Why the 4P’s of marketing are no longer enough: The evolution of 7P’s

 Introduction

Marketing is the process of identifying and satisfying customer needs profitably. It is an essential aspect of any business, whether big or small as it helps to promote and sell products or services to a target audience. In today’s digital age, marketing has evolved tremendously, and businesses need to adapt to current market trends to remain in the competition. 

The traditional 4Ps of marketing, include product, price, place, and promotion. However, marketers have realized that this mix is not enough to effectively compete in the modern business landscape. As a result, they have started using the 7P’s of marketing which include people, process, and physical evidence.

In this blog, we will discuss why the 4Ps are not enough and why marketers are using the 7Ps.

Traditional 4P’s of Marketing Mix

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  Product: This is the very first element of the marketing mix. This refers to the physical or digital goods or services that are being offered to the customers. The product should be designed to meet the need and wants of the target audience, as well as differentiate itself from competing products in the market. Factors to be considered when developing the products include their features, designs, quality, branding, and packaging.
• Price: This refers to the amount that customers are charged for a product. Setting the right price is important because it affects the perceived value of the product and the profitability of the company. Factors to be considered when setting the price include the cost of production, the demand for the product, and the target audience’s willingness to pay. 
• Promotion: The third element of the marketing mix is promotion, which refers to the various methods used to communicate the value of the product to the target audience. It is simply putting the image of the product in the customer’s mind. Promotional activities can include advertising, sales promotions, personal selling, public relations, direct marketing, email marketing, etc.
• Place: this refers to the distribution channels used to get the product to the customers. This includes both physical and digital channels, such as retail stores, online marketplaces, and the direct to customers sales. The factors to consider when choosing distribution channels include the target audience’s buying habits, the level of competition in the market, and the costs associated with each channel.

Three New addition of P’s of Marketing Mix

• People: This refers to the individuals or groups involved in the delivery of the products or services. This includes the employees, management, and any other stakeholders who are responsible for the creation, marketing, and delivery of the products. It is important to consider the skills, knowledge, and attitudes of these individuals and how they can impact the overall customer experience. This includes factors such as employee training, customer services, and communications.
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  Process: This refers to the set of activities or steps that are involved in the creation, delivery, and support of the products or services. This includes the processes used to manufacture or produces the product, and the steps involved in customer services and support. It is important to evaluate these processes to ensure that they are efficient, effective, and aligned with the overall goals of the marketing strategies.
• Physical evidence: This refers to the tangible elements that customers can see, touch, or experience when interacting with the products or services. This includes factors like the physical environment where the product or services are delivered, the packaging and the branding of the products, and any other physical evidence that can influence the customer’s perception of the products or services. It is important to ensure that these physical elements are aligned with the overall marketing strategy and reinforce the desired brand image or positioning.

Modern Market Trends & Evolution of 7P’s

• Globalization: The growth of international trade and the increasing interconnectedness of the global economy means that businesses need to consider cultural differences when developing their market strategies. This edition of People to the marketing mix allows businesses to consider the specific need and preferences of different cultural groups.
  
  
  
• Personalization: With the evolution of competition in the market, customers expect personalized experiences, and the business need to deliver personalized marketing messages. Personalization can be achieved through data analysis and segmentation, which enables businesses to target a specific group of customers.
• Evolution of mobile marketing: More and more people are using mobile devices to access the internet and for personalized marketing. Therefore, businesses need to ensure that their website and marketing campaigns are optimized for mobile devices.
• Influencer marketing: Social media influencers have become a powerful force in marketing. Businesses can leverage influencers to promote their products or services to their followers.
• Video marketing: Video content is becoming increasingly popular, with platforms like YouTube, TikTok, etc. gaining millions of users. Businesses can use video marketing to engage with customers and showcase their products and services.
• Services Design: Service design is a relatively new concept in marketing, but it has become increasingly important in recent years. The addition of Process to the marketing mix allows businesses to design their services with the customers in mind, leading to a more seamless and enjoyable customer experience.
• Sustainability: Customers are becoming more conscious of the impact their purchasing decisions have on the environment. Therefore, businesses that prioritize sustainability and eco-friendliness can appeal to environmentally conscious customers.
  
