The 54Ps in Marketing - part 1
Most of us are familiar with the four fundamental Ps in marketing such as Product, Price, Place, and Promotions, but in today's lecture in Digital Marketing, Prof. Bong de Ungria introduced us to various important Ps that each marketer must know to be able to address the needs of customers in the digital era.
The fundamental 4Ps in marketing together with People, Process, and Physical Evidence are usually needed if one would want to conduct online marketing and service marketing. And in service marketing, services are identified to be VIP + Int (meaning they are Variable, Inseparable, Perishable, and Intangible).
Seven tools will be used in order to coherently discuss the 54Ps in marketing. The first one is called as the Stethoscope and the Ps under this group are as follows:
1. Potential Market – everyone interested in your product or service
2. Probable Market/Available Market – subset of potential market; everyone with interest, access, income, and qualification
3. Primary Target Market – segment of probable market that is targeted
4. Penetrated Market – those who actually buy or avail your products/services
5. Positioning Effect – ideally we want the maximum overlap between brand identity and brand image.
Brand Identity: what the company communicates to the primary target market
Brand Image: how customers remember or see your products/services
6. Product
7. Price
8. Place
9. Promotions
10. Packaging – can provide competitive advantage
11. Participation – engaged customers are co-creators
12. People
13. Process
14. Physical Evidence
15. Production
16. Payments
17. Purpose – employees need to be driven
18. Passion – people need to be engaged and passionate
19. Persistent – generate long term, sustained growth
20. Profits – generate long term, sustained growth
21. Planet/Public – one of the triple bottom line in marketing (the two others are profit and people)
22. Perception – the greatest P is perception which is greater than the physical evidence, reality
