Revisiting Marketing Mix

Author(s)

Gowhar Rasool and Anjali Pathania

Affiliations

School of Business Studies, Central University of Jammu, Jammu

Abstract

With increasing complexities of intense competitive market there is an evident emerging need for change in mechanisms of marketing. Out of all the most promising is the convergence of company and the customer. This synergy is innovatively utilized by companies in co- creating and this has been possible mainly because of the platform provided by Information Technology. Thus this paper highlights the role of Information Technology and how it can be leveraged for enhancing customer value by laying strong foundation for co-creation of product, price, place and promotion through continuous interaction between the communities of customers and company. The paper discusses the market evidences of several companies who have been successful in re-creating 4P’s of marketing with the innovative usage of Information Technology. This paper also intends to propose an algorithm to model interaction between technologically co-created 4P’s and its impact on company’s profit using Agent Based Modeling.

Keywords

Co-Creation, Customer Value, Information Technology, Agent Based Modeling, 4P’s

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