All we learned in the basics of Marketing is the 4Ps as the mix of marketing: Product, Price, Place and Promotion. As far as a Service is concerned we add three more Ps: People, Physical evidence and Process. What if all these factors are similar to two same kind of Products / Services but of different Brands. We choose one from these two. So what induces a buyer to choose a particular Brand? What gives the chosen Brand an edge over the left out?
It’s the 8th P of Marketing: Personal Interest. Sometimes this 8th P plays a predominant role than any other P. This 8th P can be caused by anything.
Consider this case for a better understanding. I chose a particular service outlet because it is near to my girl friend’s home. This 8th P of marketing may be confused with Promotion.
Try this to get a clear picture: I chose a brand because I hate my boss and my boss hates that Brand. Isn’t my personal interest made me to chose that Brand? How to create this Personal Interest? We have to opt for Personalized Advertisement. But Advertisement is meant to be a mass communication tool.
Is personalized advertisement possible? Yes… it is. Catch the below link. Its a clipping from Steven Spielberg's Minority Report. Its a story happening in Washington D.C. in the year 2054. The clipping shows a sample of Personalized Advertisement. http://in.youtube.com/watch?v=0ucwrnJBD6c&feature=related
So… May be…. In 2054 or before, Personal Interest can be considered as the 8th P of Marketing. Agree with me?
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