Welcome to Francis Academic Press

The Frontiers of Society, Science and Technology, 2023, 5(5); doi: 10.25236/FSST.2023.050506.

Blockchain Companies in Marketing Communication: The Study on 4C Framework of Strategic Marketing Analysis

Author(s)

Xing Yin

Corresponding Author:
Xing Yin
Affiliation(s)

University of Mississippi, Oxford, 38655, USA

Abstract

This paper aim to introduce 4C framework of strategic marketing to analyze how blockchain companies are working in marketing communication and advertising. The 4C framework of strategic marketing includes: customer, cost to the customer, convenience and communication. Based on our study, we would be able to have the conclusion that using the blockchain technology in business marketing would be able to build and maintain good relations with customers through customer loyalty plans and reward plans. Blockchain technology could also lower the cost of the product and service, hence lower the cost to the customer eventually. Using blockchain technology is more convenient since the blockchain technology could build more connection between different brands and companies. Both internal and external communication will be increased since blockchain technology does not need support from intermediate agents. Blockchain technology also could make communication more effective and efficient.

Keywords

Blockchain, Marketing communication, 4C framework (Customer, Cost, Convenience, Communication), Strategic marketing

Cite This Paper

Xing Yin. Blockchain Companies in Marketing Communication: The Study on 4C Framework of Strategic Marketing Analysis. The Frontiers of Society, Science and Technology (2023) Vol. 5, Issue 5: 39-42. https://doi.org/10.25236/FSST.2023.050506.

References

[1] Gleim, M.R., & Stevens, J.L. (2021). Blockchain: A game changer for marketers? Marketing Letters, 32(1), 123-128. 

[2] Dominguez Perez, L. J., lbarra, L., Alejandro, G., Rumavor, A., & Lara-Alvarez, C. (2020). A loyalty program based on waves blockchain and mobile phone interactions. Knowledge Engineering Review, 35. 

[3] Sheth, J. N., Sisodia, R. S., and Sharma, A. (2000). The antecedents and consequences of customer-centric marketing. J. Acad. Mark. Sci. 28, 55–66. 

[4] Rejeb, A., Keogh, J. G., & Treiblmaier, H. (2020). How blockchain technology can benefit marketing: Six pending research areas. Frontiers in Blockchain, 3, 3.

[5] Cvitanović, P. L. (2018). “New technologies in marketing as competitive advantage,” in 2018 ENTRENOVA Conference Proceedings (Split: ECONSTOR), 294–302.

[6] Colman, A. M. (2015). The Oxford Dictionary of Psychology, 2014th Edn. Oxford: Oxford University Press.

[7] Allaway, A. W., Gooner, R. M., Berkowitz, D., and Davis, L. (2006). Deriving and exploring behavior segments within a retail loyalty card program. Eur. J. Mark. 40, 1317–1339. 

[8] Meyer-Waarden, L., and Benavent, C. (2001). Loyalty programs: strategies and practice. FEDMA Res. Day Madr. Sept. 14, 1–33.

[9] Kshetri, N. (2019). Blockchain and the economics of customer satisfaction. IT Professional, 21(1), 93-97.

[10] Banerjee, A. (2019). Blockchain with IOT: Applications and use cases for a new paradigm of supply chain driving efficiency and cost. In Advances in computers (Vol. 115, pp. 259-292). Elsevier.

[11] Korpela, K., Hallikas, J., & Dahlberg, T. (2017, January). Digital supply chain transformation toward blockchain integration. In proceedings of the 50th Hawaii international conference on system sciences.

[12] Rühmann, F., Konda, S. A., Horrocks, P., & Taka, N. (2020). Can blockchain technology reduce the cost of remittances?

[13] Kshetri, N. and Voas, J. (2019), “Online advertising fraud”, Computer, Vol. 52 No. 1, pp. 58-61.

[14] Mougayar, W. (2016), The Business Blockchain: promise, Practice, and Application of the Next Internet Technology, John Wiley and Sons, New York, NY.

[15] Boukis, A. (2019). Exploring the implications of blockchain technology for brand–consumer relationships: a future research agenda. Journal of Product & Brand Management.

[16] Karikari, A., Zhu, L., & Dara, R. (2018, November). Blockchain: The next step in the development of The Internet of Things. In 2018 IEEE 9th Annual Information Technology, Electronics and Mobile Communication Conference (IEMCON) (pp. 341-345). IEEE.

[17] Dimitrov, D. V. (2019). Blockchain applications for healthcare data management. Healthcare informatics research, 25(1), 51-56.

[18] Udegbe, S. E. (2017). Impact of blockchain technology in enhancing customer loyalty programs in airline business. International Journal of Innovative Research and Advanced Studies, 4(6), 257-263.

[19] Schlegel, M., Zavolokina, L., & Schwabe, G. (2018, January). Blockchain technologies from the consumers’ perspective: what is there and why should who care? In Proceedings of the 51st Hawaii international conference on system sciences.

[20] Buldas, A., Draheim, D., Nagumo, T., & Vedeshin, A. (2020, November). Blockchain technology: intrinsic technological and socio-economic barriers. In International Conference on Future Data and Security Engineering (pp. 3-27). Springer, Cham.

[21] Ellewala, U. P., Amarasena, W. D. H. U., Lakmali, H. S., Senanayaka, L. M. K., & Senarathne, A. N. (2020, December). Secure Messaging Platform Based on Blockchain. In 2020 2nd International Conference on Advancements in Computing (ICAC) (Vol. 1, pp. 317-322). IEEE.