“Lisa Arthur is a four-time chief marketing officer (CMO) … author of the book, Big Data Marketing, which provides a strategic road map for executives to engage their customers more effectively and drive value with their marketing.” will be speaking at the Teradata Marketing Summit March 10-13, 2014 http://www.aprimo.com/summit2014/speakers.html
In Chapter 10 (Process is the New Black) Arthur states that “Philip Kotler’s famous book covering the 4 P’s of Marketing – product, price, placement and promotion – have aptly served as the basic roadmap of marketing organizations since the 1960s. (Kotler, 1967) However, given all that’s changed in marketing, its time for the classic 4 P’s to evolve … Kotler himself has expanded his quartet to now include a fifth P, purpose. But I [Arthur] would like to see even more of an evolution – one that inclues yet another process.”
Arthur continues by explaining that “In 2012, industry thought-leader … Kim Collins, published a paper entitled ‘The New Four Ps of Marketing.’ (Collins, 2012) In it, she advises modern businesses to rethink marketing functions based on a fresh, updated set of P’s: people, processes, performance and profit – and she hit the nail right on the head.”
The New Four Ps of Marketing
I find this a very exciting shift in marketing because as Collins said “aligning people and process for collaboration and knowledge sharing is important, but documenting and automating processes is essential to ensuring effective and efficient alignment.” (Collins, 2012)
There has been a lack of understanding and lack of collaboration between IT and Marketing departments in the past and perhaps the lack of (documented) process by Marketing has been a cause of concern for those in IT who tend to be heavily process-driven. By introducing processes into the New Four Ps of Marketing Collins has created a way for the two teams to see and understand each other and thereby to truly communicate.
This leaves me with the question:
I wonder when (and if) UK Universities will consider introducing ‘The New Four Ps of Marketing” and whether any have already done so?
Kotler, Philip, Marketing Management: Analysis, Planning and Control. Prentice Hall, 1967
Collins, Kimberly. “The Four New Ps of Marketing that CMOs and CIOs Should Consider.” Gartner, 2012