Sorry, Kotler: The 4 Ps Are Others Now

The famous 4 Ps of market (product, place, price and promotion) are left behind and gave way to new market perceptions and characteristic. My pretension… Sorry, Kotler. Changing times.

​Who has or have a store for a while, knows an old popular saying that every business must have “place, price, product and promotion” to survive in the market. In a certain way this thought used to describe and summarize what the retail was and it’s valued characteristics, in addition to dictate and drive the retailers actions. The famous retail 4 Ps (product, place, price and promotion) are left behind and gave way to new market perceptions and characteristic.

Product: now became problem. In the end, we only make money by solving other people’s problems.

Place: now became Presence. Nowadays you must be present in every place. Smartphones, computers, stores, kiosks, etc… Omni channel.

Price: became Perception of Value. It means the function of deliver more than a simple product or service, but the need to create value that is not necessarily tied to the price itself.

Promotion: now became Purpose. Instead of promoting a product you must promote a purpose — which can be much bigger than the business itself.

These changes were possible only because retailers, in general, until recently only worried about direct investments in their business — materially speaking. But they forgot the most important, that is taking care of the people. I always say that the retail is made from people to people, not from machines to customers.

They began to understand that it is needed to humanize the processes in retail. I believe that is the future of the good retail. We need to strengthen the relations, use our time better and give more value to the people. The technology came to provide this scale to the attendance, but it does not take the relation hole, the retailing. I have seen big and well mounted stores broke due to the bad attendance or because the employees were not prepared and in tune with the business they represented.

As a consultant, I always advise about the valuation of nearness, of open and real relationship, the companies need to invest more in the formation and training of its employees that are face of the business. More than never I believe in the force of retail made with the heart by people that are proud to be there and by being part of the business. And for retailers that have not incorporated and realized the 4 Ps change, do not lose more time, take a look at the market and realize the new consumer needs. There is no more room to waste time and insist in old mistakes.

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Categories: Marketing, Retail, Administration and Management

Tags: 4ps, Fred Rocha, Kotler, management, Marketing, Marketing mix, retail