Understanding the 4 Ps of Marketing Through Digital Transformation | Emarsys (2023)

FAQs

Understanding the 4 Ps of Marketing Through Digital Transformation | Emarsys? ›

The 4 Ps of marketing refer to product, price, place, and promotion. These are the key elements that must be united to effectively foster and promote a brand's unique value, and help it stand out from the competition.

Digital Marketing uses multiple channels and methods which enable an organization to analyze marketing campaigns and understand what is working and what's not in real time. But today we are going to discuss about 4p's of digital marketing. 4p's stands for Product, Price, Place and promotion.

The banking and corporate sectors have always been at the forefront when it comes to leveraging digital technologies. They have used technology to transform their marketing strategies, incorporating these new digital resources into the four Ps of marketing – product, price, promotion, and place.

The traditional marketing mix, built around the 4Ps — product, price, place and promotion — arguably discounts the breadth and complexity of current-day marketing. Therefore, two Ps were added to the mix — process and people — which respond to crucial changes in customer service, e-commerce and social media.

The 4Cs to replace the 4Ps of the marketing mix: Consumer wants and needs; Cost to satisfy; Convenience to buy and Communication (Lauterborn, 1990). The 4Cs for marketing communications: Clarity; Credibility; Consistency and Competitiveness (Jobber and Fahy, 2009).

The 4 C's of Marketing are Customer, Cost, Convenience, and Communication. These 4 C's determine whether a company is likely to succeed or fail in the long run. The customer is the heart of any marketing strategy. If the customer doesn't buy your product or service, you're unlikely to turn a profit.

Digital media has had the following direct impacts on the marketing mix: Advertising recognition and avoidance: Many digital streams have advertisement blockers or allow users to opt out of seeing certain ads. Companies must develop methods to advertise despite these obstacles.

There are four key components of digital transformation you should take into account – digital customer, digital workspace, digital infrastructure and operations, and digital products and services.

Far from being an outdated concept, the 4Ps are a fundamental tool for modern marketers and if you want to turbocharge your activity – combine them.

Are the 4 P's of marketing outdated? ›

The 4 Ps are still relevant. However, with the addition of all of these new channels and the increase in competition, they're no longer enough. They should form the core of your campaign planning, but you need to look at what else you can do.

The focus of marketing has changed from emphasizing the product, price, place, and promotion mix to one that emphasizes creating, communicating, delivering, and exchanging value.

The “4Es” of Marketing are “Experience”, “Everyplace”, “Exchange” and “Evangelism”. Anyone familiar with Marketing theory will recognize that the 4Es draw their basic wisdom from the famous “4P” mnemonic in modern marketing theory.

The 4 P's focus on a seller-oriented marketing strategy, which can be extremely effective for sales. However, the 4 C's offer a more consumer-based perspective on the marketing strategy.

In it, they suggest that the traditional teachings of the 4 Ps of marketing – Product, Place, Price & Promotion, are outdated and should be replaced with the more modern framework – Experience, Everyplace, Exchange & Evangelism (also known as the 4 Es).

There are five elements to this commerce marketing maturity framework: audience, ads + assets, access, attribution, and automation.

The 4Ps of product, price, place, and promotion refer to the products your company is offering and how to get them into the hands of the consumer. The 4Cs refer to stakeholders, costs, communication, and distribution channels which are all different aspects of how your company functions.

Customer relationship management (CRM) is a technology for managing all your company's relationships and interactions with customers and potential customers. The goal is simple: Improve business relationships. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.

The critical moment when an event, trend, idea or product ceases to be marginal or niche and becomes massive.

Why is 7Ps important in digital marketing? ›

The 7Ps helps companies to review and define key issues that affect the marketing of its products and services. A popular marketing model, the marketing mix is can also be referred to as the 7Ps framework for the digital marketing mix.

There are four major transformation processes: production, fabrication, assembly, and customs processing. Production is the process of creating something from nothing using raw materials.

Expertise is the most important factor in a company's ability to successfully implement digital change.

