Reinventing Marketing Mix
All those who had studied and practiced marketing in the last 50 years should be familiar with the 4P’s. It was E. Jerome McCarthy who originally developed the mnemonic, the 4P’s of marketing, which serves as a neat and memorable classification system of the various elements of marketing. Originally, McCarthy defined the marketing mix as a combination of controllable factors at a marketer’s command to satisfy a target market.The term “marketing-mix,” was first coined by Neil Borden, the president of the American Marketing Association in 1953. It is still used today to make important decisions that lead to the execution of a marketing plan. Marketing Mix happens to be the fulcrum of any marketing. With the changing world and the ever changing consumer behavior we end up exploring and reinventing the wheel of life.
Being a researcher, practitioner , consultant, teacher, author and learner of marketing, i believe marketing game is far more dynamic and challenging in this cluttered world. My recent learning from Dr.Philip Kotler’s workshop has made me realize marketing mix other wise needs a rejig. Time to explore marketing Mix in a social age. I call 4P’s(Traditional) of Marketing as 4P’s (Modern). Every city grows and expands, so does the 4P’s.
PRODUCT, PRICE, Place, PROMOTION according to the old school of thought (Traditional).
Modern 4P’s :
Packaging – has turned to be a glamorous salesman from a silent salesman. Apple, Coke, Bang & Olufsen, Nike, IKEA,Pringle,Nokia, or Cassina- design is what defines them and gives them their competitive edge. Tiffany’s coveted box is today an international icon of elegance and sophistication. All these brands elevate their brand appeal also through the tool called Packaging.
Positioning – “an organized system for finding a window in the mind. It is based on the concept that communication can only take place at the right time and under the right circumstances”, this concept was introduced by Jack Trout. In the recent past there is a lot of buzz on Positioning.
My belief is that the the most important pillars of marketing Mix should be expanded by bringing in two more P’s – PURPOSE and PEOPLE.
Purpose – is because regardless of what business/service you do, what strategy you adopt – purpose is the Key.With out purpose nothing exist.
People – With the advent of Digital space and social media one more P to me is of Greater importance but often neglected, so the next P that is relevant to me is People.Today the strategies adopted by brands are more towards engaging the customer,brands are keen to converse with the customer.It is time marketers understand, communicate, appreciate and evolve with people. Word of Mouth or word of mouse of people has the maximum impact in today’s cluttered world.
Purpose and People needs to brought into the marketing books, as the new P’s along with the 4P’s.
If you are given a choice to choose one P’s among the two P’s (Purpose and People), which one would you choose and why or is there any other P you think is lot more important apart from the that is portrayed.
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28 Responses to Reinventing Marketing Mix
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I would like to choose “PEOPLE”.People is the first very important that you find out through research if there are enough people in demand of a certain types of products and services then only product can be marketed . Other P’s are Process,Physical EvidencePhysical Evidence and Political power
I feel people should be the 4th p . Even though purpose is an important aspect, there is no purpose without people . People desire , they need a purpose , purpose doesn’t need people, on the whole , it’s for the people . Hence people must be the 4th P!
Both the P’s are important but I choose “people” here as i feel people are the most important element of any service or experience. Services are produced and consumed by the same P i.e people. Each person has different taste and attitude, each of this should be satisfied. The term people not only deals with the customers but also the sales person. People play an important role in service delivery,they are relied upon to deliver and maintain transactional marketing and people play important part in customer relationship. The are the transactional interface between the company and its customers.
Apart from the P’s mentioned above , I feel ‘Prediction’ also can be added to it.
When you launch a product or make changes to an existing product , you should be able predict how well the product would perform in the market, considering all the factors involved, given market can sometimes be unpredictable.
Processes – you can have a great product or service but if you don’t have the processes in place, you are likely to fail. Processes include a strategic marketing plan which feeds into the business plan for the company.
The buying experience is becoming more and more important as the public learns to expect better service. A poor process will lead to a poor user experience, and some very negative exposure. Letting people know that you have strong secure customer orientated processes in place is key.
I would choose purpose because anything performed with a purpose in mind results in success.It is very much applicable to marketing strategies.Another p which i feel should be included is perfection,that is 4p’s like service,exchange,communication,means should be carried out with utmost perfection….
I choose purpose because it plays a very important role in each and every aspects.
Purpose is an important factor in marketing mix because, without knowing the purpose for what a particular product has been launched it will not succeed in the market-R.Mukesh
Apart from the 2 P’s i personally feel PROSPERITY plays a important role in market nowadays. People started buying products just to show of to the public ,nowadays its rarely seen that people buy products looking at its purposes.
