The 4P rule of marketing by Philip Kotler is still applicable now?

The 4P rule of Marketing by Philip Kotler is still applicable?

or

Are they outdated due to the impact of modern technology and the implementation of digital marketing?

It is a common question in everyone who is exposed to the situation of post covid.

Do you stick in confusion?

Don't worry, you are in the right place.

Let's have a look at a few basics. I hope you can able to answer this question after reading this article.

Introduction about Philip Kotler

Philip Kotler (born May 1931) is a marketing consultant, author, trainer, professor, an expert in international marketing, and a successful writer.

He has written more than 80 books including marketing management.

He started his career in marketing teaching from 1962 to Kellog school of management.

Kotler believed that marketing is a part of economics and he says that demand does not depend only on the price but also on many other factors like advertisements, promotion, merchandising, sales force and direct mail, etc.

His contribution is not only constrained to the field of marketing but also towards social activities, CSR activities, planning, natural resources, education, democracy, climate, economics, etc.

He explained the 4Ps of marketing in a detailed manner to make the marketing of products or services successful.

4Ps include Product, Price, Place, Promotion.

we will discuss in brief about 4Ps.

Introduction to 4P rule of marketing

The 4P rule of marketing involves Product, Place, Price, and Promotion it includes few factors can be briefly explained as follows;

1. Product: It includes Quality, Features, Quantity, package, collections, appearance, and other related services, etc.
2. Place: It involves availability, distribution channel, place of supply, place of selling, retails, website, etc...
3. Price: It involves cost, list price, MRP (Maximum Retail Price), shipping price, transportation cost, profit margin, revenue, and other pricing methods.
4. Promotion: It involves direct selling, personal selling, advertising, SMS marketing, telemarketing, and other advertising techniques, etc..

The reliability of the 4p rule in the current era

This section clears all your doubts related to the relevancy of traditional concepts and the modern methodology of marketing.

You have come across many thoughts related to evolving marketing trends and also it may lead you to assume that traditional concepts are outdated.

It may not give productive results for the current era.

But here is information about the relevancy of traditional and modern marketing where the root of the 4P rule remains the same with little evolution in the way of approaching each Ps of marketing.

The below section explains, how the concept is still the same but an evolution of implementation based on the technology change.

1)Product-Relevancy of 1st P of Marketing

let us discuss the 1st P of marketing by Philip Kotler and its relevancy to the whole market not only to the traditional era but also to a technological era.

The importance of 1st P in any company can be discussed as follows irrespective of the era we are in. 

Importance of Product in Traditional era

The product plays a very important role in the traditional era in terms of the following factors to achieve core business objectives.

->It helps to attract the customers by appearance, packaging, labeling, quality, quantity, and other features of the product.

->It helps to differentiate the company from competitors.

->It is an option where a company can show its inventiveness to attract customers.

->Continuous development in product and quality maintenance in the product helps to maintain good customer relationships and hence it is possible to retain the customers for the longer term.

->Example: Products of ZARA

The quality of ZARA products is very good and hence due to its competitive difference in the product, packaging, and other features of ZARA creating attention in the minds of customers followed by action and retention.

Importance of Product in the digital era

The product (soft/hard) plays the same important role in the digital era in terms of the following factors to achieve core business objectives.

->It helps to attract the customers by appearance, responsiveness, website design, quality, the value of the product, and other features of the product.

->It helps to differentiate the company from competitors by unique strategies in product designing.

->It is an option where a company can show its inventiveness to attract customers.

->Continuous development in product and quality maintenance in a soft product helps to maintain good customer relationships and hence it is possible to retain the customers for a longer-term.

->Example: software Products like word press

The features of word press are very good and hence due to its competitive difference in the responsiveness, reliability, continuous up-gradation, creates attraction in the minds of customers followed by action and retention.

1)Place-Relevancy of 2nd P of Marketing

let us discuss the 2nd P of marketing by Philip Kotler and its relevancy to the whole market not only to the traditional era but also to the technological era. The importance of 2nd P in any company can be discussed as follows irrespective of the era we are into. 

Importance of Place in Traditional era

The place plays a very important role in the traditional era in terms of the following factors to achieve core business objectives.

->It helps to attract the customers by the availability of products when they required and proper distribution channel to hold the customer before switching to competitors.

