Purpose: The 8th P of marketing
Marketing nudges consumers to consider a purchase consistent with their decision-making process and personal background. This is done through various influences known as the marketing mix.
For goods, the so-called 4 Ps of marketing refer to product, price, place and promotions. For services, additional 3 Ps were added to consider the intangible and experiential nature of services—physical environment, people and process.
Marketing training and consulting firm Mansmith and Fielders Inc. recently launched a marketing mix book entitled “The 8 Ps of Marketing,” emphasizing the importance of purpose as the eighth P.
With purpose in mind, the traditional marketing mix changes.
For instance, an enterprise may opt to lower prices to reach the so-called bottom of the pyramid because the company’s purpose is to help the poor.
Another possible purpose or mission is to save the planet.
Messy Bessy, for example, launched biodegradable, environment-friendly cleaning products to help save the planet as well as help the marginalized.
Yet another type is the Go Negosyo movement started by RFM president Joey Concepcion and his team, where big companies and successful individuals pay it forward by mentoring aspiring and struggling entrepreneurs to help them become part of the supply chain of big companies.
Much about the profit maximizing motive of the marketing mix has been criticized.
Sophisticated companies even use sensitivity studies in market research to create an optimum level of profit maximization.
Purpose can provide that human side in business. But purpose, to the nonbelievers, also creates economic sense as helping the marginalized and the bottom of the pyramid also helps companies by way of positive brand association, and a higher level of emotional engagement.—CONTRIBUTED
