The 4 P's of marketing - as relevant today as they ever were
Posted Wednesday, August 3rd, 2011 by Neil Edwards
David Meerman Scott, author of The New Rules of Marketing and PR and responsible for turning half of the planet’s marketers onto social media, me included, recently posted a blog on the 4 P’s of marketing.
Titled ‘Why the 4 P’s of marketing do not work on the web’, Scott claims that this mainstay of marketing theory is out of date and ‘forces marketers into a paradigm that just isn’t effective in a social world’.
Whether it was an earnest attempt to challenge traditional thinking, or a deliberate act of provocation, I’m not sure. What I do know is, it’s wrong.
For the benefit of those who haven’t poured over this stuff for far too long, the 4 P’s stand for Product, Place, Price and Promotion and have long been held as the corner stones of any marketing plan. Various attempts have been made to augment the 4 P’s - I have seen seven (add in People, Process and Proposition) and even eight (Positioning), but, for the most part, it is four.
Scott claims that a focus on product leads to creation of web content that is product centric, not client centric. Promotion gets us into a campaign mentality and Place and Price implies that all that matters is driving people to purchase (well it is, isn’t it?).
Sorry David, this is a complete misinterpretation of a simple and unassuming model.
Product tells us to think about the product or service. What is it? Who will want it? What need does it satisfy or problem does it solve? Think of it in terms of solution if you prefer a more client centric view.
Place asks us to think about where the transaction will take place. At one level, this can be on or off-line, at another it is about geography - or even the cloud.
Price is the pricing strategy - cost leadership, market skimming, remind yourself of the theories and choose the one that works. Price is the name, value is the game.
And Promotion. The narrow definition of marketing for many and where the rubber hits the road. If you can’t work out how to get people to know, understand and love your proposition, you’re in trouble.
So, pray tell me, what element of all this is not relevant on the web?
Content marketing, I get (but do admit to a crisis of confidence every now and again - are we educating and engaging our prospects or feeding our egos and the search engines?). Content marketing is simply the Promotion of the 21 Century: education and engagement are the buzz words of the age.
The web has revolutionised our lives, but it doesn’t invalidate the fundamentals of marketing. The intelligent marketer will simply apply the models to the new world.
Let’s not over intellectualise this stuff.
Posted Wednesday, August 3rd, 2011 by Neil Edwards
Other Articles In This Category
- The ultimate definition of marketing
Many people have tried to define marketing and yet few have succeeded. To some, of course, it is just promotion, or more narrowly still, advertising. To others it... read more
19th of December 2011 by Neil Edwards
- Is it better to be different than it is to be better?
Australian marketing and business strategist, Barry Urquahart, once said 'It is better to be different than it is to be better'. But is this the case? A... read more
26th of May 2011 by Neil Edwards
- What price a price cut?
A KPMG report out today says that UK firms are paying the true cost of inflation and slashing prices to an unsustainable level in an attempt to maintain customers... read more
28th of February 2011 by Neil Edwards
- Is there a role for branded websites in the social media age?
Matt White examines the growing trend for businesses to market their Facebook presence in preference to their website.A recent article in Brand Republic concerning... read more
16th of February 2011 by Neil Edwards
- In search of the ‘real’ digital native
We live in a digital world, but are we natives or immigrants?In the summer I wrote a blog post about Digital Natives and Digital Immigrants, explaining the theory... read more
14th of January 2011 by Neil Edwards
- Forget digital domicile, it's social domicile that counts
Earlier this month Matt White posted on the topic of digital natives and digital immigrants and sparked some lively discussion from people born on both sides of... read more
29th of July 2010 by Neil Edwards
- Are you a digital native or a digital immigrant?
