Philip Kotler adds a 5Th P to his set of four Ps i.e. " PURPOSE "
Philip Kotler who globally known as a “Father of
Marketing” and coined the 4 Ps of Marketing i.e. Product, Price, Place,
Promotion and has added a fifth Ps of Marketing.
PURPOSE:
The 83-year-old author of 50 books and worked as
professor of International Marketing at North-western University’s Kellogg
Graduate School of Management.
Why the 5Ps i.e. Purpose needed: Companies which were
the best places to work for and also concentrated on bottom line of the pyramid
are called to outperform the market in a nine to one ratio over a ten year
period.
Kotler said that the marketing cost of such companies is much lower
than its peers on the one hand, whereas on the other, customer satisfaction and
customer retention is much higher.
Kotler also explained that if the company has interest
of customers, employees and the supplier aligned to its business then it will
make everyone happy. Thus improving the overall profit ability of the business
and that is why,
“Purpose should be a form of core business”.
