Many new ideas have emerged in marketing in six decades…
– Three ideas are more important than four ‘P’s’ or four ‘A’s’. STP means segmentation, targeting and positioning are the three most important ideas in marketing.
20 years ago, the subject of marketing was taught in the form of salesmanship or sales management. A number of books have been written on the salesman’s eloquent personality, his negotiation and communication skills. Millions of copies of American author Dale Carnegie’s How to Win Friends and Influence People sold worldwide, the main message being what techniques one should use to gain and increase popularity. The book lost its popularity a few years later, as these techniques created a ‘fake personality’ among the people. Emphasis was placed on cultivating an ‘authentic’ personality rather than a folklore personality.
Four Ps of Marketing: AD In 190, Professor Jerry McCarthy of the United States published a textbook called Marketing, in which he laid out a solid framework for marketing (not just sales). He called the basic elements of marketing ‘Four ‘P’ of Marketing’. These four elements of marketing start with the letter ‘P’ and are identified by product, price, place and promotion respectively. This framework of marketing studies became famous in the industry. The above four ‘P’ (Product, Price, Place and Promotion) were company centric.
Making them customer-centric four new ideas started with the English letter ‘C’. A product is not a physical item or a service but is considered a ‘customer value’.
“This is because the value of a product or furniture is not expressed by the price offered to them but by how much value the consumer receives from that product.”
- The idea of price became the ‘cost of the customer’,
- The idea of place became a convenience for the customer,
- The idea of promotion became industry centric or profit oriented customer communication.
Advertising is now considered customer communication. Advertising is now considered to be a friendly conversation with the customer.
Four ‘A’: The idea of four ‘P’s’ was a currency in the marketing subject for years and to some extent still is but, a professor working as a professor in America. Jagdish Shethe introduced a different framework for broadening marketing ideas.
He claims that his marketing framework is customer-centric. He created ‘four A’ for the marketing framework instead of ‘four P’. The following are four thoughts beginning with the English letter ‘A’.
The first is Awareness.
Awareness means awareness and it is clear that the customer should know about your product or service. Companies spend millions of rupees on advertising to generate this information.
Acceptability: Another term is acceptability which means cost is acceptability. People should know about your product or service and at the same time the product or service should be acceptable to the customer.
Affordability: In addition to awareness, new acceptability, people should have affordability for your product which means that your product or service should be available to people at affordable prices.
Accessibility: The last word in this is accessibility which means your product or service should be accessible to the customers.
Marketing Mix: Marketing Mix means how to mix product, price, place, promotion for successful marketing to increase customer satisfaction.
Edible good and delicious cooking is made when we mix many spices in cooking to make cooking. We spit out a lot of salt or chilli or asafoetida or oily things.
Similarly, for marketing of goods or services, a mixture of four ‘P’s’ is required. If the product or service is bad, you will incur huge advertising costs. Consumers are not often cheated once they are cheated.
According to some scholars, one more ‘P’ should be added to all four ‘P’s’ in the profession in which personal services are rendered and it may be for ‘Person’ only.
Personal Services : The ‘P’ of ‘Person’ should be considered important in the field of personal services as the services rendered to you by a doctor, lawyer, professor or hairdresser are based on his personal knowledge and experience.
Professor at Northwestern University, USA According to Philip Kotler, a world-renowned marketing guru, three ideas are more important in marketing than four ‘P’s’ or four ‘A’s’.
STP = SEGMENTATION, TARGETING AND POSITIONING:
According to him, STP i.e. segmentation, targeting and positioning are the three most important ideas in the field of marketing and his contribution in shaping the marketing strategy is huge.
- Segmentation means segmenting the market.
- Marketing strategies should be targeted at your customers after you have the skills to properly segment your product or service in the market
- and finally you need to devise a marketing strategy to effectively position your product or service in the minds of your customers.
Not only comprehensive education but his alertness and dedication too are most required. Using STPs you can make your local brand a global brand.
COURTESY : SHRI DHAVAL MEHTA
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