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.
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.