The new 4 P's of the Marketing Mix

DO  YOU KNOW WHAT THE 4 P'S OF MARKETING ARE?? 

If you attended business school or marketing, or possibly just from doing this for so long - you most likely remember the marketing mix as proposed to include: 

1. Product

2. Place

3. Promotion

4. Price

These 4 Ps are dated, they don't account for the new social web that has been unleashed with the power of the internet. People have instant access to so much information that  alot of us don't just decide on what brand or company to promote and sponsor based on their looks, and marketing, and quality or even just from reviews found online. Many of us, decide based on how the company itself operates in and out of its headquarter buildings. 

The management that operates a business is just as vulnerable to judgement as the packaging is. 

We needed to create a modern version of these four P's but we can't just negate them either, so we added 3 more: 

People, employees and internal marketing, are critical to marketing success. Also, as part of the new four Ps, marketers must view consumers as people to understand their lives more

broadly, and not just as they shop for and consume market offerings.

Processes are all the creativity, discipline, and structure brought to marketing management. Only by instituting the right set of processes to guide activities and programs can a firm engage in mutually beneficial long-term relationships, generate insights, and create breakthrough products, services, and marketing activities.

Programs are all the firm’s consumer-directed activities, online and offline. These encompass the old four Ps as well as other marketing activities that might not fit as neatly into the old view of marketing but must be integrated to accomplish multiple objectives for the firm.

Performance reflects, as in holistic marketing, the range of possible outcomes that have financial and non-financial implications (profitability as well as brand and customer equity), and implications beyond the company itself (social responsibility, legal, ethical, and community related).