The 4S's of Marketing is an update in thinking that focuses on the importance of service dominant logic, social interaction, superior knowledge and sales engagement in business today. Let;'s put the S back into marketing.
Introduction • The 4P’s of marketing have been the core of marketing and built on since 1957. • Are they appropriate to fully explain the current 21st century marketing. • No – the world has changed Rapid globalisation Internet / Social revolution Greater customisation Move to one to one communication with customers via social media.
The 4 S’s 1. Service Dominant 2. Social Interaction 3. Sales Engagement 4. Superior Knowledge
Service Dominant • A realisation that Goods (Product) service logic (GSL) is being enhanced by a Service dominant logic (SDL) • That service elements of a product offering are far greater and more profitable than the product elements example: Apple® iPod + Apple® iTunes = Apples SDL offering.Source: Vargo and Lusch (2004) Evolving a New Dominant Logic of Marketing,Journal of Marketing, Volume: 68, Page 1-17
Social Interaction Environment Market structure Dynamism Internationalisation Channel position Social system Atmosphere Power/dependence Co-operation Closeness Expectations Organization Organization Technology Long term relationships Technology Structure Institutionalisation, Adaptations Structure Strategy Strategy Interaction Process Individual Individual Aims Aims Experience Short term exchange episodes Experience Skills Products/services Skills Information Financial SocialSource: Adapted with permission from Håkansson (1982, p24)
Sales Engagement • Sales are the connector and sculptor of business relationships • That offline and online gaining and retention of customers is crucial • Need to identify new market segments of Blue Ocean are importantSource: W. Chan Kim and Renee Mauborgne (2004) Blue Ocean Strategy,Harvard Business Review, October 2004, Page 69
Superior Knowledge • Knowledge is the defining competitive advantage today for sales and marketing professionals • It encompasses – Critical thinking – Brainstorming – Creativity – Calculated risk taking – Entrepreneurship
The Social Marketing Mix • The 4S’s enable a more contemporary look at business marketing today. • Embedded is service dominant logic, co-creation and relationship interaction with your customer. • It is a customer centric view of sales and marketing. • The social marketing mix works together to reinforce your value proposition and grow your business.
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