The six pillars of digital transformation are experiences, people, change, innovation, leadership, and culture. Let's take a look at each pillar and to understand the backbone of the digital transformation.

3Rs Digital Transformation Framework: Reimagine, Roadmap, Results.

Analysis of your current situation means identifying the existing status of the five key elements that are integral to any technology-driven marketing transformation project: process, people, data, technology and culture. Let's look at each of those elements.

Step 1: Initialization

This means you need a suitable idea, on the basis of which you can start the digitalization. And here, design thinking supports the creative process optimally. At the beginning, it is important that all team members understand the problem to be solved.

The digital transformation offered by Industry 4.0 has allowed manufacturers to create digital twins that are virtual replicas of processes, production lines, factories and supply chains. A digital twin is created by pulling data from IoT sensors, devices, PLCs and other objects connected to the internet.

Traditional Strategies and understandings…

The 4P's of Marketing have been part of a fundamental process in getting the right product in front of a specific group of people so they can decide to buy. Although this is still used in Marketing today, even in the digital age.

What is the problem with the 4 Ps of marketing? ›

Weaknesses of the marketing mix

But the biggest weakness is that the four P's focus on the seller's view of the market and not the buyer's view of the market, which could lead to key insights being missed or worse, developing a product or service that isn't right for the audience.

Price: The Most Important P in the Marketing Mix.

The four P's of traditional marketing theory (Product, Place, Price and Promotion) do not fit with the current business climate and expectations of customers. As a replacement for the four P's, the SAVE framework with a focus on Solutions, Access, Value and Education, provides an alternative.

Reasons for the inadequacy of the traditional marketing mix:

The development of the 4Ps was based on the needs of the manufacturing units. Therefore, it is more suitable for physical goods marketing. The existing marketing mix elements couldn't meet the service marketer's needs.

The 4 Ps of marketing refer to product, price, place, and promotion. These are the key elements that must be united to effectively foster and promote a brand's unique value, and help it stand out from the competition.

The most important part of thinking about the marketing mix — or the four Ps of marketing — is to understand the customer, the competition, and your company. You'll evaluate your product and how to promote it.

The 4Ps of marketing is a model for enhancing the components of your "marketing mix" – the way in which you take a new product or service to market. It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand.

However, marketing mix modeling is quite an old practice and the way that we market products has changed dramatically since then due to the advent of marketing technology, digital advertising, and other disruptors.

The marketing concept rests on four pillars: target market, customer needs, integrated marketing and profitability.

Contemporary marketing theories include Co-Creation. This theory suggests creating a bridge between customer and business through gamification. A practical example would be attracting customers through social media content relevant to their needs or writing article blog posts that have useful information.

What is the transformation from 4Ps to 4Cs? ›

The 4Cs to replace the 4Ps of the marketing mix: Consumer wants and needs; Cost to satisfy; Convenience to buy and Communication (Lauterborn, 1990). The 4Cs for marketing communications: Clarity; Credibility; Consistency and Competitiveness (Jobber and Fahy, 2009).

Since then, the theory has been expanded into the 7 P's of marketing. Which are: Product, Price, Promotion, Place, People, Packaging, and Process.

In the four Ps strategy, convenience represents the location. But the four Cs it is more customer-focused regarding customer convenience. After a firm has evaluated consumer purchasing behavior, they should be able to tell what the consumers are willing to do to get the product.

Introducing the 4 E's of Marketing

First described in 1960 by Jerome McCarthy, the 4 P's were the pillars of the marketing world.

One of the biggest disadvantages of digital marketing campaigns is their time-consuming nature. Unorganized tactics and strategies may consume a lot of time, and it becomes difficult to devote the desired time to the campaign. This will eventually lead to negative results.

Price: The Most Important P in the Marketing Mix.

The 4 Ps of marketing refer to product, price, place, and promotion. These are the key elements that must be united to effectively foster and promote a brand's unique value, and help it stand out from the competition.

These are Promotion, Product, Place and Price. These 4 Ps play a major role in delivering the customer needs at the right time and the right place. Philip Kotler says, The most important thing is to predict where clients are going and stop right in front of them.