The traditional '4Ps' of marketing - product, price, place and
promotion - is an inadequate base from which to launch and maintain a
brand in today's world of virtually infinite choice and advertising
clutter.
According to Mr Steven Howard, president of Howard Marketing Services, a
fifth 'P' standing for perception is required to maintain a competitive
edge.
"The competition can mimic the product, price, distribution strategy and
promotion. However, it cannot mimic corporate personality.
"It is ultimately important, therefore, to take a good hard look at the
corporate brand - how consumers perceive you and your products and
services," he said.
Corporate branding provides organisations with more than just a mission
statement and a logo, Mr Howard said.
"It can, if used properly, demonstrate to the world that an organisation
has professional leadership, high-calibre employees and define its role
within an increasingly competitive marketing environment."
