If there is one thing about the subject of marketing that no single student of it would ever forget then it is the concept of 4Ps i.e. product, price, place, promotion. Time has come to add another ‘P’ to it and that is ‘P’ for purpose. Consumers all around the world have become more sensitive to issues such as reducing poverty, child education, protecting environment etc. They expect companies to contribute towards the society in some concrete manner in one way or the other so the companies can’t afford to operate in isolation anymore.
Consumerism is gaining momentum in India so it didn’t come as a surprise to many when Edelman's 2010 GoodPurpose Report ranked India as the numero uno country where people consider social cause more important than any other factor when comes to having an emotional connect with any brand or a company. Report says 80% of Indian consumers volunteer for a cause every 12 months and 85% donate to a cause every 12 months. Some examples of companies that have utilized this ‘P’ to the fullest, and also helped society in the process, include HUL donating fifty paisa for every Lifebuoy sold for the diarrhea project, Whisper contributing Re. 1 for every pack sold for blind relief society, Sponsorship of Anju Bobby George for 2004 Olympics by Sobha developers, ITC’s E-choupal and how can I forget JRD Tata scholarship being one of its’ beneficiary.
It is high time now that the companies started taking this new ‘P’ into consideration while forming their strategies to make sure that they remain on the top consumers’ minds.
Consumerism is gaining momentum in India so it didn’t come as a surprise to many when Edelman's 2010 GoodPurpose Report ranked India as the numero uno country where people consider social cause more important than any other factor when comes to having an emotional connect with any brand or a company. Report says 80% of Indian consumers volunteer for a cause every 12 months and 85% donate to a cause every 12 months. Some examples of companies that have utilized this ‘P’ to the fullest, and also helped society in the process, include HUL donating fifty paisa for every Lifebuoy sold for the diarrhea project, Whisper contributing Re. 1 for every pack sold for blind relief society, Sponsorship of Anju Bobby George for 2004 Olympics by Sobha developers, ITC’s E-choupal and how can I forget JRD Tata scholarship being one of its’ beneficiary.
It is high time now that the companies started taking this new ‘P’ into consideration while forming their strategies to make sure that they remain on the top consumers’ minds.
