Addressing a press conference in Chennai on Monday, marketing guru Phillip Kotler, author of Marketing Management (12th Edition) (Marketing Management) and Principles of Marketing (11th Edition) (Principles of Marketing) expressed its opinion on the growing importance of branding in today’s world of Internet and media explosion.
Branding is critical for creating trust in the minds of consumers. The four P’s of marketing — product, price, place and promotion — were the corner stones of building a brand in the past. Today, one needs to redefine the role of marketing as creating, communicating and delivering value to the consumer (CCDV).
Today the consumer would buy a product or service or a combination only if he saw a value in it. So the central role of marketing was to deliver the value to the consumers. The marketing guru said the 4Ps, the most important factors of Philip Kotler’s theory, were more relevant for the manufacturing sector. But in the current economic system, this had been replaced with `CCDV’ marketing, which was creating value (instead of product), communicating value (in place of promotions) and delivering value.