Business Managers, Marketing & Comms experts know the import of the Marketing Mix (MM); Brand Managers know that all the elements of the MM influence each other, & make up the brand marketing plan.
A Brand’s success in the market is heavily dependent on how the ‘Ps’ are mixed & handled right to deliver the expected positive outcome. Many CMOs & Brandpreneurs have paid dearly for wrong execution & the aftermath/business impact could take years to recover.
Consequently, like “Chefs who knows the import of mixing the right ingredients in the food”, Brand Managers must be able to create the right Marketing Mix to deliver a successful execution that’s distinct, profitable and sustainable.
With the evolution in Marketing Management, there’s a lot of conversations ongoing arguing that the traditional 4Ps ” are not the whole story anymore”. It has become imperative to update them to reflect the holistic marketing concept – that is more representative, all-encompassing to meet current market and marketing realities.
The following ‘Ps’ are identified as additional ‘ingredients’ to the Marketing Mix to deliver best in class Brand Plan:
The 4Ps Component Modern Marketing Mix
- Product – People
- Price – Processes
- Promotion – Programs
- Place – Performance
People: Recognises the import of people. The employees are critical to marketing success. Irrespective of the business function, their opinions & contributions matter in the management of the Brand. Similarly, people is about the external value chain partners- the consumers, shoppers and customers. Brand Managers must view these audiences as people to understand their usage & attitude of the category and brand.
Processes: The marketing (& consumer) journey should be built on the foundation of strategic marketing and business management. The goal is to ensure that relevant stakeholders understand and utilise the same strategic framework while keeping the uniqueness of each driver and contributor.
Programs: Brand Managers must drive the right conversation & processes to guide activities and programs to deliver Win-Win for the consumers & the company. Building on the traditional Ps will deploy other marketing initiatives & activities to create a distinct offering in the market.
Performance: the impact of the integrated marketing strategy and campaign must be measured- via Brand Health, Retail Audit, Ad Hoc studies, business impact in profitability, social impact & other KPIs.
Finally, as we Brand Managers say, Marketing is for everyone in the organisation. Similar to the traditional 4Ps, these new Ps apply to all functions within the company. This supports everyone to live and breathe the Brand!
Your participation is highly appreciated
Dolapo Otegbayi, an accomplished and seasoned Senior Marketing Professional with over 15 years of experience in all aspects of Commercial Business; encompassing Consumer and Shopper Marketing. She is one of the top 50 Marketing Communication professionals in West Africa.