Values-Driven Marketing (Marketing 3.0) | NAAC accredited MBA college in Bangalore

Posted by Prof Manoranjan H P On 28/04/2022 11:01:43

Before we go any further, let us take a glance forward to see what happened in the past and how we got to where we are now. Imagine sitting with me at a high-altitude coffee shop at the dawn of the twenty-first century, debating how Marketing 8.0 is on the decrease and how we need to move beyond – perhaps forming a new version and redefining Marketing – Marketing 9.0! Farcical? To others, this may seem blasphemous.

So come along with me on this adventure as we look at the evolution of marketing. Let us now travel back in time to the beginning of the twentieth century, when a certain Mr. Ford boldly proclaims, "Any client can have an automobile painted any color he likes as long as it is black." The period of product-centric marketing is known as Marketing 1.0. Marketing was evolving and being constrained to a very narrow definition — it was viewed as merely selling, a persuasion technique. Marketers evolved in tandem with their customers. With the introduction of information technology, marketing could no longer rely simply on the product and sales idea to survive. Let's fast forward to the present day when consumers are considerably more knowledgeable and have the ability to compare the worth of identical products at their fingertips. NAAC accredited MBA college in Bangalore

Their needs are rapidly evolving, and the customer now determines the product's value. This is the Customer-Centric Era, often known as Marketing 2.0. It requires marketers to uncover unmet needs and wants and turn them into profit-generating possibilities. A multitude of customized products that cater to specific needs is on the rise. The time for standardization is passed. As a result, for every old Ford T, there is a slew of new models, each catering to a different market sector, from niche to mass. Customers can also customize items to meet their specific requirements (Dell's Mass Customization). Today's consumers are spoiled for choice.

Naturally, this phase has to develop, and as Kotler famously declared a few years ago, we are on the verge of seeing an evolution to the next phase of marketing – Marketing 3.0 – the human-oriented period. So, what is Marketing 3.0, exactly?

a quick comparison between Marketing 1.0, 2.0, and now 3.0.

Consumers are no longer limited to consumption but are also becoming involved in collaborative value creation, and this era of involvement is what Marketing 3.0 is all about. We're seeing an increase in the number of customers that want to be involved. Marketing managers are collaborating with customers to better understand their thinking and acquire market insights. Customers might sometimes be seen designing and producing goods for themselves. Consider Starbucks' Hear Music Media Bars, a service that allows consumers to make their own music CDs using tablet computers. Best MBA college in Bangalore

Consider Tanishq, the Tata Group's jewelry division, which recently launched a promotion campaign called "My Expression" that allows customers to participate in a co-creation activity. Customers were encouraged to submit their own design ideas for a new line of jewelry, and they were able to work with renowned Tanishq designers to create Mia, a new line of jewelry for working women.

The Values-Driven Matrix5 – essentially defines Marketing 3.0 in a nutshell.

Before we proceed, let us look ahead to take a look at the past and arrive at the present. Imagine you sit with me at an air-bound coffee shop at the beginning of the 22nd Century discussing how Marketing 8.0 is on the decline and how we need to look beyond – perhaps formulate a new version and redefine Marketing – Marketing 9.0! Farcical? Blasphemous to some?

Well then join me aboard this journey as we explore the evolution of Marketing. Let us shift backward now – the advent of the 20th Century as a certain Mr. Ford proudly remarks “Any customer can have a car painted any color that he wants so long as it is black.” Marketing 1.0 – the Product centric era. Here Marketing was evolving and confined to a very narrow definition – it was considered mere selling, an art of persuasion. As the consumers evolved, so did the marketers. With the advent of Information Technology, Marketing couldn’t survive solely on the product and selling concept. Let’s fast forward to the present age then, consumers are much better informed and can compare the value offerings of similar products at their fingertips. Their needs are changing fast and today the product value is defined by the customer. This is the age of Marketing 2.0 – the customer-centric era. It entails the marketers to identify unfulfilled needs and wants and convert them into profitable opportunities. We are seeing a plethora of customized products to cater to specific needs. Standardization has passed. So for every standard Ford T of the past, you get a whole gamut of offerings each catering to different segments from niche to mass. Customers even modify the products to tailor to their needs (Dell’s Mass Customization). Consumers today are spoilt for choices.

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