Lecture: The Evolution of Marketing
Introduction
- Presenter: Gaurav Kumar
- Focus: Understanding the evolution of marketing, particularly the shift from traditional methods to modern digital marketing.
- Intended Audience: Business owners, agency owners, students interested in marketing.
Structure
The lecture is divided into three parts:
- Traditional Marketing Mix
- Transition from Four Ps to Four Cs
- Implications of the Modern Marketing Model
Traditional Marketing Mix
- Definition: A tool to help marketers set objectives and strategies.
- Four Ps Model: Introduced by Jerome McCarthy in 1960.
- Product: What to offer.
- Price: At what cost.
- Place: How and where to offer it.
- Promotion: How to communicate the offering.
- Characteristics:
- Producer-oriented model focusing more on sellers than buyers.
- Involves the customer mainly in marketing research and value-based pricing.
- Criticism: Not agile or dynamic, leading to a gap between market research and product release.
Transition to the Four Cs
- Four Cs Model: Introduced in Philip Kotler’s "Marketing 4.0."
- Co-Creation: Replaces Product.
- Involves customer in development stages.
- Benefits: Reduces errors, increases product launch success, allows customization.
- Currency (Dynamic Pricing): Replaces Price.
- Dynamic pricing based on customer behavior.
- More flexible than traditional pricing.
- Communal Activation: Replaces Place.
- Peer-to-peer models, cross-channel presence.
- Examples: OYO, Uber, Ola, Airbnb.
- Conversation: Replaces Promotion.
- Two-way communication with consumers.
- Focus on educational content rather than sales pitches.
- Enable customer feedback and interaction with promotions.
- Examples of Modern Marketing:
- Brand communities like Royal Enfield, Thar, Swiggy, Zomato, Tripadvisor.
Conclusion
- Consulting Offer:
- The presenter offers marketing consulting services for business model validation and online marketing strategies.
- Invitation to book a free consultation.
Contact Information
- Presenter: Gaurav Kumar
- Contact Details: Phone numbers provided during the presentation.
Final Thoughts
- Importance of understanding the dynamic nature of modern marketing.
- Encouragement to engage and seek consultation if needed.
Remember, these notes provide a high-level overview of the lecture's key points and can serve as a useful guide for further study and application in real-world marketing scenarios.