The basic 4 P’s
What’s the new direction of the basic 4P’s?
According to a Hult’s class demonstration about Mkt basics we learned that the 4P’s are over!!! The professor from the US showed us how the basic 4 P’s ( Product, Promotion, Place and Price) have transform to adapt modern days.
Place → Experience
Most brands that sell product in a establishment have to offer something more than the product. The service they give is what differentiate them with the competition. Being able to sell a unique experience to the customer will make them come back.
Price → Value
Value matters more than price. Yes, customers will search more for value measures, recommendations, investigations than price. They seek for durability, well done product that will last long and give a good performance. Yes price somehow relates to value; the higher the better, but that’s not enough for today’s market.
Promotion → Relationship
Publicity and ad’s are not the same as before. Now they seek to find that relationship with their customer, get them to know that they care for what they need, they know them and they will be the answer to their problems. It’s about creating that engagement from both parts to create a loyalty that will last long.
Product → Offering
The basic description of your product nowadays is not enough. You need to tell the client why you offer the product or service and how are you going to help them. You need to sell more the WHY and HOW more than the just WHAT.
So now you can see how the the concept is changing and adapting to modern customers. It’s not that they are over but the basic concept you’ve learned in school time after time HAS changed. You can see them literally as the same 4p’s but you will not think of them as before.