The new 5 Ps
Jarther Taylor
Director & Principal at Jarther+ | Senior Advisor at 24 Hour Business Plan | Adjunct Professor at AGSM@UNSW
The original 4 Ps of marketing (Product, Price, Place, Promotion) are still relevant nearly sixty years after E. Jerome McCarthy proposed them in 1960. But they leave some people cold, mainly because McCarthy didn’t include People in the framework, so marketers have added a few more Ps (or Cs) over the years.
The new ones that really resonate with me are more human-centric: they go deep into customer needs and customer experience.
Purpose: Customers feel the company shares and advances their values.
Pride: Customers feel proud and inspired to use the company’s products and services.
Partnership: Customers feel the company relates to and works well with them.
Protection: Customers feel secure when doing business with the company.
Personalization: Customers feel their experiences with the company are continuously tailored to their needs and priorities.
I think these people-focused Ps expand the marketing framework to connect a brand more closely with its customers. I see them as almost the Yang to the original 4 Ps Yin.
What are your thoughts? Which Ps need the most attention? And if need more -- what do you suggest?
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6 年Zoe Chin
National Account Manager at nbn? Australia
6 年love this !! brilliantly put together !
Passionate about delivering commercial outcomes by optimising people's talent and capabilities
6 年Jarther, love your modern take on this. From an HR perspective I think your 5 Ps - particularly the first four - could have been written about employee engagement with the company they choose to work for
#RETHINK RETAIL - 2025 Top Retail Expert, Stakeholder Engagement Manager (Retail) for SaCSA. Retail Workforce Champion for Retail Careers, Innovation and Consumer Experience Strategist. Keynote Speaker.
6 年I might have to borrow these for my lectures, nicely summarises the new marketing focus!
GLOBAL BUSINESS & BRAND CONSULTANT | CHAIR & BOARD DIRECTOR | START UP MENTOR | Prev. GLOBAL BOARD & CEO SAATCHI & SAATCHI
6 年Jarther Taylor The 4 P’s that I believe are essential to running a business today are: PURPOSE, PEOPLE, PRODUCT & PERFORMANCE.