Published on July 28th, 2013 | by drkkr28
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.