Marketing is the process by which a company or an organization reaches out to the audience. The basic marketing strategy depends on 7P’s before there was an introduction to the 8th P. Amendment is a part of all the processes in society.
What are the 8Ps of Marketing? Significance of 8th P i.e. Partnership.
- There are 7Ps of Marketing.
- 7Ps include Price, Place, Product, Promotion, People, Process, Physical evidence.
- The recent theories have come up with the 8th P that is Partnership.
- Partnership is nothing but collaboration between brands. For example, we take the collaboration between Ola and Foodpanda.
- Partnerships enable brands to gain access to a bigger market and provide services at a larger scale.
7 P’s of marketing is old, here’s the 8th P!
Thus, an amendment is also made regarding the main features of marketing. Let us first look into the 7 p’s of marketing, that exist from the time this concept is introduced in the society.
Price: The MRP or the Market Retail Price is one of the very basic elements that work in the process of marketing a product. In the market where there is intensive competition, the MRP matters a lot. The MRP puta different effects on the different times of customers.
The customers who are brand freaks and think that the price, better the product, will buy the products that higher price. On the other hand, customers who are budget oriented would buy the products that are less priced, without bothering much about the quality.
Place: The place in which you are offering your product, is very important to be noted. For example, selling a boot in America will be of much profit than the sale in India. This is affected by the place, time, lifestyle, dressing, culture as well as the weather and environment.
Thus, before selling a product, thorough research should be made to gain more and more profit as well as to set its’ roots deep, in society.
Product: This element differs from one individual to the other. The quality of the products matters when a customer is a brand- freak. The product that you are selling, must be of the quality that the customers are expecting.
To reach this point, a go- through research is very important, to gain the perfect idea of what the expectations in the society are.
Promotion: The key element to marketing, is promotion. Promotion helps the seller to convey their message in a better way and to a lot of audiences. The process of promotion includes visual as well as auditory procedures.
This can be done by advertising, PR, social media advertising, sales marketing, and many other procedures. Thus, to reach out to a massive number of audiences, who would bring in more and more profit to your company or organization, this is one of the most important steps that need to be taken.
People: This refers to the target audience. Target audience refers to the strata of people one wants to target their products to.
This is very important, to meet the expectations of the audience, regarding the products that you are deciding on, to sell. This would give a clear view of what, in what quantity and what quality your product should have, to gain popularity and thus, profit.
Process: This is the point that is taken into consideration for sure. This process involves the amount of money that the customer is paying, except for the amount of the product. For instance, if the delivery of the product is online, the extra amount for the delivery to your address should also be considered.
Physical Evidence: The physical evidence of the products that you are offering to the customer is very important. For instance, a salon gives you a complete hairdo while an insurance company gives you all the paper works that are legally done. Thus, these physical pieces of evidence are very important.
In the recent world of marketing, there is a new introduction to the 8th P. This stands for Partnership. The partnership is now introduced to be one of the key features of marketing. The partnership is one of the steps that is being taken to bring about more success to the established brands along with bringing awareness about a new brand.
The 8th P for Partnership stands for the partnership that takes place between the already established companies with newer companies. The partnership can also take place between different entities that are present in society. For instance, a new boutique can go into a partnership with the flip kart, which is an already existing brand in itself. This partnership has a lot of benefits:
- It gives out recognition to the new brand that is formed;
- It gives out a better platform to the new brand to grow further;
- The partnership also allows the established brands to expand;
- Through this partnership, there is a larger target audience that is made for both the companies;
- It does not take away the identity of the brands.
One of the best examples that can be taken is: we can book a flight from our house or office along with booking an Uber Go. Besides, we can also book an Oyo in some other place and can order food on Zomato, that you would carry for the journey. These can be done at an instance. But, if there is a collaboration or a partnership that these apps undergo, the process becomes very easy.
The collaboration would help the apps to work on with each- other’s shortcomings as well as strengths. Thus, would lead to the growth of all the brands that are getting into a partnership.
Let’s look into a few of the most famous partnerships that turned out to be the talk of the town.
Zomato and Tinder- ‘Tinderlicious’.
Zomato is an app that gives out the best restaurants that you can visit or can order food online. Tinder is a dating app, that brings to you the opportunity to talk to new people and make friends or fall in love with or go to a date with. Thus, the collaboration between these two apps, just before Valentines’ Day, has caught all the attention of the ones who are finding a good place to visit on a special day. It gives forth a good combination of love and food, that you can choose as per your requirements, in this month full of love.
Uber and Airtel.
