Marketing-Mix Metamorphosis and New Trusted Business Practices

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Author(s): Dário de Oliveira Rodrigues (Escola Superior de Gestão e Tecnologia, Instituto Politécnico de Santarém, Portugal)
Copyright: 2021
Pages: 21
Source title: Competitive Drivers for Improving Future Business Performance
Source Author(s)/Editor(s): Carlos Martins (Lusíada University of Porto, Portugal)and Paula Rodrigues (Lusíada University of Porto, Portugal)
DOI: 10.4018/978-1-7998-1843-4.ch004

Keywords: Business & Management / Business and Organizational Research / Business Process Management / Business Science Reference

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Abstract

This chapter discusses the impact on the marketing-mix due to the confluence of the internet of things and the internet of value which seems to be made possible by the blockchain technology. This “perfect storm” induces a vortex of reliability and business trust between people (“peer-to-peer”) and machines (“bot-to-bot”), without the traditional need of third parties to ensure confidence in a negotiation. This implies innovative business practices and self-executing contracts that will take place in a more decentralized and trustworthy environment, speeding up the metamorphosis of the four marketing-mix elements in such a way that marketers will have to deal with a “product” that is always in a “beta-version”; a dynamic “price” that initially has to be free; an atomized “promotion” of reliable messages found by costumers (not the opposite); and a new virtual secure “place,” which is made possible due to augmented reality and blockchain.

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Marketing-Mix Metamorphosis and New Trusted Business Practices

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