->It helps to differentiate the company from competitors by providing continuous service.

->It is an option where a company can show its innovative ideas to attract customers through merchandising and other techniques to improve the appearance of the place of selling.

->Continuous change in merchandising technique and visual merchandising also makes difference in customer mindset it may lead to conversion.

->Example: Orain mall in Bangalore

place of selling also makes difference by proper visual merchandising techniques followed by service etc.

Importance of Place in the digital era

The Place of selling and distribution plays the same important role in the digital era in terms of the following factors to achieve core business objectives.

->It helps to attract the customers by the appearance of the website, responsiveness, website design, shopping options, product details on the website.

->It helps to differentiate the company from competitors by unique strategies in website designing. SEO strategies, SEM ads to attract more customers.

 ->It is a place where the company can show their innovative ideas to attract the customers (EX: Sangeetha mobile shops)

->Continuous up gradation in product and quality maintenance on websites and social media and shopping sites helps to maintain good customer relationships and hence it is possible to retain the customers for longer-term by fulfilling their needs continuously.

->Example: Amazon and Flipkart

The up-gradation in features of amazon and flip kart is very good and hence due to its competitive difference in the website responsiveness, reliability, continuous up-gradation, creates attraction in the minds of customers followed by action and retention.

1)Price-Relevancy of 3rd P of Marketing

let us discuss the 3rd P of marketing by Philip Kotler and its relevancy to the whole market not only to a traditional era but also to a technological era.

The importance of 3rd P in any company can be discussed as follows irrespective of the era we are in. 

Importance of Price in Traditional era

Price plays a very important role in the traditional era in terms of the following factors to achieve core business objectives.

->It helps to attract the customers by using various pricing strategies like loss leadership pricing to hold the customer before switching to competitors.

->It helps to differentiate the company from competitors by various pricing techniques of premium pricing etc.

->It is an option where a company can show its innovative pricing techniques to attract more customers.

->Continuous change in Pricing technique with quality of the product makes difference in customer mindset it may lead to conversion.

->Example: MC Donald followed differential pricing technique for premium and other customers

Importance of price in the digital era

The price of selling plays the same important role in the digital era in terms of the following factors to achieve core business objectives.

->It helps to attract the customer's differential pricing techniques like loss leadership.

->It helps to differentiate the company from competitors by unique free trial followed by paid pricing techniques.

->Continuous change in pricing technique with quality maintenance on websites and social media and shopping sites helps to maintain good customer relationships.

->Example: Word press free and paid version.

1)Promotion-Relevancy of 4th P of Marketing

let us discuss the 4th P of marketing by Philip Kotler and its relevancy to the whole market not only to a traditional era but also to a technological era. The importance of 4th P in any company can be discussed as follows irrespective of the era we are in. 

Importance of promotion in Traditional era

The promotion plays a very important role in a traditional era in terms of the following factors to achieve core business objectives.

->It helps to attract customers by showing advertisements on various mass media like Television, Radio, newspaper, pamphlets, etc..

->It helps to differentiate the company from competitors by using different brand ambassadors and target advertisement techniques.

->It is an option where a company can show its innovative promotional techniques to grab customer's attention.

->Continuous change in promotional technique with a change in a product makes difference in customer mindset it may lead to conversion.

->Example: Traditional advertisement of Kalyan jewelry by local heroes like Shivraj Kumar etc.

Importance of promotion in the digital era

Promotion plays the same important role in the digital era in terms of the following factors to achieve core business objectives.

->It helps to attract customers through different promotional techniques like search engine ads, Social media marketing, launching events, content marketing, etc. 

->It helps to differentiate the company from competitors by unique promotional techniques by using innovative catchy taglines, videos, animations, quotes, etc.

->Continuous change in promotional technique with new product launch may help to retain the customers and to grab new market attention.

->Example: Wix advertisement on various Social media and YouTube

Final word

Hope you are clear about the evergreen application of the 4p rule.

Digital is just a platform but a core marketing rule remains the same.

A buyer persona is an ideal method to study marketing, no matter whether marketing is traditional or modern.

I hope you understood the 4P's presence even in the post covid situation.

Don't forget to mention your favorite "P" among 4P's of marketing.