Redefining the 4Ps of Marketing

Thanzyl Thajudeen

Thanzyl Thajudeen

Country Representative

Traditional marketing frameworks frequently fall short of capturing the complex nature of organisational success in the fast-paced world of contemporary business. We suggest rethinking the traditional marketing 4Ps—Product, Price, Place, and Promotion—in order to close this gap and better represent the intricacies of modern organisational strategy. My model—which consists of Purpose, Prodigy, Power, and Preservarance—offers a whole strategy for promoting sustainability and excellence in the business world of today. We will go onto examine each dimension in detail in this piece, as well as their importance and potential effects on organisational performance.

Purpose: Keep Redefining Organizational Values and Legacy

The central idea of our concept is Purpose, which is the driving force behind an organization’s values, purpose, and long-term goals. What overarching goal propels your company forward, and what kind of legacy do you intend to leave? Studies reveal that companies with a distinct mission are more capable of stimulating worker involvement, promoting creativity, and attaining long-term expansion. Take Patagonia, for instance, whose dedication to environmental sustainability has not only helped the company stand out but also inspired a devoted following of customers. Organisations may coordinate their efforts and motivate stakeholders to support a common goal by clearly defining their compelling mission. Deloitte report shows that those with a strong sense of purpose are more likely to achieve higher levels of employee engagement, and similarly an Accenture study found that purpose-driven companies experienced a 47% higher growth rate over the past five years compared to their competitors.

Prodigy: Keep Redefining your Unique Value Proposition

Prodigy stands for the distinctive value proposition that distinguishes one from the others. Why should buyers pick you and not from others when it comes to such products or services? Research indicates that companies with a sustained competitive advantage and market leadership are more likely to capitalise on their distinctive assets and skills. By pinpointing and enhancing your organisational genius and of course your own and those of your colleagues, you may carve out a market niche and win over clients’ hearts and minds. McKinsey & Company research revealed that those with a strong value proposition were able to command premium prices and achieve higher levels of customer loyalty, leading to increased profitability, Similarly a Bain & Company report displayed those that effectively differentiate themselves through product innovation and customer experience are 1.7X more likely to outgrow others.

Power: Keep Redefining Positive Impact and Influence

Organisations’ influence and impact within their sector and in society at large are collectively referred to as power. What duty do you have as a corporate citizen, and how do your choices and actions affect the society around you? Studies indicate that corporations with a robust sense of social commitments not only improve their standing but also catalyse favourable societal and ecological shifts. One should be above to give their unwavering dedication to achieving substantial effect beyond financial returns by making large expenditures in community development, renewable energy, and environmental programmes. An Edelman study found that close to a third of consumers around the world identify as belief-driven buyers, meaning they choose to buy or boycott a brand based on its stance on social or political issues. Similarly, Nielsen research found the same, where over a third of consumers are willing to pay more for products and services from companies committed to positive social and environmental impact. Organisations may create shared value and contribute to a more fair and sustainable future by using their influence for good. And in this case, one should carefully have the required self-discipline and an ethical mindset, to not resort to any greenwashing practices, which many do.

Preservarance: Keep Building Resilience

Long-term success in an era characterised by volatility, uncertainty, complexity, and ambiguity (VUCA) depends on organisational sustainability and resilience. The capacity of an organisation to adjust to change, overcome obstacles, and remain resilient in the face of difficulty is referred to as preservation. How does your organisation develop resilience and adaptability, and what tactics do you use to make sure it lasts? Research indicates that companies that place a high value on learning, innovation, and adaptation are more likely to succeed in changing surroundings. To keep ahead of the curve and reinvent oneself in reaction to changes in the market, one must adopt a culture of experimentation and continual development. Organisations may future-proof their operations and take advantage of growth and innovation possibilities by cultivating a culture of preservation. A PwC survey revealed that close to three-fourth of executives believe that building organizational resilience is a top priority. Similarly, a BCG report found that companies that prioritize sustainability initiatives see increases in market value and sales growth compared to others.

(The writer is founder of Mark and Comm Ltd, a responsible communications agency based in Sri Lanka. He is a Member of the Chartered Institute of Marketing and a Chartered Marketer. He is also a Board Member of PRCA APAC and Council Member of PRCA, and on the CIPR International Committee.)

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