E. Jerome McCarthy, a marketing professor and author proposed the concept of the 4 P’s – product, price, place, promotion, in his influential book Basic Marketing, A Managerial Approach in 1960.
E. Jerome McCarthy, a marketing professor and author proposed the concept of the 4 P’s – product, price, place, promotion, in his influential book Basic Marketing, A Managerial Approach in 1960.
While the 4 P’s still form the foundation of marketing strategies, in today’s environment it requires some updating to align more closely with consumer demands and marketing practices.
In the past if you wanted to get your message into the minds of the consumer, traditional forms of media were all that was available. Today along with mass media there are multiple communication vehicles that appeal to specific target groups.
When it comes to products we’ve gone from a manufacturer dominated market to a retailer driven market to what we are experiencing today which is more of a consumer controlled market. This shift has caused some marketing and communications experts to rethink how they approach selling products or services. They’ve gone from relying on the traditional 4 P’s to reworking them to the 4 C’s … consumer, convenience, cost and communication.
Product has been replaced by consumer. With the changing times businesses are finding that it is no longer enough to simply sell what they make. It is a matter of coming up with the right product or service that has the solution to match what the consumer wants. This is all wrapped up in an overall buying experience that has become a key component of today’s marketing.
Price has morphed into cost. But not just the cost of the product but also what it costs the consumer, in terms of time, how far they have to travel and looming on the horizon what does it cost from a social and ethical standpoint. Another way of looking at it focuses on what value does the product or service have for the consumer.
Place is becoming less relevant as the word convenience takes over. For many products and services online shopping has become the norm. When it comes to brick and mortar operations, consideration must be given to location, ease of access, hours of operation and product or service availability.
The final P, promotion, has turned into communication. Getting the message out requires a lot more energy than simply buying advertising. With the influx of specialty media, in particular social media, communication has become somewhat two-way in how it is presented and perceived in the minds of the consumer.
With these shifts in marketing philosophy and how and why people buy, it is becoming increasingly important for marketers to develop strategies that will be integrated with one another. This means that while the 4 P’s are still relevant, careful consideration must be given to the 4 C’s … consumer, cost, convenience, communication … and how they will work together to build stronger brand awareness and better relationships with your customers.
Joe Smith is a communications consultant and an accomplished fine artist. He can be reached via email at [email protected].
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