authentication of transactions by verifying customer data are some strategic reasons for utilizing this technology also in marketing. The purpose of this conceptual, exploratory study is to discuss the potential impact of the blockchain technology on marketing activities and, in particular, on the traditional marketing mix elements (product, price, place and promotion), based on previous related studies in the relevant literature. Despite the increasing interest in the potential and advantages of blockchain applications in the marketing literature, to our knowledge the impact of this technology on marketing activities and strategies has not yet been considered in terms of marketing mix elements. From a theoretical perspective, the contribution of this study is to fill this gap in the literature. From a practical perspective, its contribution is to show marketing practitioners the role of blockchain technology in determining the strategies regarding the marketing mix elements. © Peter Lang GmbH.
Açıklama
Anahtar Kelimeler
Blockchain, marketing, marketing mix elements
Kaynak
Digital Challenges and Strategies in a Post-Pandemic World
