Common sense never goes out of style. In 1964, Neil H. Borden of Harvard Business School formalized methodology he had been using since the late 1940’s. The article titled “The Concept of the Marketing Mix” put into words The Four P’s of Marketing.
John Culliton had begotten Borden’s teaching when he referred to the role of a marketing manager as “a mixer of ingredients.” The Four P’s are Product, Price, Place (Distribution) and Promotion.
I love this theory. It takes the economic law of competitive advantage and provides a filter for anyone that markets anything – product or person. I won’t go into detail of The Four P’s – there are plenty of resources available to review and consider.
However, it is important as the client, and for the client representative, to use these simple items when forming a plan. Moreover, it isn’t enough to develop a plan, it has to fit the market pressures. Taking time to establish your competitive advantages, and how to bring them to bear within the markets you are working, to achieve the desired result is definitely common sense personified. Also, remember to ask yourself, “Does this process address the core goals/needs of a marketing campaign?”
Just when you think that 1964 is old news, you find a fun twist that shows The Four P’s are still working. Kim Greuel via Zach Marburger of Search Engine Journal added a new spin on this concept here (http://bit.ly/atZFQE) called “The Four P’s of (Search) Marketing.”
The piece on search is interesting. There is an item there about checking out what your competition is doing as far as investment goes. I would offer my opinion that spending lots of money isn’t necessarily a barometer of what you should spend. It’s a good baseline, but know your own goals and always work to your competitive advantage.
What are your thoughts on this subject? Offer a comment….I look forward to your opinions.