The NEW 4 P’s of Marketing Mix

The NEW 4 P’s of Marketing

 

You might not be aware of the classic 4 P’s of marketing, also known as the marketing mix: price, product, promotion, and place. The Marketing mix; a quick way marketing professionals keep in mind the four major considerations for a brand.

<goElaborate Pinterest Infograph

But the fact is that things change.  The drastic changes with technology, especially via social media and mobile technology, e.g: smart phones, simply cannot be ignored.

The new ‘P’s’ of marketing, as Kimberley Kadlec, Vice-President of Johnson & Johnson’s global marketing group suggested are: Purpose, Presence, Proximity and Partnership.  (http://bit.ly/XuMWT8)

Purpose adds to the value, such as an environmental purpose (Ex: 10% of our revenue goes to WWF), and transparency (Ex: Dolphin-safe fishing).

Proximity and Presence addresses the social and mobile issue.  The brand needs to be accessible everywhere: Google, Facebook, Youtube, and everything else you can think of.

Partnership focuses on collaboration with both businesses and clients to advance the brand.  Be it looking at the feedback of customers or sponsoring events to gain further exposure.

Brands both new and old must consider the new variables in this digital age, and it all begins with the new P’s of marketing.

More Brands Joining Instagram

More and more brands are joining Instagram. A mobile app that allows users to take photo, apply a digital filter to it, and then share it with other Instagram users that are connected to on the social network as well as on a variety of social networking services.

Taken From: http://www.forbes.com/sites/marketshare/2012/08/13/more-brands-joining-instagram-and-with-good-reason/

 

Obviously if you’re a brand manager or brand marketer you need to stop what you are doing and set up an Instagram account right away for the future of the free world depends on it.

Ok, maybe not the entire free world and perhaps I am being a bit melodramatic but the fact remains that consumers – more and more of them, are using Instagram, just as they are Facebook, Twitter, Google+ and Pinterest. And if you’re not including Instagram as part of your social media strategies which should be part of your overall integrated marketing campaigns, you are missing out on a golden opportunity to move that needle.

From the conclusion of the Simply Measured study: ”For brands that continue to hold out and watch as their competition is engaging users and measuring results, 80 million potential customers are being ignored.”

10 Things You Didn’t Know About Woman-Owned Businesses

American Express OPEN taking special interest in the benchmarks reached by women-owned businesses and tasked itself with spreading the findings of its studies to encourage and enable women to put business plans in motion. Understanding how woman business owners are finding success is an important part of further growth. Below are some facts about women-owned businesses, complemented by tips and insights from successful female entrepreneurs.

Taken from (http://mashable.com/2012/08/14/facts-women-business/)

1. In the past 15 years, the number of women-owned businesses grew by 54%; there are now 8.3 million women-owned businesses in the United States.

“It’s so essential for business owners to have a financial plan. Often, business owners invest their own savings in order to increase their ultimate earning potential. Because of this, it’s extra important for you to have a personal plan for your own money and to establish your boundaries -– when you will and won’t do something. I think all too often people don’t have a plan -– and not having a plan actually is a plan, it’s just a really bad one! People don’t know what they don’t know, so it’s critical to talk to someone and enlist expertise from others.” — Alexa Von Tobel, LearnVest

2. Despite owning nearly 30% of U.S. businesses, women attract only 5% of the nation’s equity capital. When it comes to first-year funding, women receive 80% less capital than men.

“I went out to SXSW knowing that all the investors I knew -– that they would all be there for the week and I could catch up with them all face to face. And I started with the people that knew me best asking if they would invest, or did they know someone they could introduce me to who could invest.

“Within 12 weeks I closed a round of nearly a quarter million. When all was said and done, I raised over $2 million in capital from investors. Not knowing how to do that and approaching that for the first time was a real challenge.” — Laura Fitton, oneforty

For more facts about women-owned businesses go to Click here