Monday, 21 September 2015
Packaging becomes the 5th P of marketing industry By Uflex
As per Uflex 4 Ps of showcasing have now included another P which implies packaging. So what portrays advertising in today's business division are Product, Price, Place, Promotion and Packaging. The packaging business has seen an impact inferable from its usage especially in FMCG and retail zone. The use of bundling in these business undertakings is particularly tremendous as it speaks to the quality of product.From being just a source of storage, packaging and especially flexible packaging, has come of age. There is a detectable movement in food packaging towards flexible packaging materials, as these are solid, lightweight and space-sparing. Flexible packaging is made from materials like plastic, aluminum and paper. These materials undergo a detailed conversion process such as printing, lamination, coating, extrusion, and pouch & roll making to develop different types of flexible packaging products.
The role of packaging in marketing has become more important than ever as it creates the first ‘impression of truth’ for the customers at the Point of Sale. Packaging can actually make or break the deal.
A number of manufacturers are turning to flexible packaging of their products as it offers a variety of exciting marketing opportunities to the producer without increasing the cost of production. The packaging solutions can be actually ‘bespoke’ with respect to merchandising requirements.
The global packaging industry is expected to grow to $820 billion by 2016. The Indian packaging industry, growing at roughly 15% annually, is estimated to become the fourth-largest in the world, with revenues of $43.7 billion in 2016. Market research reports have also estimated the flexible packaging market in India to grow at a compounded annual growth rate of 15-16% over the next five years. These statistics are giving rise to new prospects for the industry, especially the SMEs in the flexible packaging industry. Given the fast changing dynamics of the industry, there is a need to elevate the knowledge levels of all the value chain participants to international standards through relevant capability building and best practice sharing platforms.