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The 4Ps of the Marketing

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Changing business environment and customer behaviour makes the traditional 4Ps –product, price, promotion and place- obsolete. In the light of changing relationship between customers and business these 4Ps look archaic. They no longer fit in the present day way of doing business.

Let us first understand the problems with the old ways of doing the business and then develop a framework which is more relevant in today’s context.

Drawbacks of long-established 4 Ps:-

(a)   Lot of focus was on product, its quality and promotion

(b)    Fewer efforts were made on making customers understand the need of the product.

Thus in a world where customer is the king and has infinite choices we need to consider a new set of Ps.

Purpose

People use different products in their daily life. It is not the features of the product that they are looking for, but a product that could solve their problems in the best possible way.

The focus should not be on developing products with new improved features but how your goods and services can offer a solution to your customers’ problems. The need is to answer questions like ‘why should a customer buy your product?’, ‘what is the purpose of your business?’

Presence

In the internet age, where the entire world is just a click away, “place” has become irrelevant. Changing technology has helped businesses to reach out to customers all over the world. The focus is now on Access. People want to know how attentive and accessible a business is to its customers.

Perspective

Customers no longer care about the prices of the product in comparison to its cost of production or the prices offered by competitors or the features and benefits. They are more interested in the value that the product offers. If your product fails to provide any benefits, the entire marketing process is futile which will be reflected in decreased sales in the long run.

Personalised

Personal connection or bond with the buyer play a much significant role in the marketing of the product rather than any bannered or press advertisement ever can. Entrepreneurs today, have the opportunity to interact with their customers and understand their needs. Help in finding what they want, ask for feedback and empower them.

The traditional 4 Ps have somewhat lost their relevance in the digital age. These strategies that solely focus on the product are incapable of delivering solutions. It is important for every firm to integrate these new Ps in their marketing efforts because it is only people who make the business tick.

 

 

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