The new 4 Ps of marketing that join the traditional ones
Posted: Wed Dec 18, 2024 5:46 am
Traditional marketing identifies four basic pillars on which to design strategies, the so-called 4 Ps . They are called this because, in the English term, they all begin with the letter P, which stands for Product, Prize, Place and Promotion.
The arrival of the Internet, the expansion of social networks and other tools associated with the network have contributed to the evolution of marketing and the birth of e-marketing. This has meant that the traditional 4 Ps have had to be joined by another 4 (Personalization, Participation, Peer-to-Peer and Predictive Modeling) that complement the previous ones.
The traditional 4 Ps
The traditional development of marketing strategies has been based on models that mainly took into account the product, price, distribution and promotion.
One of the basic conditions of any marketing strategy is the product . Every strategy tries to convince the market to consume what is offered, so we must keep in mind what we want to sell and how we should present it.
Another factor is the price . The market must be willing to pay for what we are offering, finding the balance between what the market is willing to pay and the profitability of the business is also a key point.
What in the English version corresponds to the third P, place, is translated as distribution . The system that we are going to use to get our product to the final consumer also has a special value when designing our strategy. Direct sales, through distributors, through the Internet, etc. are several alternatives that we can use individually or in a combined manner.
Finally, we must consider promotion , the tools we have clinics email list available to get our messages across to the market and how, through them, we intend to convince consumers to buy our product.
The new 4 Ps
The four factors mentioned above have been, until now, the fundamental pillars on which marketing strategies were designed. Now, the evolution of technology and the new uses that companies and consumers make of it, introduce new elements to traditional theories that must be taken into account and that, far from replacing the previous ones, complement them . These new elements (Personalization, Participation, Peer-to-Peer and Predictive Modeling) can be translated into personalization, participation, peer-to-peer communication and predictive models.
Personalization is the possibility of creating new products or services tailored to customers to truly meet their needs. These new tools facilitate the possibility of listening to consumers, giving them the possibility of choice and giving relevance to their participation .
The second new element that acts as a condition for the new strategies is participation . By creating the appropriate environments, the possibility of customers themselves becoming involved in the marketing of companies is opened, gaining a role that they did not have until now and that companies themselves can use to their advantage if they know how to manage it. The creation of communities is a very clear example of this new element.
The arrival of the Internet, the expansion of social networks and other tools associated with the network have contributed to the evolution of marketing and the birth of e-marketing. This has meant that the traditional 4 Ps have had to be joined by another 4 (Personalization, Participation, Peer-to-Peer and Predictive Modeling) that complement the previous ones.
The traditional 4 Ps
The traditional development of marketing strategies has been based on models that mainly took into account the product, price, distribution and promotion.
One of the basic conditions of any marketing strategy is the product . Every strategy tries to convince the market to consume what is offered, so we must keep in mind what we want to sell and how we should present it.
Another factor is the price . The market must be willing to pay for what we are offering, finding the balance between what the market is willing to pay and the profitability of the business is also a key point.
What in the English version corresponds to the third P, place, is translated as distribution . The system that we are going to use to get our product to the final consumer also has a special value when designing our strategy. Direct sales, through distributors, through the Internet, etc. are several alternatives that we can use individually or in a combined manner.
Finally, we must consider promotion , the tools we have clinics email list available to get our messages across to the market and how, through them, we intend to convince consumers to buy our product.
The new 4 Ps
The four factors mentioned above have been, until now, the fundamental pillars on which marketing strategies were designed. Now, the evolution of technology and the new uses that companies and consumers make of it, introduce new elements to traditional theories that must be taken into account and that, far from replacing the previous ones, complement them . These new elements (Personalization, Participation, Peer-to-Peer and Predictive Modeling) can be translated into personalization, participation, peer-to-peer communication and predictive models.
Personalization is the possibility of creating new products or services tailored to customers to truly meet their needs. These new tools facilitate the possibility of listening to consumers, giving them the possibility of choice and giving relevance to their participation .
The second new element that acts as a condition for the new strategies is participation . By creating the appropriate environments, the possibility of customers themselves becoming involved in the marketing of companies is opened, gaining a role that they did not have until now and that companies themselves can use to their advantage if they know how to manage it. The creation of communities is a very clear example of this new element.