Are the Marketing Principles You Learned in School Still Relevant?
The quick answer is yes. However, as marketers, we are encouraged to keep an open mind when applying the 4P’s in 2020 - be creative and agile.
According to Sales & Marketing - B2B Marketing, one of the most enduring concepts in marketing is the idea of the marketing mix. The concept became popular in the 1960s after Neil H. Borden published an article in the Journal of Advertising Research. Borden’s original marketing mix model contained twelve components. E. Jerome McCarthy later grouped these ingredients into four categories that became universally known as the 4P’s of marketing – Product, Price, Place, and Promotion.
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It is still important to understand how the 4Ps apply to your business. The role they play and how you use them to determine your key business objectives. An important point to stay focus on is: the digital age has increased the importance of Product and Price. Thanks to the internet, customers can compare you to your competitors in an instant. This is critical because the transparency works in both directions. You can quickly get an understanding of how to position your product or pricing to stay competitive, but your competition can do the same. The advantage, in this case, will serve you well.
The Role & Relevance of the SWOT Analysis
To use Pied Piper COO Jared Dunn’s words: “SWOT is a way of evaluating a decision; you break it down into Strengths, Weakness, Opportunities, and Threats. You can SWOT a concept, a department, or a new initiative. You can even SWOT a person, although you have to be careful because they might SWOT you back!”
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The 4Ps are still relevant and the SWOT Analysis is as well. Both principles serve as a guide to help us determine key business objectives, but they also help us set realistic goals based on our understanding of the business landscape.