17 P's drive marketing today

We know all about the 4 P's of marketing from our study and experience in marketing management. In today's marketing and business world, there seems to be a need of more P's as it may not be sufficient to make a successful breakthrough with just 4.

Take this simple example. For a businessman - manufacturer or trader or retailer - he needs products (P-1); needs a marketplace to meet and sell to customers, like office, bazaar or cyberspace (P-2). With a right price (P-3) and well-planned promotion (P-4) he wants to reach all his customers (P-5: people) and what he needs is proper planning (P-6).

The purpose of any successful business is not just to sell products but to collect timely payment (P-7) and to earn profit (P-8) and if possible earn extra praise too (P-9) - that is to make name and fame both. Modern day marketing management provides a professional approach (P-10) and emphasizes strategies of positioning (P-11). Brands, whether for product, company or person, are rated as more prestigious (P-12). Members of your staff - call them internal customers - are also driven by perks (P-13) and the environment in the workplace should be a pleasure to work in (P-14) for better performance (P-15).

Like tangible investments in the past, today's management looks forwards to personnel skills (P-16) as a very important factor for increasing business productivity (P-17).

Let's take the case of a product - you made / manufactured what you liked, what was simple and convenient to make; you were never bothered about size, shape or colour. There were few competitors and you kept a price that suited you for large profit. You never worried about improving product quality and generally manufactured at a place that gave a lot of tax benefits.

There were needs but there was no choice. The customer had no option but to buy at a price dictated to him. The marketplace was either the factory or godown or bazaar.

Today, no one asks: where is the factory? The marketplace is no more restricted but made available from as many shops, stores, showrooms or outlets supported with exhibitions, trade-fairs, road shows, a variety of events, door to door sales and e-market.

A few years ago, you made one simple ad and released it in a couple of newspapers and magazines. That was the extent of media planning. Only large companies used hoardings and banners. Now there is print, electronic, digital and multimedia with unlimited choice of mass and niche media, well targeted television channels and the internet! The huge marketplace.

Today, packaging also adds to the marketing and success of product sales. Customer service packaged with the sale of product lifts the product in the market. Today, the customer dictates which product to make in which colour and size.

Successful marketing demands investment in skilled persons. A person is very important and the knowledge he acquires gives him the power to perform.

Immediate profit is important but it is equally important to invest profit in customer relationship and employee relationship. Today's salesperson is not happy with perks - he also needs praise (appreciation) and incentives like an overseas trip. A customer wants a product that gives high performance and personal benefits out of every purchase.

If you don't bring in professionalism, then tomorrows you may not have enough profit, prestige and power.

Excerpted with permission from Modern Day Marketing – A Road to Success by Ashwin Merchant; published by N M Thakkar & Co.

Regards
Prashant Iyer
9819328994
Take Care

Remember:
people will forget what you said ...
people will forget what you did ...
but people will never forget how you made them feel ...