Marketing in the Metaverse : Evaluation through the 7P Marketing Mix

Abstract

The Covid-19 pandemic has led to marginal changes in traditional lifestyles and standards, and technological developments that bring physical reality closer to virtual reality, with the increasing influence of the digital revolution. Among these developments, Metaverse stands out the most, and due to its projection dating back much earlier than the Covid-19 pandemic, it provides the most systematic presentation as a virtual reality. With its collection of online worlds and lives, Metaverse can cause radical changes in daily life and, therefore, deserves special attention. As an alternative universe concept offered to people, this area is envisioned to provide all kinds of social interaction services, such as shopping, advertising, digital production, marketing, security, education, entertainment, and any other type of social interaction that comes to mind, just like in daily life. To benefit from these services, it is necessary to be present in the Metaverse universe as a unique avatar user. Users will be able to buy and sell digital objects with blockchain-based digital currencies, participate in digital partnerships and ventures, create digital markets, and thus increase their digital profits and pleasures. While Metaverse marketing is not based on a different logic than marketing in physical reality, it can bring a new dimension to the science of marketing as it provides a freedom-oriented activity area unencumbered by classical limitations due to blockchain advantages. A new field of activity is emerging that greatly expands the limits of marketing science with Metaverse, and all marketing actors should position themselves in the most accurate and timely manner against this innovation. This article discusses the philosophy, birth, operation, components, and development direction of Metaverse marketing based on the 7P marketing mix.