Long before the Internet, E. Jerome McCarthy developed the 4 P's of Marketing as a “global managerial approach.” Product, Price, Place and Promotion provided a useful system for marketing in the physical world.
However, in today's virtual world—a world that could barely have been conceived when the 4 P's were developed—the dynamics of the 4 P's have changed:
- Products are as much defined by the Internet, as they are available to purchase through online stores.
- Price can be set dynamically based on customer demand and behavior captured using Internet technology.
- Place, for many companies, involves hundreds or even thousands of connecting links and order channels all flowing through the invisible network of the Internet.
- Promotions can be personalized and customized to reach millions of individual micro-markets at the click of a mouse.
Do you still rely on the 4 P's in your organization? Have you replaced them with Web or customer-centric principles of your own? This issue's dilemma asks, With the Internet fast approaching the 10th anniversary of commercial use, do the 4 P's still hold relevance in your world today?
Not one for analyzing management theory? Let us know what keeps you up at night. What dilemma do you take with you when you leave the office? Your peers would love to help. Write to us and ask our SWOT Team about your dilemma. Tap into the collective strength, wisdom and experience of this group. It works, and you could win a free copy of our book, A Marketer's Guide to e-Newsletter Publishing.
Revisit our previous dilemma—read below for your peers' best advice on the use of visitor data for your web marketing initiatives.
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This Issue's Dilemma
SWOT Category: Internal Weakness