The eCommerce buzz in India is at its peak and two players that are setting the rules of the game are Flipkart and Snapdeal. It will be an understatement to say Indian eCommerce industry has emerged as the new sunrise industry in last five years. A joint study by ASSOCHAM – Deloitte showed that the e-commerce business is set to cross $16 billion by the end of 2015.
Rarely you will come across a marketing professional who is not aware of the 4P’s of Marketing. These P’s were first coined by Jerome McCarthy in 1960. But this was made famous by an American professor known as Dr. Philip Kotler in his book “Principles of Marketing”. I personally have one copy of 2009 edition and for me, it is one my favorite books in marketing.
Before I share what the new 4 E’s of marketing are let me first throw some light on our traditional 4 P’s of marketing:
Product : A product can be either a tangible good or an intangible service that fulfills the need of the customer.
Price: The price determination will impact the profit margin, costing, supply and demand.
Promotion: Sharing relevant product / service information to consumers.
Place: An ideal location to sell the product that will convert potential customers to customers.
Here is an example of traditional Marketing Mix:
It is not because of its marketing but because of its confused state. The chocolate industry in India was valued at INR 58bn (USD 966mn) in FY 2014, and has been growing at a CAGR of 15% over the last three years. Two brands that have given stiff competition to each other to gain maximum market share are Cadbury Perk and Nestle Munch , both the brands fall in the range of Rs. 5 to Rs 20. Over the years Munch has positioned itself as a lightweight wafer chocolate whereas Perk has positioned itself as chocolate with glucose energy.Read More »