In the age of open source and crowd-sourcing solutions as well as the social media phenomenon the Marketing Mix as broken down by Jermoe McCarthy into ‘PPPP’ might need to be refined. Traditionally ‘PPPP’ stood for:
- Product (including features and support!)
- Pricing (not only monetary but also time and energy!)
- Promotion (branding, PR, advertising, sales)
- Placing (geo, channels, market segments – gender, age, education etc.)
Consumers today expect a level of involvement in product and service design that cannot adequately be embraced using just four ‘Ps’ alone as these represent a one-way, company-oriented view. What is needed therefore is the opening of a channel that allows for immediate consumer input and feedback by the company in a two-way or ‘many-way’ fashion (i.e. forum).
More about developing the right marketing concept.