Taken from Ron's Snarketing Blog:
Marketers, and perhaps those of you who took Marketing 101 back in college, might remember the 4 Ps of marketing — product, place, price, and promotion. The concept (which I think was originated by a Northwestern marketing professor) describes four “levers” that marketers work with, adjust, or alter, in order to influence marketing results.
In the past few years, there have been numerous articles proclaiming the death of the 4 Ps.All of these assertions, however, have failed to disprove that product, place, price and promotion are no longer relevant. For sure, service and service-related factors like information regarding product usage has become important, but these factors simply expand our definition of product. Place used to mean the store, but again, with the advent of the Web, and now mobile, channels, the definition of place is simply expanded.
I’ve been debating (with myself) whether or not Payments (or more exactly, influencing consumers’ use of payment methods) rises to the level of a 5th P.
On one hand, payments could be seen as simply an element of price. Incentivizing (not a real word, but go with me on this one) a customer to pay cash instead of credit because it’s beneficial to the marketer could just be price manipulation.
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