Tuesday, March 19, 2013

Kotler adds 5th P to marketing

Philip kotler, the marketing pandit in an interaction with the students of JRE group of Institutions, Noida, suggested 5th P i.e “purpose” an addition to 4P’s of marketing. He also said that the purpose of most of the organisation is to earn money. Adding to that, the regular purpose is of most of the organisations is to make money, and the higher purpose must be to make difference to the people.
Kotler emphasied that organization should not only add value to the product they deliver but also add value to the citizens of the country. He also mentioned that people of this country should try to uplift the poor and must try take the country technologically advanced stage.

                      During his talk, he also said that marketer must focus on new medium of communication i.e social media, and move away from old or traditional communication . He also said that the expenditure on social medium would touch nearly 50% in near future from mere 5%. Hence, firms must embrace and adapt new medium of communication to stay connected with customer & potential customers and to interact & get feedback on a continuous basis.