This post is written by Marketing Executive, Matthew White.It wasn’t like that in my day is something often said by the older generation to the new one. There is... read more
17th of June 2010 by Neil Edwards
- Demand Generation - the theory and practise. #1 Gaining acceptance
Over the last few months, we have been immersing ourselves in the concept and application of B2B demand generation. For those unfamiliar with the term, Demand... read more
13th of May 2010 by Neil Edwards
- Marketing Myth #1: Advertising and marketing is the same thing
This is the first in a series of 7 posts by guest blogger and associate of The Marketing Eye, Sharon Wilding, owner and founder of The Purple Edge.Of course... read more
3rd of March 2010 by Neil Edwards
- Why most marketing fails
If I had a pound for every time I’d heard someone say: "we tried marketing once and it didn’t work", I could have retired long ago.Not only does the... read more
13th of February 2010 by Neil Edwards
- Integrated marketing
Marketing a product or service has many challenges. First, there is a need to raise awareness of the brand and promote it's promise; second, the marketing... read more
23rd of November 2009 by Neil Edwards
- An Indecent Proposal - or how to get your way with Finance
Having put the relationship with Sales right, it is time to turn attention to Marketing’s other tormentor-in-chief, Finance.We all know that accountants are... read more
27th of October 2009 by Neil Edwards
- Connecting Sales and Marketing in B2B
The following post is a transcript of my responses to a set of questions put to me recently by Adam Needles, Field Marketing Director with US marketing automation... read more
18th of October 2009 by Neil Edwards
- Identify the issue and own the conversation - effective engagement in B2B marketing
The nature of the B2B buyer is changing - the evidence is in our pipelines. The decision making process, which has always been slow and complicated, is now even... read more
10th of October 2009 by Neil Edwards
- I wanna be a rock star - a new model for marketing
In his post ‘Will 10% unemployment be the new full employment?’, Charles Besondy predicts that permanent marketing employees will soon be a thing of the past.He... read more
29th of August 2009 by Neil Edwards
- Leave Auntie AIDA alone - understanding consumer buying behaviour
The esteemed consultants at McKinsey have been burning the midnight oil to come up with the startling revelation that consumer purchases are, wait for it, needs and... read more
22nd of July 2009 by Neil Edwards
- When the tail wags the dog the great sales versus marketing debate
How can you tell if a salesperson is lying?His lips are moving.Don’t you just love the arguments between salespeople and marketing? Ali v Foreman was nothing... read more
11th of July 2009 by Neil Edwards
- B2B vs B2C - more than just a letter
A friend asked me in the week to explain the difference between marketing to businesses and marketing to consumers. Unprepared, I fumbled my way to an answer, but... read more
10th of April 2009 by Neil Edwards
- I'll scream and scream and scream
This week I went to a Chartered Institute of Marketing event to hear the results of a study on the role of marketing in large organisations. Carried out with... read more
3rd of April 2009 by Neil Edwards
- If you can't measure it, should you do it?
There is a famous marketing saying: ‘Half of my advertising is wasted; the trouble is, I don’t know which half’. The internet has brought great... read more
21st of March 2009 by Neil Edwards
- Finding your niche
This guest post is by Sharon Wilding, Chartered Marketer and an associate of The Marketing Eye One of the most important factors in any business, and... read more
10th of March 2009 by Neil Edwards
- Judgment time
One of the great things about blogging is that you can read back over your own posts and remind yourself how you were feeling at any point in time. Looking back... read more
27th of February 2009 by Neil Edwards
- It's OK to cut the budget
The adage that the businesses which maintain their marketing expenditure during a down-turn will be the ones that prosper in the end is backed by evidence. As a... read more
16th of February 2009 by Neil Edwards
- Segmentation - divide and conquer
We will shortly be starting a segmentation project for one our clients. Locked inside the firm's client records will be a wealth of information about its... read more
30th of January 2009 by Neil Edwards
- Payment by results
I was asked at a recent networking event if I knew of a telemarketing agency that would be prepared to work on an exclusively payment-by-results basis. The same... read more
23rd of January 2009 by Neil Edwards