Do the 4 P’s of Marketing Still Matter?

Over the last few weeks I’ve gotten a little further engrossed in the new shiny thing that is online marketing and community.  I’ve been exploring twitter (that’s been fun).  I’ve been reading blog posts on the pros and cons of social networking (like this great one by Chris Brogan).  And this morning, I’m wondering whatever happened to those 4 P’s we learned about and read about.

Is the Marketing Mix Still Relevant?

I say the short answer is yes – but not in the same way as before.  In fact, I’ve re-named the traditional 4 P’s for myself years ago.

• Product = Offering.  Because that’s what it is; it’s the combination of the tangible, intangible, people and experience that we offer to our clients that we have to manage.  It’s the offering which drives price and value and not the actual widget or service.
• Place = Distribution.  This is being at arm’s length to your customer.  That might mean a direct sales rep, it might be a web site, it might be who knows what this week.  But the key is to be at arm’s length so that you can provide an offering with value and they can give you money for it.
• Price = Trade Value.  This is what it’s worth to have that experience.  Like life itself, it’s flexible and changing.  Just Bought Rafi Muhammed’s Pricing for Profit Book and can’t wait to dig into that tasty treat.
• Promotion = Relationship.  I just changed this from communication, and I struggled with whether I should use community.  But you get the point.  It isn’t about advertising or promotion in the traditional sense, it’s about communicating value and building lasting, loyal profitable relationships.  You can use ads or direct marketing, but you can use social networks, web, people, events, and so many more things.

So have you done some tweaking of the 4 P’s yourself?  Let me hear you.