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.