I would choose people as it is people who invest in brands,buy products and services. it is people who makes a good customer relationship for the market.
Well sir, I agree that purpose and people are one of the important P’s which should be included. And I also feel PREVIEWING is an other important P. Because, before any product gets into the market,its sales has to be previewed in prior as this would help them in knowing exactly where their product will reach. Previewing may be like making a rough study with a group of people about the particular product and getting feedbacks and then introducing it in the market.
I would choose purpose.. creating purpose plays major role in marketing mix.. apart from 4 p’s mentioned above I would like to add an other p- period ,as all other traditional p’s depends on a proper period to be presented in the market.
MIB – A (P.Jayesh Kumar)
I would like to choose – PLANNING
Before executing any project or marketing… First step is planning
I prefer people. Because consumers are the king of the market.
People:
People play the most important role . It is for the people that marketing is done. Ultimately these marketing strategies are being reinvented to serve the people.
I have chosen people because every process in marketing is concentrated ultimately on the customers. So if they din give much of importance to people then all there effort will become worthless.
I will opt for purpose, it indeed gives you all the reasons for bringing
in the particular product into the market and serve its purpose in different dimensions. another can be P “Perception”, P “Process”, P “Placing”
People are the most important factor.Marketing is done for the people.People not only refers to customers but also sales persons and staffs who work for your business to provide good customer service and satisfication and in doing so the product or brand can be marketed.
i would choose people. i think people play a very important role as they are the ones who buy the product and services.They are the customers for whom marketing is done.
i would chose people because they play a very great role and if their is no coustomer then the effoerts taken by them is waste .and without people their is no use of marketting in the market .
People or consumers are important and it should be the axis of any good marketing strategy because the basic purpose of marketing is convincing to buy and unless the consumers are aware of the existence of a certain product in the market ,which may have the capability of leveraging their lifestyles ,they will not buy it,which obviously will defeat the purpose of marketing .Therefore we may not be wrong in saying that people oriented approach plays a critical role in the marketing scenario.The concise point elaborated by the people oriented approach of marketing is deciding on WHOM TO SELL before deciding HOW TO SELL.
People or consumers are important and it should be the axis of any good marketing strategy because the basic purpose of marketing is convincing to buy and unless the consumers are aware of the existence of a certain product in the market, which may have the capability of leveraging their lifestyles, they will not buy it; which obviously will defeat the purpose of marketing.Therefore we may not be wrong in saying that a people oriented approach plays a critical role in the marketing scenario.The concise point elaborated by the people oriented approach of marketing is deciding on WHOM TO SELL, before deciding on HOW TO SELL.
I would choose PEOPLE because it is through them we find out the demand for certain types of products and services .And then manufacture and market the products (which are chosen by the people). The “people portion” can also include the people who we hire to take care of certain tasks and operations within the business.These people inturn help in buliding customer relationship.
i would choose people because if their is no coustomer in the market then their is no nessesity of purpose , as coustomers play a great role and actually people and purpose and interrelated to each other so if their is no people ten the efforts taken by them is waste.
I think its PURPOSE because since its said that purpose is the key, without a proper purpose nothing can be done. People are the most important factor. Therefore the main purpose should be to satisfying their needs. Therefore according to me its purpose.
I would definitely choose “PEOPLE” because they play a major role in day to day life.No matter what product you sell, the first and foremost thing is to make the people know / understand more about the product and increase the level of positioning in the market so that if one consumer is happy ,ultimately the person knowingly or unknowingly is a part of marketing that particular product to many others and it goes like a chain. This is the fastest and smartest way of marketing.So people are the targets of the sellers and without them there is no need for the marketing .
Everything that we do requires a purpose. But what is the use of purpose without people. I choose people because people are the basic and fundamental requirement of a business. A business is for the people and by the people. And yes as modern marketing says CONSUMERS ARE THE KINGS OF THE BUSINESS. So without giving importance to people, without studying their needs, without satisfying them, we cannot earn the profits that we expect! Also people include the employees too. Without giving importance to the employees how can an employer expect a profit turnover? People are major components of a business, every stakeholder is a asset to the business, so i choose people.
#drkkr #brandthinkmarketingdo #marketingmix #product #price #promotion #place #people #grdim
Both Purpose and People play a vital role as far as Marketing is considered. But Yes I would definitely choose People at the first place because the whole purpose of the marketing revolves around the People. Its all about reaching the people,understanding their needs and producing the products that satisfy the People’s need.People are the resources upon which the success of the business depends.So according to me People should be given more importance.