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.

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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.

Analyze the behavior of your audience

Innovation should be a regular practice in your company, moreover, not only innovate but also to analyze the behavior of your consumers.

Zara, a clothing store, for example, renews its collection every two weeks, while competitors take months to bring something new to customers – usually no more than three or four collections a year.

The brand takes innovation so seriously that its designers in Spain are connected to more than 4,000 stores in 73 countries reporting in real time, changes in consumer habits.

This is the part of the secret: to understand that the world changes, and consumers also take advantage of these changes and to adapt their products and services, generating more business and increasing the profitability of your business.

And you? How do you make changes to adapt your products to consumers?