What Are The 4 Ps Of Marketing? Should We Update Them For Digital Marketing?

The 4Ps of marketing are a model for deciding the key elements of a marketing strategy, developed by E. Jerome McCarthy, a professor of marketing, in the 1960s. McCarthy introduced the model in his book, Basic Marketing: A Managerial Approach.

McCarthy’s 4Ps model was intended to provide a framework for businesses to use when developing a marketing strategy. The model is based on the idea that a business’s marketing efforts should be focused on four key areas: product, price, place, and promotion.

The 4Ps model has become one of the most widely used frameworks in marketing and has been adopted by businesses and educators around the world. It is often used in marketing courses as a way to introduce students to the key elements of marketing and to help them understand how to develop and implement a marketing plan.

The 4Ps of Marketing:

By considering each of these elements, businesses can create a holistic plan for reaching and appealing to their target customers.

  1. Product – This refers to the goods or services that a business offers to its customers. The product should meet the needs and wants of the target market and should be differentiated from the products of competitors.
  2. Price – This refers to the amount that customers are willing to pay for the product. The price should be set in a way that reflects the value of the product to the customer while also considering the cost of producing and distributing the product.
  3. Place – This refers to the channels through which the product is distributed and made available to customers. This could include physical stores, online marketplaces, or other distribution channels.
  4. Promotion – This refers to the marketing activities that a business uses to communicate the value of its product to potential customers. This could include advertising, public relations, social media marketing, and other tactics.

The 4Ps model is a framework that businesses can use to develop and implement a successful marketing strategy. It’s also sometimes referred to as the Marketing Mix.

How Has Digital Marketing Impacted The 4Ps of Marketing?

While the rise of digital technologies has led to the emergence of new marketing channels and tactics, the fundamental principles of marketing outlined in the 4Ps model largely remain the same. That said, I do believe there are other significant changes in both consumer and business behavior that are outside of the model that has a significant impact on a consumer’s decision to purchase.

In the 1960s, companies had a distinct advantage over today’s companies… consumers didn’t have the internet. The internet has changed everything by putting all the tools of research into the consumer’s hands and expanding competition globally to research, identify, price, purchase, and deliver products and services.

Another P that has entered the buyer’s decision is researching the company’s principles:

More Ps – Here are other factors that are impacting consumer behavior with the introduction of the digital marketplace:

As marketing technologies incorporate artificial intelligence, my hope is that our days of blasting consumers are coming to an end and we’re more closely aligned with their personal preferences. In the meantime, though, I do believe digital marketers must look beyond the simple 4P model when developing their digital strategies.

Disclosure: Martech Zone is using its affiliate link for Amazon for the book link in this article.

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