  
  
• Increased competition: One of the primary reasons why 4P’s are not enough is the increased competition in the market. There are more products and services available to customers than ever before, which means businesses need to work harder to stand out. The addition of new P’ (People, Process, Physical evidence) allows businesses to create a more comprehensive marketing strategy that takes into account all aspects of customers' experience. Because the modern market has set a trend of customer experience and hence marketing should also roam around this where three new additional P’s can help businesses to provide experiential marketing this marketing strategy is called customers centric approach. This in, turn, leads to increase customer loyalty and a better reputation in the market.
• The increased importance of services: In today’s economy, services have become just as important as the product itself. The addition of people and processes to the marketing mix allows businesses to focus on creating a service experience. This leads to increase customer satisfaction and a better reputation for the business.
• Digital Transformation: The rise of digital technologies has completely transformed the business landscape. The addition of Physical evidence to the marketing mix allows businesses to create a digital presence that is just as important as their physical presence. This, in turn, leads to increased brand awareness and better loyalty to the customers.

Conclusion

The 4Ps of marketing were an effective framework for their time, but the modern business landscape requires a more comprehensive approach. By adding People, processes, and Physical evidence to the marketing mix, businesses can create a more personalized, customer-centric experience that leads to increased brand loyalty and awareness. By staying up to date with the current marketing trends and implementing the 7Ps of marketing, businesses can create successful marketing strategies that appeal to their target audience.

Revolutionizing Learning and connecting with ChatGPT, the AI-powered chatbot

 

 Introduction

Artificial intelligence (AI) is transforming the way we live, work, and learn, and one of the most exciting applications of AI is the rise of chatbots. Chatbots are computer programs that can simulate human conversation, and they are becoming increasingly sophisticated over time. One of the most impressive chatbots on the market today is ChatGPT, a large language model developed by Open AI. The full name of ChatGPT is Chat Generative Pre-Trained Transformer.

In this blog post, we will explore how ChatGPT is changing the game when it comes to learning and connecting, and how we can use this innovative tool to our advantage.

 

                            Benefits of ChatGPT

• Accessibility: ChatGPT provides easy and quick access to information, making learning and research more accessible to everyone. Whether you’re a student, professional, or just someone curious about a topic, ChatGPT can help you to find the information you need in the most suited way.
• Convenience: ChatGPT is available 24/7, so you can ask it any questions or engage in conversation at any time. This is incredibly convenient for busy people who want to learn or connect with others but may not have the time or resources to do so.
• Personalization: ChatGPT can be customized to suit your specific needs and preference. This means that you can get personalized responses and recommendations based on your interests and goals.
• Learning” ChatGPT is constantly learning and improving, which means that t it can provide better and more accurate information over time. This makes it an incredibly powerful tool for learning and research.
• Empowerment: ChatGPT empowers people by providing them with the knowledge and resources they need to make informed decisions and take action. This is particularly important in t0days fast-paced world, where accurate information can be hard to come by in a shorter period.

 

Other benefits of ChatGPT

• Language Learning: ChatGPT can help you learn a new language by providing immediate grammar, pronunciation, and vocabulary feedback. This is particularly useful for people who may not have access to language classes or tutors due to various reasons.
• Mental Health Supports: ChatGPT can provide mental health support and guidance to those who may be struggling with emotional distress or mental health issues. This is particularly useful for those people who may not have access to traditional mental health services or who may be hesitant to seek help from a human therapist due to social status or due to introverted personality.

 

Note: There are so many benefits of using ChatGPT.

Since it is in the development phase, it has so many limitations but in near future, it is going to be revolutionized as one of the most powerful AI tools.

