Tuesday, August 21, 2007

The 5th P of marketing-Participation

After Product, Price, Place and Promotion, Mario Sundar aptly talks about Participation being the 5th element of the marketing-mix.

"If you were wondering where does Social Media Marketing fit into the classic “4 Ps of Marketing” model, check this out. Traditional 4 Ps of Marketing encompass Product, Price, Place and Promotion. Social Media as well as social networking sites enable the Promotion aspect, especially the Word of Mouth part of it. (Related question I posed on LinkedIn Answers — 44 answers). Subsequently, the Word-of-Mouth component enables the 5th P of Marketing - Participation."

As the Web 2.0 mantra-
Create, Publish, Share, Connect, Influence and Collaborate, focusses intrinsically on Participation, the same is fast emerging as a tool for marketers to promote products, build brand equity, engage customers, and track customer satisfaction.

No comments: