The 4 P's of marketing are not enough
Posted: Mon Dec 23, 2024 10:39 am
The marketing mix model based on the 4 P's ( Product , Price , Promotion and Distribution in Spanish), created by Jerome McCarthy in 1960, and which has been used by marketers around the world for more than half a century, we believe has come to an end and is no longer sufficient to address the market and target customers at the present time.
To effectively address the market today, we need to evolve and "innovate" the model, and when it comes to innovation, we can do so in two ways: through an incremental evolution of the marketing mix or by introducing a more radical change . Let's look at both approaches:
Incremental. From 4 to 7 P's
It consists of adding 3 new ones to the traditional 4 P's:
Process : the processes and systems within the organization that affect the execution of the service;
People : the employees who carry out the service, primarily those who are on the "front line" with the client;
Physical Evidence: aspects related to generating "physical" sensations in the client that remind or ensure a positive feeling in the consumer (sensory marketing).
This evolution of the model allows us to consider aspects all mobile name list that go beyond the product itself and consider the associated service dimension, capable of generating additional value for the customer.
Radical. From the 4 P"s to the 4 E"s
Just as the previous model allows us to evolve from the product concept to the service concept, the 4 E's model allows us to consider paradigms related to customer experience:
From Product to Emotion: being able to reach the customer's heart with the product and attack their emotional side;
From Price to Exclusiveness: focus on product differentiation and exclusivity, avoiding falling into the commodity effect ;
From Place to Experience: ensuring that the customer has a unique experience through contact via different channels;
From Promotion to Engagement: long-term approach focused on achieving customer commitment and loyalty.
To effectively address the market today, we need to evolve and "innovate" the model, and when it comes to innovation, we can do so in two ways: through an incremental evolution of the marketing mix or by introducing a more radical change . Let's look at both approaches:
Incremental. From 4 to 7 P's
It consists of adding 3 new ones to the traditional 4 P's:
Process : the processes and systems within the organization that affect the execution of the service;
People : the employees who carry out the service, primarily those who are on the "front line" with the client;
Physical Evidence: aspects related to generating "physical" sensations in the client that remind or ensure a positive feeling in the consumer (sensory marketing).
This evolution of the model allows us to consider aspects all mobile name list that go beyond the product itself and consider the associated service dimension, capable of generating additional value for the customer.
Radical. From the 4 P"s to the 4 E"s
Just as the previous model allows us to evolve from the product concept to the service concept, the 4 E's model allows us to consider paradigms related to customer experience:
From Product to Emotion: being able to reach the customer's heart with the product and attack their emotional side;
From Price to Exclusiveness: focus on product differentiation and exclusivity, avoiding falling into the commodity effect ;
From Place to Experience: ensuring that the customer has a unique experience through contact via different channels;
From Promotion to Engagement: long-term approach focused on achieving customer commitment and loyalty.