                     Common myths about AI Like ChatGPT in Educational Institutions

Some academicians and some educational leaders say AI like ChatGPT is dangerous to students’ future. But the reality is in contrast to this statement. AI like ChatGPT has enormous potential to enhance and transform the way students learn.

• Future readiness: World is changing, so the traditional way of teaching and learning must be changed. As AI becomes increasingly prevalent in the workplace, students who have experience with AI technologies like ChatGPT will be better equipped to succussed in the future job market.
• Enhanced collaboration: ChatGPT can facilitate collaborative learning by allowing students to work together on projects and assignments to perform them better. That is Students can use ChatGPT to brainstorm ideas, discuss concepts, get feedback from peers on the same projects, and even evaluate the content. ChatGPT can help in suggesting the content matter and even can hello in identifying gap areas to improve them. It's all about how you are using it, not everyone can use technologies like ChatGPT ineffective way for the same you need to be a smart mover.

*Another common myth is that some academicians argue that technologies like ChatGPT can replace human teachers. Still, ChatGPT can complement traditional teaching methods, providing additional support to teachers and allowing them to focus on more personalized interactions with students.

 

                                                               Conclusion

ChatGPT is a game changer when it comes to learning and connecting. Its accessibility, convenience, personalization, learning capabilities, and empowerment make it an incredibly valuable tool for anyone looking to expand their knowledge ad achieve their goals. Whether you are a student or a professional, you should learn new technologies like ChatGPT to stand with the changing world otherwise you will be left out in real-time. By working together, we can find ways to leverage AI like ChatGPT to enhance and transform the learning experience for students or anyone while still upholding the values and principles of traditional education.

Aren’t we already using other robots and AI in our daily life or even in educational institutions? If yes means why not ChatGPT?

 

 

Innovation for safety and Sustainability: The Brand loyalty Vision of VOLVO

Volvo Cars is a Swedish automobile brand that was founded in 1927. From the very beginning, it is known for producing high-quality, safe, and innovative vehicles that include Sedans, Wagons, SUVs, etc.  Volvo has a reputation for introducing advanced technology and innovative designs into its cars and among these Safety has a high degree of preference. Volvo is known as a respected automobile industry and has a strong commitment to safety and sustainability.

Three-Point Seat Belt

In the era when everyone was competing with each other to become a superpower in the automobile sector like the internet today, the most common issue was the safety of passengers. And here Volvo enters into the game, it came up with the coolest yet simple innovation called the three-point seat belt which was like a miracle for the automobile sectors as it was a concern for human safety. With this innovation, Volvo could make itself an automobile leader in terms of safety as it was the most desirable demand of the time. But Volvo did nothing like this and they chose humanity over profit and race to become a superpower.

Volvo always cares about its users and here is another contribution of the company toward human life and safety. They invented laminated glass plates

Laminated vs Tempered glass

that do not shatter easily like other simple glass that ensures the safety of people again during the crash. They did not stop here, selflessly they shared 40+ years of research data related to safety and excellence with their competitors make it sure that they also could take initiative to make vehicles that deal with safety first. Since we are talking about the safety model of Volvo, how can we forget the "XC90 model" of Volvo, apart from its engine and other features, it is best from a safety perspective too. It

The science behind laminated glass

received a five-star rating in the Euro-NCAP(New Car Assessment Programs) crash test which is rare for many other brands of cars. Volvo operates its business on the "Conscious capitalism principle" in simple terms says business making money but the activities it involves to make money should harm society and its people.

In conclusion, Volvo has a long-standing reputation for safety, and its continuous commitment to these above-mentioned values is reflected in its innovation and business models. So, we can say, for Volvo, safety is not just a word, it's a commitment to society, it's a way of life. This is the best way to gain "brand loyalty". Is this not the best way to gain brand loyalty in the long term?

#Safety means VOLVO