Innovation and Brand

- by Sampad Kr. Swain *

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Though there are various ways to have an edge over competitors but surely this one will go a long way helping both the brand value.

Scope of Innovation through 7 P's

In this section, I will discuss about the scope of innovation through the 7 P's of marketing.

Now as I have already discussed that innovation is the name of the game if companies want to differentiate themselves from the rest of the crowd. All the companies when they market a product, they predominantly make use of the 4 P's of marketing mix i.e. Product, Price, Place, and Promotion. But these are adequate only for marketing a product but not for services. Hence marketers added the rest of the 3 P's i.e. People, Process and Physical Evidence which will play a greater role in marketing of services.

Now the question is how can companies market their product or services differently when every other company is doing the same thing through the same 7 P's?

With examples it will be clear that how certain companies have been doing this and how successful they have been in creating a brand value and differentiated themselves from the rest.

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* Contributed by: -
Sampad Kr. Swain,
Currently pursuing MBA from ICFAI Business School, Hyderabad.

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