The 4 P's of Marketing are OVER!
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The 4 P’s of Marketing are OVER! Presented by: Steve Hurley Managing Director
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The 4 P's of marketing made sense when the economy was dominated by manufacturing and the productions of goods. Now that today economy is nearly 75% based on services and solutions, we need a new marketing paradigm. Consider this -- the 4 P's are OVER!
Transcript of The 4 P's of Marketing are OVER!
The 4 P’s of Marketing are OVER!
Presented by:Steve Hurley
Managing Director
© 2012 Solutions Insights. All Rights Reserved. 2
• The 4 P’s• A New World for Marketers• The Emergence of Services
and Solutions• The New Paradigm• Summary
Agenda
© 2012 Solutions Insights. All Rights Reserved. 3
The 4 P’s are well-known to any marketing practitioner.
ProductPricePlace
Promotion
The 4 P’s of Marketing
© 2012 Solutions Insights. All Rights Reserved. 4
Product PlacePrice
•Features•Quality level•Accessories•Packaging•Guarantees and warranties
•Flexibility•Levels•Terms•Differentiation•Discounts•Business Impact
•Channel• Intermediaries•Outlet locations
•Transportation•Storage
Promotion
•Blend•Salespeople•Advertising•Collateral and incentives
•Publicity•History as a customer
Here are some typical attributes for the 4 P’s.
The 4 P’s of Marketing
© 2012 Solutions Insights. All Rights Reserved. 5
The problem is the 4 P’s were conceived in the ‘60’s…it’s a different world today.
1960s 1980s 1990s Today
• Civil rights• Feminism &
environment
• The PC• Global markets
• Dot coms• Increased
communications channels
• The cloud• Social media
Times Square, heart of the advertising industry, over the last 50 years…
A New World for Marketers
© 2012 Solutions Insights. All Rights Reserved. 6
…But businesses and economies have changed.
1960s 1980s 1990s Today
Agriculturally Products Services
Composition of GDP from 1960-2010
The Emergence of Services & Solutions
© 2012 Solutions Insights. All Rights Reserved. 7
What’s the role of the 4 P’s for marketers in a services and solutions dominant world?
The Emergence of Services & Solutions
Services & solutions are evaluated, and therefore marketed and sold, very differently than products.
© 2012 Solutions Insights. All Rights Reserved. 8
We have to come up with a paradigm to describe a new, technology-driven world of services & solutions.
The New Paradigm
ProductPlacePrice
Promotion?
© 2012 Solutions Insights. All Rights Reserved. 9
Here’s how a PR company looks at the new world of marketing.
The New Paradigm: Alternative #1
ProductPlacePrice
PromotionExchange
EvangelismEveryplace
Experience
SOURCE: Brian Fetherstonhaugh at Olgivey & MatherPERSPECTIVE: Public relations
© 2012 Solutions Insights. All Rights Reserved. 10
A marketing automation company has another view.
The New Paradigm: Alternative #2
ProductPlacePrice
PromotionPublishing
PhysicsPackaging
Personality
SOURCE: Eloqua, a marketing automation companyPERSPECTIVE: Content management
© 2012 Solutions Insights. All Rights Reserved. 11
A branding expert sees a different set of 4 P’s.
The New Paradigm: Alternative #3
ProductPlacePrice
PromotionPassion
PowerPain
Purpose
SOURCE: Joseph Seiders at Creative Compass PERSPECTIVE: Branding and design
© 2012 Solutions Insights. All Rights Reserved. 12
From a solution perspective, I contend that the 4 P’s are OVER!
The New Paradigm: Alternative #4
RELATIONSHIPEducate, Engage and Sustain
Product
Promotion
OFFERProducts + Services + IP
Place
Price VALUEValue-Based Pricing
EXPERIENCEAccess + Buyer Interaction
© 2012 Solutions Insights. All Rights Reserved. 13
Don’t push your products -- market your ability to solve customer problems.
The New Paradigm: Alternative #4
Steve HurleyManaging DirectorSolutions Insights, Inc.e: [email protected]: @stphurley15Website: www.solutionsinsights.com
