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Four major drivers of economy.

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Kotler identifies the four major drivers of the new economy. Explain these drivers. Based on your view of how the new economy has been developed, place these four drivers in order of importance (which have had the greatest impact). Be prepared to explain your ranking.
What is the most important impact these drivers of the new economy have had on business? Marketing?

Kotler, P. (2003). Marketing Management, 11/E. Prentice Hall. Chapters 1-3, Pages 1-88. MBA -Level

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Solution Preview

STEP 1:
The four major drivers of the new economy according to Philip Kotler are digitalization and connectivity, disinter mediation and re intermediation, customization and customerization and industry convergence.

STEP 2

The order of importance is:

1. Customization and customerization: Customization and cutomerization has assumed the greatest importance. Even Kotler admits that it has become important to organize by customer segments, customer lifetime value, focus on customer retention and growth and measuring of customer satisfaction. In today's world if a company focused purely on digitalization and connectivity, then it would fail. This is the reason so many dot.com companies collapsed.

2. Digitalization and connectivity: In today's ...

Solution Summary

Philip Kotler's four major drivers of economy are discussed and prioritized.

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