Extra Marketing Mix P - Pace
Jaap de Jonge, Editor
The Marketing Mix is a tool for marketers to assist in defining the marketing strategy by adjusting certain controllable variables (all starting with the letter P).
The suggested extra P - Pace seems crucial to me in the time we now live in. For 2 reasons:
1. On an industry level it may be important to be very fast or faster than your competitors to better serve a customer (such as @Ahmed
2. On a product / service strategy level, being able to have shorter and shorter product/service improvement 'cycles' is also very important. We now need to improve our services and products at internet speed, meaning constantly and each day.
Sebastien may be right in that the marketing mix is only meant to deal with products that are already in the market and are controllable by the marketer. And indeed the second aspect I mentioned is not entirely up to the marketer to control. Strategic choices and focus at the corporate or business level need to ensure that the speed and quality of the product / service improvement processes are improved by a multitude.
But even if is perhaps for a major part outside the influence/power/responsibility of the marketer, I still vote to include it as an extra P. Because it is so important for businesses and influences the work of the marketer a lot.