We know all about 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 break through with just 4 'P's'.

Take this simple example. For a businessman - manufacturer or trader or retailer, he needs products (P-1), needs a market place to meet & sell to customers -like office, bazaar or cyber space (P-2). With a right price (P-3) and well-planned promotion (P-4) he wants to reach to all his customers- people (P-5) and what he needs is a 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 an 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 on strategies for 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 perks driven (P-13) and the environment in the work place should be a pleasure to work (P-14) for better performance (P-15) and for both - the individual and company is very important. Like tangible investments in past, toady management looks forward to personnel skills (P-16) of people i.e. members of staff as a very important factor for increasing business productivity (P-17).

Let's see in the case of a product - you made/ manufactured what you like, what was a 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 have never worried on improving product quality and generally manufactured at a place, which gave a lot of tax benefits. Think 20 years back you had a very limited choice 2-3 car models, hardly any choice apart from black or white colour, steel cupboard were available only in gray colour and only white colour for refrigerators which was available in 2-3 sizes only.

 There were needs but there was no choice. Customer had no option but to buy at a price it was made available to him. The market place was either the factory or godown or bazaar. Today who asks where is the factory. The market place is no more restricted but made available from as many shops, stores, showrooms or any outlets supported with exhibitions, trade-fairs, road shows, a variety of events, door to door sales and e-market.

What were you doing for promotion? Few years back one used to make one simple ad and release the same in couple of newspapers and few magazines…that's all about media planning. Only large companies used hoarding and banners. Now, print electronic, digital and multimedia with over crowded and unlimited choice of mass and niche media, well targeted television channels and the internet world! The huge market place.

Toady packaging of a product also adds to a marketing and success of product sales. Customer service packaged with the sale of product lifts the product in the market.

Discussing further about the product; customer today dictates which product to make in which colour and of course the size, which matches his needs. The company used to manufacture refrigerator in only two or three models for decades, now had no choice but to come out with different types, capacity and colours.

Cola are available not just in 300ml. glass bottle but in 200ml. bottle, in pet / plastic bottles for 500ml, 1 liter and 1.5 liters too. Of course, tin boxes and some times designer packaging. The product is the same, taste is similar but different packaging! Again, these different capacities of bottles have been made available from different outlets, say higher liters capacity bottles available generally in departmental stores or general merchant store where as 200m.l. capacity and alike one can find out side collages, sports ground, at fast food parlors.

 Not just shampoo in a bottle, now you have sachets with a low capacity fill out for one time use and available in soft packages. The product is the but same packaging is different, rates are different, applications and customers are different.

Today's successful marketing demands investment in good and high skill persons. Even one needs to know more about a great person- your customer with a systematic collection of data and profile. 3 'P's' of integrated marketing i.e. post. phone and person increases the output of a marketing process and thus increases the over all productivity.  

A person is very important for business management and the knowledge he acquires using various techniques about the market place and the customers, he has the power to perform. Immediate book profit is important but, it is equally important to invest profit  in customer relationship and employee relationship.  Today sales person is not just happy with perks but he needs praise (appreciation) and incentives something like an overseas trip for a long term employment. A customer wants a product that gives high performance and personnel benefits out of every purchase.

If you don't bring in your business professionalism than tomorrows you may not have enough profit, prestige and power. Product, Price and Profit were 3 'P's of yesterday's business and today you need for business survival more 'P's, fundamentally importance to People, Payment and Performance besides earlier ones.
 

How to lead Marketing today?

1.    Identify the changing need of your customers
2.    Target your competitors’ customers
3.    Surprise with novel offers
4.    Make price a USP
5.    Present only emotional values
6.    Find new market, understand and reach
7.    No cost cutting but cost management
8.    Make all efforts to understand the core competency of your product
9.    Be visible, be in the minds of your customers
10.    Have vision, courage and guards to do something new, doing differently
11.    Do not make mistake to discount the quality
12.    Do not forget your customer
13.    Keep tab on changing need of your customers.

(The author can be contacted at ashwin.merchant@yahoo.com)

* Ashwin Merchant is the founder of 'Marketing Klinic' for SMEs.
* The views expressed by the author in this feature are entirely his own and do not necessarily reflect the views of SME Times.