“People are the most important assets of not only organisations, but they constitute the market.”
From a global trade perspective, people are the central focus of the market and everything done by marketers is focused on them. In today's society there is lot of interaction between individuals, communities, families, households, businesses and, of course, corporates. In these multidimensional dynamics, Dr V. Jacob John, Programme and Publications Head, Madras Institute of Development Studies (MIDS), advocated the value of a new set of 5 Ps of marketing, while delivering the BL Club guest lecture presented by Central Bank of India at Achariya School of Business and Technology in Puducherry.
The first P refers to people and profession and the former is the most precious commodity in the market economy, but treated as a liability rather than as an asset due to demographic pressures in many developing countries. The second aspect is professionalism and perfection as reflected in virtues, code of conduct and professional ethics. Dr John said the third is performance and productivity which require a congenial atmosphere in a corporate setting towards achieving overall excellence based on collegiality, loyalty, team spirit, mutual respect, commitment, connectivity, networking and free flow of communication between employer and employees. The fourth dimension is the significance of perspective and personality with visionary zeal based on values with eternal marketing appeal and multidimensional approaches of great personalities on critical issues such as education, science, technology, culture, customers, globalisation and foreign trade.
Dr Jacob concluded by mentioning the fifth dimension denoted by peace and prosperity which ensures progress, the scarcest commodity in the world today. Negotiations based on conflict resolution strategies can be a win-win situation for both parties. Unfortunately, he said, it becomes an intricate and complicated issue as it involves the demands of various stakeholders.
Mr M. Mohemmed Sha, Principal of Achariya School of Business and Technology, spoke on the occasion.