Define Marketing 4.0….?

As I have already discussed previously that evolution of marketing took place with the evolution of mankind. Marketing has and will always play an important role in our routine life.

It is true that concept of Marketing emerged from Selling. At the same time both cannot be considered ONE approach as they serve different purpose. Take an example of Computer. The word ‘computer’ got introduced in the year 1613, was further developed in the year 1822 by Charles Babbage and commercially stepped in market post selling to Eduard Stiefel from Zurich. Therefore, a product unless being shelved well it is difficult to get noticed and with lack of visibility no demand can flare up and typically, with lack of demand no selling can take place.

Going forward, Dr. Philip Kotler very well defined Concept of Marketing 1.0, 2.0 and 3.0. A perfect blend of marketing behaviour has been portrayed. I take this opportunity of further discussing this marketing concept. It’s important to consider three major and basic features while developing business or generating clients. They are: Mission, Vision and Values. It’s much popular and common on any website you will browse through.

Question is: Do We Follow These Basic Guidelines?

Most companies’ objective is to sell product. We can term it as a “Product Centric Approach”. Here the marketers tend to target the consumer mind. Their mission is to Deliver Customer Satisfaction for generating better profits and stand ‘the best’ over competition in the growing market. This approach is generally addressed as marketing 1.0. Marketers in this category are more concerned about the Selling of their Products.

2.0 Marketing is all about prioritizing ‘customer’s need’. Here the marketer does a smart selling by tapping the obscure consumer need. In this scenario marketers tend to differentiate between the products and the usage. Like: Washing Machines. Earlier semi-automatic machine were manufactured resulting into tedious machine management. Now, the same is widely available as fully automatic washing machine and under some promotions, customers can even exchange the old machine with new product at no extra cost or at minimal payable amount.

3.0 is more value driven triggering the human spirit. All that matters is sustainability. Take an example of Tata Group. The Company is into diversified business. Needless to say, post the terror attack on 26 November 2008, the Company not only compensated the employees and third parties, they also made up their mind to rise towards marking difference in hospitality sector. Today, The Taj Mahal Palace & Tower ranks amongst the best service provider across the atlas. It is therefore, important to practise compassion than adopting a push strategy.

The 4.0 therefore, is difficult to frame considering the fact that the Concept of Capitalism still prevails in many economies. We need to concentrate more on taking the customers to the level of Self Actualization. At present, Richest are getting richer and Poorest more poor. Marketers have nothing to offer to the Poor segment. The statistics says still there are 5 billion people who are below poverty line and are left unattended. Why are the marketers neglecting this huge segment? It is mere important to sell a dream and let this segment conquer the dream to satisfy at least their basic necessity of simple living. We need to position the marketing plans in such a frame that even lower middle class and below poverty live segment can also think of basic investment for better living.

If this aspect is widely taken care of, the education and employment ratio can take better shape. It has therefore become compulsory to Segment the audience to construct better market plans, define the Target group and develop the products to be offered and lastly, Position the product and services well as to get maximum benefit with the sales promotion and customer satisfaction.

After all, Customer is the King; marketers are required to handle them with care!

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