Blog Yes & Know

It’s been 40+ years since E. Jerome McCarthy published Basic Marketing, the business book that introduced the “4 Ps” (product, price, place/distribution and promotion) to the world. While the categories still hold true, what was once considered the leading edge has drastically evolved. Web 2.0 has also impacted the paradigm by changing what product definitions look like, and how things that are sold as ‘free’ can make money. So while the 4 Ps are a good start as buckets, let’s update them for today’s era and discuss what you need to be doing to keep your mix both relevant and impactful.
Here’s my take on what’s happening… and some ideas on what you need to do to win your market.

Do you remember a time when most meals were the sit down, full-service, dessert-included kind? Even if all you wanted was a cup of soup or a simple salad, you were offered the blue plate special with everything at one price. Then the culinary folks came up with small plates, a la carte items, tastings, pairing menus, buffets and the like. Whew! Choices–who knew!

Can you imagine what it would be like to charge 20-200% more than your competitor and own market category dominance? This final part of the Bootcamp series focuses on ways your organization can increase its economic power.
Success isn’t an equation that looks like this:

Great Product + Advertising + Price Point + Distribution = Success