4 P's constitute the oldest of marketing basics as described by Kotler. Over the time, these 4 P's has evolved into 4 C's and now its time for 4 V's.
New 4 V's of Marketing are described below:
1. VALIDITY for Consumers in terms of Products
Initial product approach aimed at developing the product and marketing it well to achieve maximum sales.
Consumer approach brought in the importance of consumer insight and feedback about his needs and expectations about the product. This became essential with so many players coming into market and leaving large number of choices with consumer. Thus Consumer Satisfaction became the buzzword.
With evolving technologies and advances in industry, average product life cycle has decreased. Thus it becomes essential to ensure that the products designed to ensure consumer satisfaction remain valid at the launch of the product.
2. VALUE against Cost incurred for the Price of product.
Value marketing insists on focussing at delivering the right value to customer. Value is what customer pays for. For instance, Brand value is something for which customers are ready to pay premium. Indians (or India rightly described as a country of youth for coming years) would definitely give more importance to higher standard of living. Hence marketers need to give due importance to value for consumers.
3. Venue that gives consumer the Convenience in easy availabilty of products at right Place
A distribution channel of providing just a place to buy is no longer competitive. Over the time, convenience for consumers has become important and marketers have been establishing more distribution points to reach the consumer.
The term Venue holds a broader meaning here. Venue is not only providing the product at right place. Venue also considers all the points of contact between customers and retailers, where marketers can get the required information and feedback from consumers.
Venue also justifies the supply of products through electronic platform and direct selling, as they don't have any brick & mortar as a place to provide their products. Pizza delivery by Domino's and Pizza Hut have revolutionized the food market.
4. Vogue through efficient two way Communication for proper Promotion
Vogue (meaning Popular acceptance) is the need of hour for all marketers in this competitive world. It requires more than just getting a message across and 2 ways communications. It ensures that messages and advertisements are not only communicated well, but they must be well accepted by the people. For such things, interactive phone and websites may be launched to get people associated with your brand. Like Reckitt Benckiser recently organized a competition inviting people to use their skills and design ideas and advertisements that could be of use to Reckitt. This way one gets the brand more closer to end user.
No doubt these marketing tools have evolved from 4 P's to 4 C's, but the basic still lies in providing the best product and service to customer in such a way that customer gets satisfied and firm earns business.