The original four Ps are product, price, place, and promotion. Modern marketing realities suggest a more representative set that encompasses modern marketing realities: people, processes, programs, and performance. Explain why these new 4Ps are important in any established or new business.
Marketing has undergone a significant transformation since the 4P’s concept was first developed. Today, marketing has become more professional. Therefore, businesses must consider the modern marketing mix that reflects the evolution of marketing. Its elements are people, processes, programs, and performance, and all are particularly crucial for a new business.
People. This element encompasses the employees and the customers. A new business must understand that employees are critical to the marketing process. Marketing will only be as good as the people working for the firm and reflects their view of the consumers as people, understanding their behaviors and not merely as shoppers for the product or service.
Processes. The marketing activity entails several processes controlled by creativity, discipline, and structure. A new business must have rules and guidelines to accompany every marketing activity. It is necessary to consider each marketing activity as a process as this could enable the business to get crucial insights and develop unique products. The marketers must create mutually beneficial long-term relationships for the company.
Programs. The business should consider all the old 4Ps in this element and other activities involved in marketing the product or service. It enables the marketers of an established entity to consider the firm’s overall portfolio of marketing activities before launching a new one to ensure the strategies support each other.
Performance. A new business needs to measure and analyze the financial and non-financial implications of activity outcomes. This element also involves assessing implications beyond the entity, such as social responsibility, legal, ethical, and the environment. For instance, the business must evaluate how its products or activities affect the environment, society, and itself. Without this understanding, the business’s sustainability would be at stake. In conclusion, the old 4P’s are still vital today, but the modern marketing mix that includes people, processes, programs, and performance is significant in today’s marketing. A new business must understand each of the four elements to create meaningful marketing strategies and ensure sustainability. By understanding the modern marketing mix, an established could generate a competitive advantage in any industry.