Kotler's New 4C Marketing Mix for the Digital Economy

Kotler's New 4C Marketing Mix for the Digital Economy

🔥NEW In the digital economy the conventional Marketing Mix with 4P's must evolve to accommodate more customer participation. Kotler et al. suggest a marketing mix with four C's: Co-creation, Currency, Communal Activation and Conversation:

• CO-CREATION: In the digital economy, co-creation is the new product development strategy. The product is developed by involving customers at the ideation stage. This increases the rate of success. Co-creation also allows for customization and personalization of the products, thereby providing superior value prepositions.
• CURRENCY: Co-created products are offered at dynamic pricing, based on market demands. In the digital economy, price is similar to currency, which fluctuates depending on market demand. Industries like airlines, hospitality, retail, and all e-commerce shopping platforms today generate huge amounts of data from their customers. Using big data analytics these industries are able to provide differential pricing to different customers based on their history of purchase, location, and other profile aspects.
• COMMUNAL ACTIVATION: In the connected world, consumers demand access to products and services instantly. And with brands going global these needs can be served only by peers in close proximity. Players like as Airbnb, Uber, Zipcar, and Lending Club are disrupting the hospitality, taxi, car rental, and banking industries. This peer-to-peer distribution is the essence of communal activation.
• CONVERSATION: Traditionally promotion was a one-sided affair, wherein companies used to just make the offerings to the customers. Today, customers can easily respond to the brand offerings and brand messages and thereby generating valuable conversations. The rise of customer-rating systems such as TripAdvisor and Yelp provide a platform for customers to have conversations about and offer evaluations of brands they have interacted with.

⇒ What do you think of this new Marketing Mix?
Sources:
Philip Kotler, Hermavan Kartajaya, Iwan Setiawan, (2017). "Marketing 4.0: Moving from Traditional to Digital", pp. 50-51.

		Graham Williams Management Consultant, South Africa
	Kotler's New 4C Marketing Mix for the Digital Economy I like it Subhi but suspect that many will see it (...)

		Dr. Klaus Nuehrich Management Consultant, Germany
	Kotler's 4C not a New Marketing Mix For me that is really not new and not at all the r (...)

		Alkhaly Mohamed Tahey Conde Lecturer, Guinea
	4 Ps AND 4 Cs These two models are useful, but the four P are th (...)

		Mudukula Mukubi Business Consultant, Zambia
	Kotler's 4C versus the 4P Model Interesting additional perspective, primarily good (...)

		Serwaa Student (University), Ghana
	Kotler's New 4C Marketing Mix for the Digital Economy This is interesting. Kotler's 4C seems to involve (...)

		Gandhi Heryanto Management Consultant, Indonesia
	Digital Technology Changes the Way You Apply the 4Ps Concept The 4Ps concept of price, product, promotion, and (...)

		Warren Miller, CPA, CFA Strategy Consultant, United States
	The 4 Cs versus the 4 Ps I'm sticking with the 4 Ps because I don't think t (...)

		Victor Inambwae Zambia
	Similarity Between Co-Creation and Conversation It appears to me that of the four 4 Cs that are ex (...)

		Alkhaly Mohamed Tahey Conde Lecturer, Guinea
	4 C in Knowledge Industries @Victor Inambwae: The four Cs Model is also useful (...)

		Helen Strong Business Consultant, South Africa
	Role of 4 Cs For me the 4Ps are the 'what' for the strategies a (...)

		rustenburg Business Consultant, Netherlands
	4 Ps AND 4 Cs In my opinion, it is just marketing to use new key (...)

		Sumit Kumar Pattnaik Student (MBA), India
	Refreshing Read This discussion has given me a whole new perspecti (...)

		Maurice Hogarth Consultant, United Kingdom
	Rephrase to Imply New and Different As pointed out the C's are not new, but more like (...)

		Garth Sutherland Consultant, South Africa
	Do the 4P's Require Clarification? All models evolve! That is the nature of academia. (...)

		Maurice Hogarth Consultant, United Kingdom
	Clarification from Evolution @Garth Sutherland: Agreed, life evolves and that i (...)

		Shubhi Kotiya CxO / Board, Germany
	The Key in 4C's is Customer The responses from many members from the forum ech (...)