Are the 4 P's of Marketing Really Dead?
Or, rather, are 3 of them dead and there is only one that matters? According to this article, yes. At first read, the authors had me in agreement. A marketing framework from 1960 deserves another look to determine its relevance in today's market. Many business schools continue to drill this framework as fact and perhaps some of the more innovative programs add other frameworks to provide a set of tools to be applied as appropriate.
However, to say that 'Product' is the only P that matters is an oversimplification. Spending money and effort on improving a product does increase user value, but if you divert all such money and effort from marketing how do you communicate that value to your customers?
The article does make good points - a lot of commerce is moving online, pricing efforts are influenced by comparison sites, and there are companies that don't rely on large advertising budgets. But to point to these changes within the 3 'dead P's' as a basis to completely discredit them is an unrealistic leap. One could argue that pricing strategies are even more important in such a competitive environment and the onslaught of daily deal programs is just one example of the role that promotion continues to play.
Don't get me wrong - there is room for improvement to the 4 P's and its relevancy in today's market, but it continues to have use as a framework for organizing marketing efforts. Companies should strive to add value by creating an emotional connection with their customers (as the authors position), but doing it through product alone is not the cure-all answer to engage these connections.
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However, to say that 'Product' is the only P that matters is an oversimplification. Spending money and effort on improving a product does increase user value, but if you divert all such money and effort from marketing how do you communicate that value to your customers?
The article does make good points - a lot of commerce is moving online, pricing efforts are influenced by comparison sites, and there are companies that don't rely on large advertising budgets. But to point to these changes within the 3 'dead P's' as a basis to completely discredit them is an unrealistic leap. One could argue that pricing strategies are even more important in such a competitive environment and the onslaught of daily deal programs is just one example of the role that promotion continues to play.
Don't get me wrong - there is room for improvement to the 4 P's and its relevancy in today's market, but it continues to have use as a framework for organizing marketing efforts. Companies should strive to add value by creating an emotional connection with their customers (as the authors position), but doing it through product alone is not the cure-all answer to engage these connections.
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Posted by coolguyphil at 11/14/2011 2:45 PM 
Categories: school, commentary
Tags: 4 P's of marketing 1960 relevance business schools frameworks product dead P's price promotion
Categories: school, commentary
Tags: 4 P's of marketing 1960 relevance business schools frameworks product dead P's price promotion
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