When the President of American Marketing Association, Neil Borden coined the term “marketing mix” in 1950 with its famous 4P’s even he did not had imagined that after few decades these four elements namely Price, Product, Promotion & Place will become full-fledged industries or domains in themselves.
4Ps of Marketing
The element of “Place” has emerged very strongly & is not just about the physical location or product distribution channels. It also includes the people of a range of processes involved in bringing products to the end consumer. So, this is where the Sales people fit into – product channel or distribution point
Today, with the growing market competition & wide range of choice / options among end consumer the sales domain has turned out to be more scientific with its own set of 4P’s.
Personalization
The first “P” of sales ecosystem is the “personalization” where the sales communication needs to be more specific & personalized that fulfills the buyer’s or requirement & ultimately its expectation. For example, if an end user is looking for assured money back insurance policy & insurance agent is trying to a sell a policy that only provides death cover, the sales process is likely to be unsuccessful because of the non-personalized communication between agent (sender) to the buyer (consumer)
Perception
Perception motivates a buyer & builds its confidence on the seller. It adds an intangible value to the sales proposition & helps the buyer to make purchase decision. The element of perception originates from look & feel of the stuff around the buyer during the process of sales. Example, the quality of sample packaging sent to the buyer, proposal, stuff carried by sales personnel & their appearance during meeting the buyer.
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