The transformation of marketing concepts-MARKETING UPDATED

 I have been in Bangalore for the past 2 ½ yr during which I have completed my PGDM-IB in marketing specialization from a reputed business school (IFIM BSCHOOL), Bangalore and also come across different field projects during my course curriculum. I’ve a good feeling of what’s important for the consumers (their needs and wants) while I observe how the consumers are consuming new technologies & media now and how it could change in the Future.

When I was in my 1^st term, a concept was installed in our mind i.e.4P’s (introduced by E. Jerome McCarthy).it was all about the most commonly used tenants of marketing. And what happens now is coaching about 4'V's in different classes. That’s how world is going now very fast and unstoppable. If you will not able update with it the ready to cry on your product lunch day.

Product, Price, Place and finally promotion.

Just lock this statement in your mind, and compare with the recent marketing integrates. You will definitely argue with me while understanding the changing world. Whatever is there in your mind is appropriate because the world is changing fast and that  the world won’t never been the same

While the 4 P’s offer a good basic framework for understanding the all encompassing nature of marketing, they are missing one key ingredient that has been made apparent by the consumer revolution – the consumer’s involvement in the process. In the next post we will discuss about the 4C's AND 4V's.while we are updating our-self with C's and V's.

unexpectedly 21^st century consumers adopt new technologies and consume media, are changing, as per my own view and experience, I can bet that many marketers have changed because the consumer is now in the driving seat!!! This has a huge impact on the way we should interact with them as the consumer becomes a medium itself.

Then you will ask me that there are other marketers who don’t change and continue to apply old principles and also successful at this point of time.4p’s are eligible to handle this 21^st century customer then I want to give you more evidence regarding this.

Just providing you some real time data to change the notion.

Million Dollar Marketing Blog: Brand Management :creating and evaluating

Million Dollar Marketing Blog: Brand Management :creating and evaluating

We drink because the celebrity drinks: celebrity endorsement for brand building

Now a day’s endorsement by somebody like celebrities is getting over the turf. If you are attached to any of the celebrity then surely you want to know about the brand. Whenever we see our favorite brand actor, we want to imitate them. Celebrity endorsements are sure shot in countries like India as so many want to be them, feel a closeness to them and the more we see them the more we know them and want to have what they have. 

This is the basic reason behind the grand success of celebrity endorsement, as soon as endorsement works it results in selling. Let’s talk about GATORADE, a Pepsi co. Product, the company have targeted the athletic market and replaced water as a hydrant. The dialogue of the 21^st century has changed to “Drink Gatorade and you will be the athlete of the century”.

The new communication strategy of the company was unquestionable and as operated by the most dominant players of the food and beverage. On the other hand water companies are not standing up nor are the fitness folks saying water is the best hydrant. Gatorade has even become a staple in celebrations in rewarding a coach with a Gatorade bath after the big one.

 Now, if you will ask anyone in the cricket/football field about their new choice, they will say it (Gatorade) makes them stronger and smarter. So, where the position of pure water in our life...is just a product lunch and its favourite brand endorsement has changed the way we see it.....what more could a body ask for..It is the end of pure water or start of product innovation.

Today, Gatorade is sold in 78 countries in North America, Europe, Latin America, the Middle East, Africa, and Australasia and has become a global brand.

US market -80% of sport’s beverage market has been captured by brand “GATORADE”.

Earlier some decades ago, Gatorade owned about 90% of the market, but its share slipped below 80% earlier this decade. In the past six months, however, Gatorade lost four full points and now claims only 75% of the market. Coca-Cola-owned rival Power Ade, meanwhile, climbed to 24% market share by volume during the first half of this year after spending the past year at 22%. 

Just check out these companies’ product marketing and sales strategy.It shows that if you will lose something somewhere unknowingly or knowingly, while the market is watching over you, just try to save the share of other one. Because the completion in the global market place is just a throat cutter.

The marketing of Gatorade illustrates effective product and brand management in a dynamic marketplace. While on the other hand competitors like The Coca-Cola Company, Energy Brands Inc. Red Bull GmbH are not lesser then the market leader.