Econsultancy Introduces the Modern Marketing Model (M3)
Econsultancy has introduced the Modern Marketing Model (M3) report to help marketers improve their marketing revenue. This model focuses on Planning, Strategy, Execution and Analysis. Econsultancy has devised the model in further ten segments under these four components.
Explaining this new model, says, “In creating M3 we have not sought to create a brand new intellectual and conceptual vision of marketing processes or terminology. We believe this is not required and risks being difficult to understand and disconnected from marketing professionals’ real world. Rather we seek to clarify, structure, and make more consistent what are currently different dimensions and evolutions that we feel need to be brought together in a contemporary and holistic view.
There are many elements where the tactical and executional opportunities may have changed, largely because of digital, but which do not need renaming for the sake of it. Conceptually they are still valid and based on robust and enduring data, research and best practice. These elements include: marketing strategy, market orientation, customer insight, brand, segmentation, targeting, positioning and promotion. Even the change from ‘Place’ to ‘Distribution’ is slight.
Removing ‘Price’ as a core element will no doubt excite debate. In our experience price is rarely under the direct remit of the marketing function, except perhaps in FMCG businesses. Price is also still covered under other areas like “Brand & Value” and “Marketing Strategy”.
We have changed “Product” to “Customer Experience & Content” which may also be controversial”.
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