Being an MBA student from one of the self called prestigious institute of Hyderabad, I think 4 P’s of marketing are not enough at all in this rapidly changing environment of globalisation, where each and every company needed to have some or other kind of “USP” to survive the competition, so friends I am here with 17 P’s of marketing, yes I have written 17 and it’s not by mistake, don’t be so surprised just keep on going................
As we know that whether it is retailer, wholesaler or manufactures need a PRODUCT (1), to satisfy the need of the customers to offer something to valuable to them, at a right PLACE (2), with right PRICE (3), and this product need to be PROMOTED (4) well to get through the clutter, yes clutter, because there are thousands of substitutes are available for every single product in market, thanks to the globalisation! Customers have choices to choose one of them which can satisfy their need and want.
One of the most valuable assets a company can have is PEOPLE (5) who are involved in every step of product flow from raw material, to final product to the final consumers, but most of the companies are not realising the worth of their employees and treating them as a machine at work rather than human being, don’t you think so, if not than let me tell you about a recent survey done by Fortune magazine regarding ‘best place to work for ’ and only 6% of the fortune 500 companies were able to get into this list, it shows that even top most companies of the world do the hell with fun and put their employees on rigorous work.
To succeed in the business in this era of 21ST century a company need a well coded PLANNING (6) to gain more market share and achieve their objective as well. One of the CEO said that ‘Business is not charity’ so companies needed a good return on investment and PROFIT (7) to survive and to compete with their peers. In any business timely PAYMENT (8) is a basic necessity to maintain their working capital, those companies which were unable to maintain it, has become part of history as Lehman Brothers.
Word of mouth is one of the most widely used and accepted marketing strategy, among the top notch companies of the world, this WOM is nothing but a need for PRAISE (9) to gain advantage over the competitors.
Sam Walton, Founder of World’s largest retail store chain said “customer is boss, even customer can fire the CEO of an organization by simply spending his money somewhere else”, so company are focusing on having long term relationship with the customers and adopting very PROFESSIONAL APPROACH (10) to deal with customers to keep them satisfy and to reap the benefit of customers LTV (Life time value).
Even today the customer is king but I won’t hesitate to say that ALL CONSUMERS ARE FOOL, HOW! So let me tell you that today Nokia Is market leader in mobile Phone manufacturing industry, with slightly above 65% market share, but the company which got the best quality award in same industry is Sony Ericson (IDC report of 2007) and having only 6% market shares in India. Guess! who is the most successful footballer of all times scoring the most goals in the history of international football. Obviously, the “perceived” answer is Pele, right? Wrong! The man is Daei Ali of Iran (109 goals). With 77 goals, Pele is not even second in the list (Ferenc Puskas from Hungary is, with 84 goals)! So it’s all about the perception of individual and this perception is based on the POSITIONING (11) strategy adopted by the company.
Better the positioning of a product or company the more PRESTIGIOUS (12) it is considered, member of your staff, call them your internal customers are driven by PERKS (13) and environment at workplace should be pleasurable (14) to improve the PERFORMANCE (15) of your organisation as a whole. Like tangible investment in the past, today’s management look for PERSONNEL SKILLS (16) and which is very much required to keep your customers satisfied and important factor to achieve PRODUCTIVITY(17)
Shush........
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