BRANDING AND MARKETING IN CONDITIONS OF DIGITALIZATION

The changing environment leads to the need to change the very nature of the functioning of economic entities, revise the methodology of strategic economic management, and use new methods and analysis tools. Digital transformation is precisely a change in the ways of functioning, interaction, and management of economic entities in the new digital environment. As a result of the development of the digitalization of the economy, the marketing environment has changed. New factors have appeared that influence the buyer’s choice and his decision to make a purchase. In addition, the very nature of the functioning of the economic system has changed: network effects have appeared, costs have decreased, and methods of competition and consumer acquisition have changed. Currently, the role of digital services in the process of brand formation and promotion is increasing. This process is particularly relevant during the introduction of restrictive measures caused by the pandemic and full-scale invasion. The use of new approaches allows us to look at the process of forming an advertising company differently. The article analyzes the relationship between the concepts of digitalization of the economy and digital transformation of the economy. The relationship and interdependence of these definitions are studied. The features of the digital transformation of the economy are analyzed, its main advantages are highlighted. The place of marketing in the digital transformation of the economy is studied. The main factors of the marketing environment under the conditions of digital transformation are analyzed, the factors of the formation of a fundamentally new environment are highlighted. Changes in marketing concepts used in the modern economy are studied. New marketing concepts are proposed under the conditions of digital transformation of the economy. Engagement marketing, personalized marketing, retrospective marketing. The correlation of new marketing concepts as reactions to changes in the external environment and the economy as a whole is carried out. The concept of “digital branding” is also explored, which plays an important role in the promotion of modern companies. The concept of “brand” and “digital branding”, as well as its components and tools, are revealed. At the end, it is stated that in the century of information technology, every ambitious company should conduct a digital transformation and implement digital branding in order to achieve its goals and results.