Post by account_disabled on Dec 27, 2023 11:43:23 GMT 5
When E. Jerome McCarthy formulated them back in 1960, the 4 Ps of marketing (product, price, point of sale and promotion) may have been the epitome of novelty, but more than half a century after their birth they have inevitably remained « demodé” and are no longer useful (real and 100% actionable) for marketers. Point of sale According to McCarthy, marketers cannot afford to lose sight of where their products are accessible for sale. It is more than evident that if the customer does not find anywhere to purchase the product he is looking for, it is impossible to close the sale. 60 years ago the theory around the point of sale exuded simplicity and logic in equal parts. But now in the 21st century, when Amazon and other multiple retailers sell thousands of absolutely redundant products, it is evident that the point of sale is no longer a major problem for marketers, says Augustine Fou in an article for Forbes . Price Properly setting the price of the product was a real “must” for marketers back in the 60s.
If the price was too high, they risked that no one would buy the product. And if it was too low, marketers risked being burdened by minuscule profit margins. 60 years later the panorama has changed because Phone Number List the price comparison made possible by the network of networks has entered the scene. The consumer can compare the prices of the same product in different online stores and also in different physical points of sale (which are increasingly in the background thanks to the e-commerce boom ). In these times, the consumer has such a wide range of points of sale at their disposal to buy the same product and can choose between so many virtually identical products that the price of the product is no longer set by the marketing department but by the market itself. Promotion Disciples of old-school marketing argue that promotion (the act of convincing the consumer to buy) is still fully relevant today. They forget, however, that today the consumer has constant and instant access to information about the products they are about to put in the shopping cart. And the advertisements that consumers encounter on almost every corner on the Internet are systematically ignored, Fou adds. After being confronted with an advertisement (whether online or offline) the consumer does not run to buy it at the point of sale.
What you do is actively search for more information to complete your purchasing decision. Armed to the teeth with the (incessant) information that the network of networks puts in their hands, consumers care little or nothing about the brands' promotional messages. And all that remains is to encourage him to complete stages in his " customer journey" (and little else) because he is the one who, after all, has the upper hand. Product 60 years ago marketers were owners of the product, but today they have absolutely minimal influence on it. Marketers are given the final product and are provided with instructions to market it properly and get it to the eyes of their target in the most relevant channels. Marketing and product development live in completely different galaxies and, even when marketers are in control of customer feedback, it is very difficult to convert that feedback into substantive changes in the product. As if that were not enough, many products are practically indistinguishable from each other, which makes their promotion an almost impossible mission. In this case, the one who really takes the reins of the promotion is the USP (Unique Selling Proposition) of the product, which is not defined in any case by the marketing department but by the product department (and of which many brands that navigate adrift in the ocean of uniformity).
If the price was too high, they risked that no one would buy the product. And if it was too low, marketers risked being burdened by minuscule profit margins. 60 years later the panorama has changed because Phone Number List the price comparison made possible by the network of networks has entered the scene. The consumer can compare the prices of the same product in different online stores and also in different physical points of sale (which are increasingly in the background thanks to the e-commerce boom ). In these times, the consumer has such a wide range of points of sale at their disposal to buy the same product and can choose between so many virtually identical products that the price of the product is no longer set by the marketing department but by the market itself. Promotion Disciples of old-school marketing argue that promotion (the act of convincing the consumer to buy) is still fully relevant today. They forget, however, that today the consumer has constant and instant access to information about the products they are about to put in the shopping cart. And the advertisements that consumers encounter on almost every corner on the Internet are systematically ignored, Fou adds. After being confronted with an advertisement (whether online or offline) the consumer does not run to buy it at the point of sale.
What you do is actively search for more information to complete your purchasing decision. Armed to the teeth with the (incessant) information that the network of networks puts in their hands, consumers care little or nothing about the brands' promotional messages. And all that remains is to encourage him to complete stages in his " customer journey" (and little else) because he is the one who, after all, has the upper hand. Product 60 years ago marketers were owners of the product, but today they have absolutely minimal influence on it. Marketers are given the final product and are provided with instructions to market it properly and get it to the eyes of their target in the most relevant channels. Marketing and product development live in completely different galaxies and, even when marketers are in control of customer feedback, it is very difficult to convert that feedback into substantive changes in the product. As if that were not enough, many products are practically indistinguishable from each other, which makes their promotion an almost impossible mission. In this case, the one who really takes the reins of the promotion is the USP (Unique Selling Proposition) of the product, which is not defined in any case by the marketing department but by the product department (and of which many brands that navigate adrift in the ocean of uniformity).