The 4 P's of Marketing (or is it 4 R's?)

Product, place, promotion, and price. I guess that just about covers it all, or does it? Of course, then someone has to add people, packaging, physical evidence, process, philosophy, partners, and even purple cows. Mnemonic devices are a way of organizing our thinking, but should not be confused with the way the world actually works.

Marketing is all about relationships, so I humbly suggest replacing the 4 P's (or 10) with 1 R. I know it's not too catchy, but it is how marketing should be approached by everyone engaged in it (and that's about everyone). OK, 1 R may not be enough. Let's add reciprocity. In this particular world, relationships are built on the principle that what I give to you will be rewarded in a more or less equivalent manner. I am not going to give information, money, a recommendation, or much of anything else to someone that I do not expect to reciprocate with something of like value.

Not enough still? How about research? I cannot know what you value and how you value it unless I do the market research to tell me. Maybe you have absolutely no need for the widget that I spent the last year inventing or, if you do perceive a need, maybe it's only worth a buck to me to get it. Good information to know before you start trying to build your relationships.

Of course, if I really hope to replace the 4 P's, I've got to come up with 4 R's. How about respect? The attitude you bring to the marketplace is not easily hidden by creative smokescreens. If I truly respect my customers and prospects...or not, it will shine through.

There, I did it, another mnemonic device that is a way of looking at the business of marketing. Of course, it's only that, but I like it better.