The 4 Ps of Media Technology

The 4 Ps of Marketing

Drucker’s earlier work noted that the two things that create value in business are marketing and innovation — or as we think of it: Media and Technology. And it’s in weaving the work of Drucker and Webster with these notions of media and technology creating the value in whatever it is that you’re doing, that I wanted to foundation of Marketing (the 4 Ps) and translate them to the 4 Ps of Media Technology.

Product, Price, Place, and Promotion

The four Ps, popularized by Neil Borden in the 1950s, are the key factors that are involved in developing a good or service. Before the internet complicated our understanding of the relationships between your work and your customers, Borden’s marketing mix, as it’s called, helped businesses account for the barriers that hinder adoption.

Product

Product refers to WHAT you offer customers. While, in media, a manifestation of your ideas or creative works, that product is likely only to make money if it fills a certain consumer demand or is so compelling that consumers believe they need to have it. To be successful (in having something your audience pays for), understand the life cycle of a product and have a plan plan for dealing with products at every stage of their life cycles — that is, when new to the world your product might appeal to some, through specific channels, while after it has matured in the market, you may need to look to other audiences and ways to promote the appeal.

Price

All too often, artists and creative set prices based on their perceived value of a deliverable or the hours spent to produce something. Challenging us even more in media, streaming services such as Spotify and Pandora, design marketplaces, new AIs that create content, and more, disrupt how customers perceive the value of our work. Still, when thinking about price, a marketer needs we must consider the customer’s perception of what you offer and their point of view on what it’s worth.

Place

Place is the concept translated from the 4 Ps of Marketing to the 4 Ps of Media Technology on which I really wanted to spend a moment.

When visitors book a trip online, they can use Disney’s website to plan out their daily schedules, use the app to access park information, or even discover new attractions. All of this also connects to their Magic Band program, which allows users to load all of their park tickets, fast pass, and even money to purchase food or souvenirs into a “magic band” that visitors actually wear around their wrists throughout the day. The app, in turn, can also track everything on the band.

The point being, whether you’re a band, a startup, or a designer, PLACE now means everywhere; and in media, there is little reason not to be so.

Promotion

Promotion includes advertising, public relations and promotional strategy. Yeah, I know, blows your mind to hear that Marketing doesn’t mean Advertising; advertising is one thing marketing doesn’t having determined if you must. Promotion of your product in various places is what shows consumers why they need it and should pay a certain price for it.

  • The importance of an organization’s ability to adapt to changing market conditions.
  • The need for continuous innovation based on a deep understanding of customer needs.
  • The requirement that businesses seek to create satisfied employees as a moral, social and financial obligation.
  • A warning against the excessive use of sales promotional tactics.

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