The 4 P's of the Marketing Mix

At some point in any marketer's career, the 4 P's of marketing are introduced, whether during a basic marketing course or an internship where the theory was passed from mentor to mentee. There's a reason this particular tenet of marketing has been part of the curriculum for years: it makes sense.
 
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Gettyimages 652289196 1200x480
Gettyimages 652289196 1200x480
ARLINGTON HEIGHTS, Ill. - Nov. 16, 2020 - PRLog -- In case you've been out of school for years, here's a refresher:
  • Product – Does your product address your target buyer's specific pain points?
  • Price – Does your price reflect the product's value while also being competitive?
  • Place – Can buyers find your product when they need or want it?
  • Promotion – Where and when can you get your marketing message across?

The 4 P's are a classic lesson straight from the marketing playbook. Salespeople and small business owners have been familiar with the concept for decades. Which leaves a particular question wide open for debate: Are the 4 P's of marketing still relevant?

In a word: yes. The 4 P's are inseparable from a management perspective. You will always have to consider them when making marketing decisions. However, the rapid growth of digital marketing, incorporating websites, SEO, SEM, social media, and content marketing has necessitated a few changes to the core concept.

The 4 P's from your original marketing plan may not take digital marketing into account. In a sense, digital capabilities could open up any one of the 4 P's, from making products available through online sales outlets to reaching buyers through digital outlets. New tools must be considered, including social media marketing, e-commerce websites, and digital display advertising. You should certainly be considering mixing in more digital strategies with what you are already doing, and then take time to evaluate what works best for your target audience.

It's important to remember that we don't neglect any of the efforts in your marketing mix at the expense of others. "We decide, measure, analyze, and amend every marketing dollar spent on development of rabid customer advocates." If any component of the marketing mix doesn't 'move the needle' after a period, we re-allocate to another.

While we will never be able to completely abandon those P's, a new era of digital marketing has brought about the need to expand our alphabet. JRS Mar/Com is an advocate of the opportunity created through the rise of digital marketing. There is a new marketing edict, the 4 C's.

Find out more here.

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