The inspiration for this short post comes from an article covered by the venerable OgilvyOne sometime back on how the 4Ps of Marketing – Product, Place, Price, Promotion – are losing relevance in today’s Marketplace and are being replaced by the 4Es of Marketing: Experience, Everyplace, Exchange and Evangelism
The Concept
Recall the first lessons from Retail 101 and we know that the Marketing 4Ps got extrapolated to the 7Ps of Retail: Product, Price, Place, Promotion, People, Process and Physical Environment
On ‘New’ Retail and 7Es
These are 7Es of 'New' Retail in the Digital era:  |
| 7Es of 'New' Retail in the Digital Era |
Product > Experience
Price > Effectiveness (read: Elasticity)
Place > Everywhere
Promotion > Exclusivity
People > Empowerment
Process > Efficiency (read: Emphasis)
Physical Environment > Excitement
The biggest question to adapt to this change is: How do we operationalize it? Hopefully, we will get those answers over the next few posts. Cheers.