The new 5 Ps of marketing
If you pursued a traditional marketing degree in the past 10 or 20 years, you were probably taught about the 5 Ps: product, price, place, promotion, and people. At the time, they were the key pieces of any marketing puzzle. They helped you figure out what you were selling, where you were selling it, how you’d price it, how you’d sell it, and who you’d sell it to.
While those Ps still offer a useful framework for setting up a business, the role of marketing has shifted and grown over the years. And marketers are starting to point out that the old Ps aren’t that relevant to their day-to-day jobs.
If the old 5 Ps aren’t hyper-relevant to marketing jobs these days, where should we actually focus our energies? The answer lies in another set of 5 Ps—one that has grown and will grow with the evolving roles and technologies of marketing teams.