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Kotler's New 4C Marketing Mix for the Digital Economy
Shubhi Kotiya, Management Consultant, Germany, Premium Member
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. 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 custom (...) Read more? Sign up for free
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4 Ps AND 4 Cs
Alkhaly Mohamed Tahey Conde, Lecturer, Guinea, Member (...) 11-3-2020
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Role of 4 Cs
Helen Strong, Business Consultant, South Africa, Premium Member (...) 15-3-2020
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4 Ps AND 4 Cs
rustenburg, Business Consultant, Netherlands, Member (...) 16-3-2020
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Refreshing Read
Sumit Kumar Pattnaik, Student (MBA), India, Member (...) 23-3-2020
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