I see the Marketing page on Wikipedia now includes a sub-section called: “Web 2.0 and Marketing New 4Ps”.
The original 4Ps concept idea was developed to help marketers manage the four most important aspect of marketing (Product, Price, Place, and Promotion). With the Internet and the Web 2.0, marketers have needed to adapt a broader perspective on these elements. Idris Mootee devised a “New 4Ps†model in 2001 to supplement the traditional marketing 4Ps.
Web 2.0 and Marketing New 4PsThe original 4Ps concept idea was developed to help marketers manage the four most important aspect of marketing. With the Internet and the Web 2.0, marketers have needed to adapt a broader perspective on these elements. Idris Mootee devised a “New 4Ps†model in 2001 to supplement the traditional marketing 4Ps.[2] They are Personalization, Participation, Peer-to-Peer and Predictive Modeling.
- Personalization: The author here refers to customization of products and services through the use of the Internet. Early examples include Dell on-line and Amazon.com, but this concept is further extended with emerging social media and advanced algorithms. Emerging technologies will continue to push this idea forward.
- Participation: This is to allow customer to participate in what the brand should stand for; what should be the product directions and even which ads to run. This concept is laying the foundation for disruptive change through democratization of information.
- Peer-to-Peer‘: This refers to customer networks and communities where advocacy happens. The historical problem with marketing is that it is “interruptive” in nature, trying to impose a brand on the customer. This is most apparent in TV advertising. These “passive customer bases” will ultimately be replaced by the “active customer communities”. Brand engagement happens within those conversations. P2P is now being referred as Social Computing and will likely to be the most disruptive force in the future of marketing.
- Predictive modeling: This refers to neural network algorithms that are being successfully applied in marketing problems (both a regression as well as a classification problem).
There is the alternative as well
P Product
P Place an advert
P Put Up your feet
P Pray
Guy: Brilliant!
Personally Dave I think these extra 4 P’s are nothing more than rhetoric. If you really think about it, they would fall under the original 4 P’s anyway.
When McCarthy came up with the 4 P’s (I think it was McCarthy although it could have been Kotler…?) he obviously couldn’t have predicted how the Internet would change business. However i think the fundamentals of marketing are still the same and his 4 P’s are broad enough to cover everything we do in marketing in the 21st century.
Its amazing when one looks at the definition of marketing which Kotler and Levy put forward in 1969, its still as relevant today as it was almost 40 years ago.
A smart bunch of chaps they were/are.
Genius is the ability to make complicated things seem simple. The four P’s are simple enough that they are easy to remember while providing a structure for our thinking about marketing.
The new 4 P’s are not quite as catchy, nor as distinct, although I think they are essential to understand when putting together a social-media marketing strategy (and perhaps they’d enhance the value of the Products, Prices, Places and Promotions).
Good point.
TYFYC Rob!