Therefore, with due respect to Rosser Reeves and Philip Kotler, we need to move on. Fast. The need of the hour is to understand that the Brand Core is already present in every consumer as 'Greed'. What leads to 'Act' > 'Experience' > 'Engagement' > 'Need' - which forms a 'Brand', eventually and contextually, that 'Promises' to cater to the 'Market' that is already created by consumer based on 'UBP' i.e. 'Unique Buying Proposition'.
See the pic below. Click on it to enlarge.
And this entire process would be aptly backed by mushroom like 'Media' proliferation - where 'Humans' are likely to be the BIGGEST media in fact.
Plus, it's imperative to note that 'Experience' will create 'Engagement', not the other way round what the stereotype thinks.
For, unless an experience is good, innovative, and conducive, no engagement will take place more than once, maximum twice. Hence, there's no need to consider that just an 'Act' is an 'Engagement'.
"One-night stay is not engagement, sorry!"
Given this, to ensure an 'Engagement' (in real sense) via nonstop 'Interactions' for 'Need' development and evolution, 'Idea' holds the key. Because only a BIG Idea can create the right 'Experience' i.e. 'Product' and the right 'Content' i.e. 'Communication' that won't fizzle out just like that.
YES! Product = Experience today; forget 'Commodities'.
If it's done, then only there will be some hopes for Brands and Agencies alike, precisely for Digital Agencies, to survive, complementing Darwin's theory of survival.
Otherwise, consumers will make sure neither Brands nor Agencies are alive - thanks to whom they have already turned 'Data' for nothing.
Moral of the story: Before fiddling with 'Technology' and 'Jargon-ism', it's wise to UNDERSTAND THE GROUND REALITY OF BUSINESS.