The 4 P’s of the Marketing Mix. It’s kind of like the Mount Rushmore of marketing. And just as stone-like those president’s faces are, so are the 4 P’s. Unmoving. Unwavering.
Product. Price. Place. Promotion, developed in 1964. Over 50 years ago.
This is a “foundational” concept. The four areas of decision making we all as marketers face.
And for the better part of 50 years, Jerome McCarthy’s 4 P’s have guided students and professionals alike.
The question arose,recently, when The 2 Guyz On Marketing were discussing its relevance in today’s marketing world. And while the 4P’s are still valid, still relevant, they are lacking.
We know, that’s sacrilege for a marketing professor to say. But we believe it’s true. Product,price, place and promotion are all still important…but they’re not enough!
Eleven years ago, Larry,one of The 2 Guyz, created (and owns a copyright for) the the Nine P’s/9 P’s of Marketing ©2007. This starts where the 4 P’s leaves off. in the study and practices of Marketing.
Developed over many years of teaching undergraduate and graduate Marketing, advertising, global studies at USC, CSUN, Pepperdine, LMU, plus decades of consulting, the 9 P’s of Marketing add new layers, important layers, to understanding the key building blocks of marketing.
The 2 Guyz On Marketing use both the 4 P’s of the Marketing Mix and Larry Steven Londre’s Nine P’s of Marketing, which add five (5) more P’s.
The 9P’s of Marketing are:
- Planning (Research)
- People (including segmentation and targeting)
- Product (and Services)
- Promotion (which has eight different components)
- Place (or distribution)
- Partners (or alliances)
Larry tells the story of how he began to transform the 4 P’s. “In the late 60’s I was first taught in marketing at USC that the ‘customer,’ or potential purchasers, buyers were kings, but they were missing as one of the 4P’s. I always felt it is one of the most important of the P’s – “People.” “People” have to be there for potential and actual purchases. They are one of, if not THE most important components of Marketing decision making.”
The other 2 Guyz, Brian,adds more to Larry’s 9 P’s. “I challenged Larry when he first developed his 9 P’s. I thought it was a gimmick, but the more I test it, the more I see he’s right. For example, with our Planning, or research, marketing is destined to fail It allows takes into account research and development, critical to keeping marketing of any product or service relevant.
Partners or alliances are another are that modern marketing can’t overlook. Channel dynamics alone justify its presence. In the previous century there were catalogs, like the once formidable Sears Roebuck & Company, and there was retail. That was pretty much it. Sure, there was B2B that’s the whole thing. Now we have wholesaling, Amazon, reselling,affiliate channels, direct to consumer, distributors, online/offline distribution, etc.
As we turn from the past, and look toward the future, The 2 Guyz On Marketing will be showing and highlighting ways the 9P’s better explain the marketing mix, but in fact becomes a working model for use in day to day marketing operations.
Going into 2019, the 9P’scan help you and your company in endless ways looking at you potential customers and the marketplace which is constantly changing along with competition.
For more on insights,ideas, concepts and Marketing solutions, visit londremarketing.com and look under “Articles and Resources” and the 9P’s/Nine P’s ©2007. Specifically you will find them detailed at 9P’s/Nine P’s or nineps.com.