In ‘Marketing 4.0’, Philip Kotler redefines marketing as “Outlining the human problem, the real human problem and addressing this problem.” In this context consider whether the original 4 Ps of marketing are still relevant in the 21st century?
The 4 Ps are product-oriented and not human-oriented is my interpretation of Philip Kotler’s work in ‘Marketing 4.0’ and ‘H2H Marketing’. Consider my understanding:
1. Does it really matter which ‘place’ you honor the doctor’s prescriptions? Whether it is from your next-door pharmacy, a chain of retail pharmacies, or an e-commerce site? In the SoLoMo era, the place is ubiquitous.
2. Is it ‘product promotion’ or ‘patient-doctor engagement’ which matters more for the success of a pharma brand? Isn’t it PDX or ‘Patient-Doctor experience in the patient journey which matters the most? Engaging a patient-doctor in product development can further enhance PDX.
3. Is ‘price’ the differentiator or the value-added through the Service Dominant-Logic which is more important in building a brand?
4. In Pharma India, every product has over 50 ‘me-too’ products. How is vildagliptin from Novartis different from the vildagliptin of USV? The success lies in making your brand ‘distinct’ using Design Thinking and Service Dominant-Logic, the two of the three pillars of H2H Mindset.
Just ponder over these thoughts and ask “Are the 4P’s still relevant in the 21st Century”?
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