Are the 4 Ps of Marketing Dead?
If you’ve ever taken a marketing class, you undoubtedly learned about the “4 Ps” of marketing: Product, Place, Price and Promotion. Marcus Starke, former national vice president of North America marketing at SAP, believes that, as marketing channels continue to evolve and social media increases in importance, a fresh perspective is needed for each of the 4 Ps.
The Product (or service) is still paramount, but its value is now measured by what people think and say about it. If your product is poor, the blogosphere will explode with negative feedback before you know it. Price always matters; However, it is more often being measured in the context of who is behind the product and what people think and say about them. For instance, when evaluating price, consumers might consider whether or not that brand/company deserves their trust, or whether the company is environmentally, socially or ethically responsible.
When it comes to Place, there has been an explosion of channels for customers to find their product of choice. While some marketers believe they can precisely define which products are sold through which route to market, these days the place where products are sold is decided by people.
Starke believes that Promotion should be replaced with People. “People matter in everything we do as marketers,” he says, “and they are in control more than ever before. Without people talking about our products, we can no longer be successful, regardless of the size of our marketing budgets.”