The New 4 P’s Of Marketing Explained
Pravaah Consulting
A boutique Digital Transformation Consulting firm that strategizes, architects and builds lovable products and solutions
Marketing styles have changed from the times Philip Kotler ruled the libraries and the study tables of the business students. It indeed made a lot of savvy marketers. The 4 p’s of marketing, namely product, place, price, and promotion, will always hold significance even in today’s online scenario. Much has changed to suit online multilevel marketing needs. Evolving and adapting is a part of any process. The four P’s of marketing evolved too! In this blog, we are taking you through an exciting read which is sure to leave you with a great understanding of the marketing mix in the current era, which are bound to help online businesses meet their purposes:
Table of Contents:
1) Introduction
3) Conclusion
The extension of the 4 p’s of Marketing:
Process
Marketing is all about providing continuous service to your customers regularly. It's also about making things easier to deal with and enhancing efficiency to save time and money. Process refers to the steps required in getting your products and services to clients.
Why is Process so crucial in digital marketing, and why is it included in the “marketing mix”?
One of the most important parts of marketing in the digital age is brand creation. Customers want to engage with the brand they're buying from and feel at ease with it. The process must be efficient, effective, and segment-specific. The Process must reflect the appropriate thoughts and convey that the organization has a customer-friendly mission.
Purpose
The purpose of digital marketing depends on marketing strategies that heavily focus on social media. Understanding consumer behavior for the new generation is necessary to gain a customer base. Times have changed, and one vital characteristic of the upcoming age is to question the purpose in whatever they do, how they feel daily, and the connections and relationships they cherish. They must make decisions.
To make a place in their lives, a marketer also needs to think likewise. They need to explain the company's purpose behind what it does. Why they use specific branding strategies, or why they're in the business they're in the first place. This information makes it easy for the buyers to relate to its philosophies and services.
A purpose helps target the correct consumers, segment the market effectively, and create successful campaigns that deliver high-quality results.
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People
The people a marketer chooses to form a team is the most crucial decision for business and reputation. Here is where virtues play a significant role. The quote by Patrick Lencion, A famous American writer, comes to mind as it's so aptly written for this context.
“When leaders throughout an organization take an active, genuine interest in the people they manage when they invest real time to understand employees at a fundamental level, they create a climate for greater morale, loyalty, and, yes, growth.” — Patrick Lencioni
What's a team without the skills? What is a company without its squad? The companies sincerely work on creating a pleasant work environment to make sure the atmosphere is conducive to the company’s growth and the employees’ individual growth. The pandemic has also seen the productive outcomes of working remotely. Giving a favorable environment to the top talent is covered in the people element of mixed marketing. People can communicate their ideas and skills in various ways, including writing new blog entries, guest posting for other top media sources, and generating high-quality videos. Giving a voice to the people to present their views imparts freshness to the social media posts and results in a subtle way of marketing. If it goes in video form, followers can see the person speaking instead of reading a boring blog and develop more interest in following the account.
Perception
“The difference between ordinary people and achieving people is their perception of and response to failure.” — John C. Maxwell
Customer perception is critical, and that must be appropriately utilized along with the other P’s of the marketing mix. The objective is only to make sure the organization is seen positively in the industry. And for that positive perception, the items, or services must be advertised at a reasonable cost and strategically placed.
Why? The consumer will greatly appreciate your perspective if you appropriately implement the P’s. Giving customers the chance to see everything your company does through absolute transparency will build confidence in a way that no other firm in your sector can.
Customers, for example, want to see that you have a humanistic attitude to not only your business but also to your workers. Services for your employees, such as in-house therapists, have proven to be quite appealing since they demonstrate your commitment to them.
Conclusion
The new four p’s of marketing help keep the efforts on track and achieve the ultimate objective of existence for any enterprise. For formulating a perfect concoction for your business, feel free to contact Pravaah Consulting Inc, the Digital Transformation Agency, constantly abreast with the implementation of the essential strategies.