You’ve probably heard about Kotler’s famous marketing mix framework. The one with 4Ps - Product, Price, Promotion, and Place.
But did you know that Kotler updated this framework to 5Ps? What could the fifth P be?
Yes, you guessed it, PURPOSE.
Here’s him on record at a talk during his visit to JRE Group of Institutions a few years ago:
I’ve added to the 4P's a new P. You know the 4P’s is what marketers put together in a marketing plan; they have to describe the product, the price, the place, and the promotion. So the fifth I’ve added is purpose.
When I work with clients, instead of using the usual 4Ps as a framework, I use the new updated 5P framework. I recently created a template to help my clients’ plan their marketing strategy, and I’d like to share it with you.