The traditional 5 Ps of marketing are in for a tweak when it comes to firms which follow a customer-first strategy. The five Ps are People, Product, Price, Place and Promotion. On the People side, such firms keep customers at the centre of the decision-making process and allow opinions to be generated across the organization and not just centralized. On the Product side, customer inputs are collated and analyzed before improvising on existing ones or creating newer product ranges. The Price at such places is fixed according to the value or relevance in the eyes of the customer. The importance of brand value then emerges for retailers and manufacturers alike. Place no longer refers to any centralized physical space alone, but in fact anywhere the customer wants a service to be delivered at, whenever they need. Social media has thus emerged as the new warfront. Pew is one such marketing research agency providing in-depth insights on social media activity. The Promotion has to be such that the customer can easily connect to preferred channel. Timely valuable information is provided to the customers and communications are such that relations can be further enhanced. The customer is constantly updated on brand progress.

Source:https://customerthink.com/what-a-customer-first-strategy-means-for-marketings-5ps/

Uploaded Date:20 July 2017