For consumers under 40, the new Ps of the marketing mix that matter today are: “purpose, positioning, personalized and partnerships". You should pay careful attention to which marketing Ps apply most to your offering. Read time: 3 minutes
The original 4 Ps of marketing—product, price, place, and promotion—have been attributed to a Harvard University professor from the 1940s. For organizations marketing services, the original 4 Ps have been extended over time to as many as 8 Ps to also include process, people, physical evidence, and performance. These are essentially what has been maintained as some or all of the required elements to be addressed if the “marketing mix” is going to be successful.
In a rare feat for a marketing-focused blog, we will refrain from naming “generational” groups in this entry. However, for those born after 1981, McCann’s Worldgroup’s global chief digital officer Sean MacDonald argues quite logically that new considerations are warranted for consumers that, as of 2021, are 40 and under. The plausibility of his theory takes shape as he explains that, for younger consumers, the 4 Ps that matter most today are: “purpose, positioning, personalized, and partnerships”.
As marketers serving clients who serve others (under 40 and over 40), MacDonald’s observation should likely be considered in concert with the service being marketed and the defined target audiences. In other words, which of these marketing Ps do you think will apply most to your offering:
- Physical evidence
And, as marketing efforts continue to be increasingly customizable by target groups, can your messaging for target consumers under 40 address some or all of Ps 9 through 12?
If you need some help defining and prioritizing your target audiences, you can find free resources here to help guide you in developing your own Marketing Action Plan. Or, reach out here! We have MAP coaching packages to fit virtually any DMO budget.