The 4+1 P's of Marketing

Traditional textbooks on any kind of marketing subject teach you the 4 P's of marketing to be considered essential in your marketing mix:

1_ PRODUCT
2_ PRICE
3_ PLACE
4_ PROMOTION

While this may have been true in the analog world, the world without computers and internet, it is no longer so in this day and age. If we have learned one thing from the digital age, it is that information travels at the speed of light, is available 24/7 around the world online these days, and pretty much every consumer can make her voice heard on a blog, via facebook, illustrated with pictures or videos taken with a smart phone, all in an instant.

All this has led to a whole new level of transparency in the world that simply did not exist twenty years ago. No company, no manufacturer can hide anymore, or simply try to brush off controversial claims. Invisible supply chains all of a sudden become visible. A temp worker for a commissioned manufacturer in China can easily snap a picture of her work environment or of questionable practices in a factory in, let's say Shenzhen, China, and it instantly reflects back on the Nikes and the Calvin Kleins of the world.

If companies only do business as usual, they will suffer the consequences. A change of mind is needed, as is a change of heart. A true commitment is needed, and in order to achieve this commitment, one must have the fifth 'P' in the mix: PASSION. Without it, the Goliaths of the world will loose slice after slice of the pie to the Davids of the world, the smaller companies that are truly, fully committed to their mission.

The new five P's of Marketing:
1_ PRODUCT
2_ PRICE
3_ PLACE
4_ PROMOTION
5_ PASSION

I'm sure you can easily tell the difference. Just compare the service an the quality of food in an Olive Garden, or an Applebees to that of your favorite local restaurant. Unless, of course, it is an Olvie Garden, or an Applebees.