By: Stacy Whisel
As the role of marketing has evolved into a customer-centric, digitally connected and mobile landscape, the 4 Ps of marketing--Product, Place, Price, Promotion--have become even harder to clearly define.
Product. Place. Price. Promotion. The general concept of the 4 Ps of marketing began taking shape in the early 1950s and was formally classified in 1960 by E. Jerome McCarthy. It has been the foundation of marketing for over 50 years.
For many B2B companies, it can be a struggle to align all four of the Ps with the realities of a business-to-business marketing strategy. For example "Place" can get complicated when you have a sales channel that includes a multi-faceted distribution model. But as the role of marketing has changed significantly over the past few years, having to embrace a customer-centric, digitally connected and mobile landscape, the 4 Ps have become even harder to clearly define.
There have been various takes on how to evolve or change the 4 Ps. (Ogilvy recommended the 4 Es of Experience, Everyplace, Exchange and Evangelism in 2009.) But an evolution that connected with me for the B2B market was made by Eduardo Conrado, Chief Marketing Officer with Motorola Solutions, at a conference a couple of years ago and later was published in the Harvard Business Review. Conrado and his team’s approach to the 4 Ps has been reconfigured to SAVE and looks like this:
The 50-year-old marketing model as it was originally defined is no longer relevant for many businesses, and this is especially true for forward-thinking B2B companies. We must continue to adapt and adjust our approach to meet the changing wants, needs and challenges of our target audiences. SAVE is just one example of that evolution.