The philosophy and practice of marketing, as analysed by marketing gurus, has undergone sea-change:
1. Everyone in the organisation is a marketing man, instead of only people working in marketing department. Thus, marketing has become an organisation-wide function.
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2. Every organisation instead of manufacturing every product or service itself is buying from outside. Thus, every organisation is concentrating on core activities and outsourcing from outside.
3. Manufacturers are no more interested in any and every supplier, because manufacturers believe in partnership with suppliers. When Tata Motors had to shift from Singur to Sanand, its suppliers also shifted to Sanand. Marketers take keen interest in suppliers’ manufacturing technology and other activities. Thus, marketers work with fewer suppliers in a ‘partnership’.
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4. Marketers are no more rigid on relying on old market positions. With the pace of time they undertake and uncover new positions. Dabur is using for its Chyavanprash, a new position from older position of ‘for older people’ to ‘everyone in need of physical and mental strength’. McDonalds has changed its positioning from ‘restaurant for kids’ to ‘family restaurant’.
5. Marketers have understood the value of branding the products or services. It is from this perspective they emphasise on intangible assets more than the tangible assets.
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6. Marketers have learnt that brands can be built more through performance and integrated communication rather than through advertising the brands alone.
7. Marketers have simultaneously gone online instead of exclusively attracting customers through stores and salespeople. Thus, developments in channel management have attracted the fancy and attention.
8. Marketers are no more interested in selling to any and every consumer. They are trying to be the best firm serving well identified target markets.
9. Marketers believe in customer relationship management and therefore, focus on profitable transactions for focusing on customer lifetime value rather than on profitable transactions.
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10. Marketers are no more interested in gaining market share rather they focus on building market share brick by brick, which would be more permanent.
11. With the growing liberalisation, deregulation and privatisation every marketer’s mindset has become “global” – both global and local. Gone are the days of protectionism and looking inward only. Marketers are in fact trying to go global.
12. For a long the marketers were interested in financial scorecard, but now marketing scorecard is drawing more attention. Number of calls required to convert a potential into actual consumer, number of complaints per 100 consumers, and so on.
13. Instead of profit maximization for shareholders, the motto has undergone a sea” change. Though shareholders are important but other stakeholders are no less important.
14. The Corporate Marketing Departments have been closed and replaced by Chief Marketing Officer (CMO).
15. The increasing popularity of the internet is resulting in a form of ‘do it yourself marketing where consumers cut out the marketing middle man in accessing information on pricing and product features and quality.
Such value co-creation can be seen in conception(military and defence contracts), co-design (Boeing and United Airlines, Godrej interiors and the customers), coproduction (IKEA), co-promotion (word of mouth), co- pricing (eBay, negotiated pricing), Co-distribution (magazines), co-consumption (utility), co-maintenance (patient-doctor), co-disposal (self-serve), and even co-outsourcing (captive business process outsourcing).