Sunday, November 20, 2011

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 1st 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 21st 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 21st century customer then I want to give you more evidence regarding this.
Just providing you some real time data to change the notion.

Information sheet—REVOLUTION OF MEDIA AND COMMUNICATION

medium
radio
Tele -vision
Internet
i-pod
Face book/twitter
Reach point
50 million for others and FB 200M
38 years
13 years
4years
3 years
9 months

The age of interactive information has turned the four P’s into 4C’s and now 4V’s.

This adoption of new technologies is driven by the digitalization of everything (music, picture, movie etc) The consumers want to consume this content on every devices (PC, TV, Smart Phone, Slate etc) while the content in is the CLOUD and viral marketing

The speed of transactions is faster, more dynamic and happening real time. The world is moving into a more demand-based view. Customers are exposed to large amounts of ads every day. Yes this is how you should interact with your consumer for a better future.
Now days the e-generation way changed the way of advertisement world. You can observe the evolution (from broadcast / mass marketing to interactive / targeted marketing).
Each and every concept is remodeled with customer centered approach. In one of the popular blog it was mentioned in very interesting way...there is an evolution from interruption marketing to permission marketing.

In interruption marketing:
Just imagine a picture; you’re late for your office. And the food supplier asks you for another dish to taste. Whenever you are late you are getting the same question back to you. Will you give him the same attention? Today you are busy and already 20 late to your meeting and waiting for a cab near to the hotel. But this time the server of the near hotel came to you and repeated the same question. What are the chances you will pay any attention at all? you’re probably going to even develop a strategy to avoiding further interruptions-not making eye contact, brushing them off or scolding the.It will happen if yu still following the old p’s.

Permission marketing:
It is all a customer wants these days. They will talk with you if they are getting enough self respect in the first hand along with a good understanding. As per the author Permission marketing is the privilege (not the right) of delivering anticipated, personal and relevant messages to people who actually want to get them.
This evolved concept recognizes the new power of the best consumers to ignore marketing. It realizes that treating people with respect is the best way to earn their attention. Real permission works like this: if you stop showing up, people complain, they ask where you went. Don’t disturb you’re customer or prospect with unexpected appearances nor irritate them.
Just give them the solution for their query, whenever they ask for it or raise a reasonable doubt. Don’t raise objections and questions on an interactive situation. At the end of the day this is modern day brand play…