I never really liked the way McCarthy's four Ps of marketing (product, price, place, and promotion) were presented. It was all too theoretical and dry. Beyond that, no one seemed to care about the customer – as a customer myself, this always upset me.
This morning, I got an email about a new marketing theory – the ‘five Ps’ of marketing. Someone with much more time than I have has taken it upon themselves to create a customer-focused model. I really think it’s about time, too, since we (customers) are the center of the marketing universe.
Here's a snippet of the article to get you interested:
Marketing's New 5 Ps: Turning What You Know Inside Out
by Jason McNamara
Published on March 18, 2008
With apologies to Philip Kotler, whose four Ps—product, price, place, and promotion—have been integral to any successful product or service marketing effort of the past 50 years, today's successful marketing hinges on five new Ps.Whereas the Ps we studied in college are all from the provider's point of view, these new Ps focus with laser-like clarity on the customer.
But customer-centricity can't be the mantra of just the marketing department. Every group, from the boardroom to product leaders to IT, must place the customer at the core of every decision it makes.
Responsibility for evangelizing within the organization rests squarely on the shoulders of the CMO. After all, if the marketing chief isn't living and breathing customer focus every minute, and encouraging others to do the same, who will believe its importance?
The CMO's office must consistently demonstrate to the rest of the enterprise the value of looking at all products, messaging, and brands through the customer's eyes. The entire organization can then get closer to the hearts and minds of their prospects and customers, with the added benefit of proving the value of every initiative that the company undertakes.
The new Ps are composed of five equally important, tightly interwoven components, designed to more tightly integrate marketing in the future.
Read the rest of the article and find out what the new 5 Ps are here.