Socio-Economic and Cultural Aspects of Use of Technology in Marketing: An Empirical Study of New-Age Tech-Based Ventures

Abstract

Fueled by technological breakthroughs, marketing has experienced a sea change. Exploiting a range of digital tools to modern business operations is the trend. These changes alter consumer behaviour, affect company development, and shift market dynamics. Technological adoption by businesses is propelled primarily by three factors: socio-economic, affordability, and digital literacy. Information technology has proven it can drive down the actual and psychological costs of setting up. It even allows new entrants to compete against established firms in the Market. For one thing, digital marketing resources supply small businesses with inexpensive means to reach people worldwide. The odds are even. Rather than perpetuating to the specifications of their tools culture, materials impact how people receive new technology--with factors like local habits and language biasing acceptance. Marketers, therefore, need to understand these factors as they lay out strategies for a given market. The Ascendancy of Social Media has Geared into the Market. New vistas are opened to businesses through direct communication channels. Unexpected next-this marks the arrival of personalised marketing strategies calling on data analytics to power them. They serve to deepen customer involvement and customer retention. It is all a question of economy when business takes to the technology highway. Companies in high growth zones may introduce digital tools quickly, while those areas, perhaps needing to conserve resources, take things more gently. There are specific requirements arising from the legal policies of the government, too. To some degree, they determine how the enterprise handles data or how platforms are used in marketing operations. Socio-economic and cultural factors meet in the area of technology-based marketing. A sample of 261 was collected to find the result of the study. The main socio-economic and cultural factors impacting the Use of Technology in Marketing are Income level & Economic development, Education and Technological Literacy, Consumer Privacy and Trust, and Influence of social media.