What are the 4 Ps of marketing? Should we update them for digital marketing?

The 4Ps model has gained popularity as one of the frameworks for marketing that is most frequently used by companies and academic institutions worldwide. It is frequently employed in marketing courses to help students comprehend how to create and carry out a marketing plan as well as to introduce them to the fundamentals of marketing.

The 4Ps of Marketing:

Businesses can create a comprehensive plan for reaching and appealing to their target customers by taking into account each of these elements.

Product – This refers to the products or services that a company provides to its customers. The product should meet the needs and desires of the target market and be distinguishable from competitors’ products.

Price – This is the amount of money that customers are willing to pay for the product. The price should be set in such a way that it reflects the value of the product to the customer while also taking into account the costs of production and distribution.

Place – This refers to the methods by which the product is offered to customers and distributed. This might include real-world stores, online marketplaces, or other channels for distribution.

Promotion – This refers to the marketing initiatives a company employs to convince potential customers of the value of its goods. Advertising, public relations, social media marketing, and other strategies might be used in this.

How Has Digital Marketing Impacted The 4Ps of Marketing?

While the rise of digital technologies has resulted in the emergence of new marketing channels and tactics, the fundamental marketing principles outlined in the 4Ps model remain largely unchanged. Other significant changes in consumer and business behaviour that are outside of the model have a significant impact on a consumer’s purchase decision.

Companies had a distinct advantage over today’s companies in the 1960s because consumers did not have access to the internet. The internet has changed everything by putting all research tools in the hands of consumers and increasing global competition to research, identify, price, purchase, and deliver products and services.

Reviewing the company’s principles is another P that has entered the buyer’s decision:

Principles – The principles of a corporation may include its purpose, cultural beliefs, or charitableness. Many customers prefer to do business with companies that have a strong sense of social responsibility or a desire to make a positive impact locally or globally. Consumers can now conduct this research online thanks to the internet.

More Ps – Other factors influencing consumer behaviour with the introduction of the digital marketplace include:

Peer Reviews – When it comes to digital marketing, the reputation of a company or product cannot be overstated. We’ve seen companies that had to rebrand and relaunch their products after receiving negative online feedback. Peer reviews are becoming more influential as word-of-mouth, influencer marketing, and third-party review sites grow in popularity.

Privacy – Consumers are growing tired of having their privacy violated. Advertisers who relentlessly pursue their target audiences are taking advantage of third-party cookies that share your web interactions with social media or advertising platforms. The backlash is encouraging more limited permission requests, ad-blocking technologies, and other browser advancements… as well as government regulation.