Uplifting Brand Equity to Unprecedented levels by Introducing Purpose as the New 8th 'P' in the Marketing Mix

Abstract

Background: In the wake of the COVID-19 pandemic, businesses are compelled to reassess their branding strategies to thrive in the digital landscape. This abstract introduces the concept of Purposeful Branding, proposing the integration of "Purpose" as the 8th element in the marketing mix. This addition aims to bolster brand equity within management institutions, leveraging technological integration to navigate the digital evolution effectively. Objectives: The primary objective is to explore the integration of Purpose into the marketing mix, emphasizing its role in fostering deeper connections with stakeholders and driving sustainable growth. The abstract seeks to advocate for genuine dedication from companies to align their practices with professed values, thereby enhancing brand equity in the digital era. Design/Methodology: The research employs a qualitative approach, drawing from various case studies and industry insights to illustrate the implementation and impact of Purposeful Branding. It examines how organizations strategically position themselves amidst the evolving digital landscape, emphasizing authenticity and transparency in executing Purpose-driven marketing strategies. Findings: The findings underscore the significance of Purposeful Branding in generating substantial value for businesses. Authentic alignment with professed values cultivates stronger bonds with consumers, employees, and society at large. The abstract highlights the potential of Purpose-driven marketing mix to fortify brand equity and adapt to the dynamic demands of the digital era. Results: The integration of Purpose into the marketing mix yields tangible results for organizations, including enhanced brand loyalty, improved reputation, and increased competitive advantage. By harnessing the power of Purposeful Branding, companies can foster meaningful relationships with stakeholders, driving sustainable growth in the digital realm. Implications: The implications of Purposeful Branding extend beyond immediate financial gains, encompassing broader societal impact and long-term sustainability. This abstract advocates for a comprehensive exploration of Purpose-driven marketing strategies, emphasizing their role in addressing contemporary challenges and advancing organizational objectives in the digital era. Type of Paper: Conceptual Research.