Lesson 1, Topic 1
In Progress

The New Four Ps

Lakshmi Datti December 23, 2021

Traditional marketing-mix tools inclusive of four Ps of marketing: product, price, place, and promotion. Given the breadth, complexity, and richness of marketing, however—as exemplified by holistic marketing—clearly these four Ps are not relevant anymore. An updated four Ps reflected the holistic marketing concept has been suggested that encompasses modern marketing realities: people, processes, programs, and performance.

  • People reflects, in part, internal marketing and the fact that employees are critical to marketing success. It also reflects the fact that marketers must view consumers as people to understand their lives more broadly, and not just as shoppers who consume products and services.
  • Processes reflects all the creativity, discipline, and structure brought to marketing management. Marketers must ensure that state-of-the-art marketing ideas and concepts play an appropriate role in all they do, including creating mutually beneficial long-term relationships and imaginatively generating insights and breakthrough products, services, and marketing activities.
  • Programs reflects all the firm’s consumer-directed activities. It encompasses the old four Ps as well as a range of other marketing activities that support the old view of marketing. Regardless of whether they are online or offline, traditional or non-traditional, these activities must be integrated such that their whole is greater than the sum of their parts and they accomplish multiple objectives for the firm.
  • Performance as in holistic marketing, to capture the range of possible outcome measures that have financial and nonfinancial implications and implications beyond the company itself (social responsibility, legal, ethical, and the environment).

Finally, these new four Ps actually apply to all disciplines within the company, so that the managers are more closely aligned themselves with the rest of the company.