This partnership is by far the smartest one that is made. The deal gives free Wi-fi access and connection to the customers who choose uber, for taking a ride. Especially in Bangalore or Mumbai, the rides can be long, tiring as well as boring. This is a small step to remove the boredom of the passengers to an extent. Thus, this collaboration has led to the profit of both brands.
Flipkart and UC browser.
This partnership between the top E-commerce brand, flip kart, and the widely used internet browser, gave a new kick to the society. This has proved beneficial for both parties. The browser is being used frequently as well as, the e-commerce platform is being browser more. Nature is quite a secret but the partnership has given in a lot of profit to the
Paper boat and top ramen.
Paper boat, one of the most famous brands of drinks, has joined hands with the Japanese
food giant, Top Ramen. The brand paper boat, has both, physical evidence as well as price into consideration. The partnership between the two brands has proved to be beneficial for both brands. More than a strategic business partnership, this is a partnership more about PR.
Tata Housing partners with Amazon.
The top-selling brand Amazon has had its’ collaboration with the biggest housing partners, the Tata housing partners. This partnership has enabled Amazon to sell houses online. This collaboration is proved to be beneficial for both brands. While Tata housing partners are having a larger footfall, Amazon is gaining popularity and more traffic, on its’ site.
Ola cabs in partnership with SBI:
The partnership between Ola cabs and State Bank of India is done to give out easy loans to the Ola drivers. This has enabled in the increased number of individuals, showing interest in working as an Ola cab driver, either full- time or per- time. Thus, this is also resulting in the footfall in SBI. Thus the partnership is proving to be beneficial for both parties.
Snapdeal and Urban Clap:
The shaking of hands between these two brands has proved to be very beneficial for both. The users of snapdeal are now eligible to gain online personal services. For instance, you are buying a new sleeveless top and you remember that you need to get your hands waxed, you can book the service online, from the same app and at the very instance. This saves your time of hopping from one application to the other. Thus, you can avail more than one particular service at a given time, from one particular site.
Pottery Barn with Sherwin- Williams:
The co-branding campaign that has been launched, on the partnership of these two brands, is known as ‘color you room’. One of the biggest benefits of co-branding is exposure to more and more opportunities for all the parties that are involved. This partnership has brought forth the new collaboration and better quality of paints, that are to be sold out in the market. Thus, they are getting better responses and are reaching heights.
Taco Bell with Doritos:
This collaboration has brought about a transformation that is well approved by the youngsters, who are the basic target audience of this partnership. Both have taken their strengths and weaknesses very efficiently. Thus, it gives the brands to infuse the best parts of each – other into their recipes and finely, discard the weaknesses. This partnership is an example of the best strategic business partnership.
Kanye and Adidas:
Kayne and Adidas have come together to give the customers a good ‘Yeezy’ experience. While the celebrity appeal of Kanye is creating buzz all around, the long time based athletic- wear brand Adidas, is again bringing about a shoutout, with its’ new streetwear. The two brands have come together and have given the society several sneakers and other athletic wears, that are labeled as under the ‘Yeezy’ title.
BMW shaking hands with Louis Vuitton:
The BMW and Louis Vuitton collaboration is one of the most unexpected ones. If seen, both brands are related to travel. Thus, the designer brand, Louis Vuitton has taken all the strengths of the travel expert BMW, and vice- versa, bringing better achievement opportunities for both the brands.
Starbucks in a partnership with Spotify :
Through the partnership, a “music ecosystem” is being made, where, while enjoying a sip of your favorite coffee, you can listen to your most preferred songs plugged into your ears. This has been working out to a large extent. The Starbucks employees in an addition get the premium version of Spotify, which enables them to listen to their favorite track while working at the store. This has also increased the speed of work, done by the employees.
Uber and Spotify:
Uber and Spotify have come together to give out new technological advancements to the customers. Now, you can enjoy browsing music, during a boring and bland drive from your Spotify account. Along with this, you are given free net services too, that makes your drive worth it. Thus, you can go on to having a musical journey. This has increased the number of users both, for Uber as well as Spotify.
Amazon in partnership with American Express:
Amazon, one of the most visited enterprises, has joined hands with the American Express. This enables customers to use a card that will enable them to buy and exchange products. Besides, the card gives out to the users, enhanced data and enables them to go with all the different avail other purchasing offers and opportunities.
Thus, in recent times, a lot of partnerships have taken place. Few proved to be a success, while others did not gain so much popularity and effectiveness in society. We look forward to getting more and more partnerships for the betterment of society and individuals. These would prove beneficial to the brands also.