Enhancing Marketing Mix, New 4Ps: Price, Place, Product and Promotion
Enhancing Marketing Mix, New 4Ps: Price, Place, Product and Promotion
What are the 4Ps?
The four Ps are tangled in the marketing of a good or service that includes product, price, place and promotion. The 4P’s are controlled by internal and external factors in the general business setting.
Product refers to a good or service being offered by a company. A product should meet a certain consumer demand, or what consumers need.
Price is the cost consumers pay for a product. The price must have perceived value of the product.
Place is the decision of where the product is sold and how it is brought to the market. The importance is to get their products in visible to the consumers who buy them.
Promotion includes strategies related to advertising and public relations. By promoting a product, it demonstrates consumers’ reasons for what they need it and that they should purchase it.
New Reinvented 4Ps
Based on the Harvard Business Review (February 2013) there are a new marketing 4P’s on the B2B marketing reality. Based on a case study of 5 years old from more than 500 companies they had concluded that the 4P’s should be reinterpreted to serve B2B marketers. They significance from product to solution, place to access, price to value and promotion to education. In its place of product, the marketers should think about solution because it meets their needs. In its place of place marketers should think on the access that would add the customer’s purchase to an experience. In its place of price think on value that pronounces the benefits of the price, not to their costs. In its place of promotion think on education that would provide reference to customers’ interests and needs.
Enhancing Marketing Mix with new 4Ps
BBEX using new 4P’s
Solutions
When it comes to web design BBEX creates a solution for their clients. By making their client’s website stand out with a user friendly, professional design and great visual impact to their customers. Also by providing different web based marking tools like social media marketing.
Access
Now with SEO being a huge impact in internet marketing. BBEX experts will help their clients reach qualifying customers, locally or on a national scale.
Value& Education
BBEX offers a free consultation for their clients, in order to provide their clients’ needs with the best solution. When it comes to web design or internet marketing tools, in order to maximize their client’s profits.
https://www.bbexmarketing.com/
This is possibly the greatest reevaluation of the traditional 4ps I’ve ever seen. Really liked your take on it. Thumbs up from me.
It’s about time that someone redefined the 4ps of marketing. I personally really enjoyed reading this.
Solution, Access, Value and Education!!! I think these are great replacements for product, place, price & promotion. This should be made official in my opinion. 🙂
I am no marketing expert, but after reading this, I think traditional marketing is really outdated. Thumbs up for explaining this so nicely.
Instead of saying “new 4ps,” you should say SAVE!! (solution, access, value, education). SAVE sounds ways better… 🙂
I’m doing research for a school project and will be using this information for my assignment (hope this is ok). Hoping to get an A. 😉 Thank you for sharing.