New Marketing Mix Concept: SAVE
We are familiar with the concept of 4P of marketing, Product, Place, Price and Promotion.
We are finding that these are no longer the same and it's time to replace them by a new marketing mix concept: SAVE:
- SOLUTION replacing Product: Do not define offerings by there features, functions and technological superiority, but by the needs they meet.
- ACCESS replacing Place: Donít focus on individual purchase locations or channels. Develop an integrated cross channel presence that considers customers' entire purchase journey.
- VALUE replacing Price: Donít stress on how price relates to production cost, profit margin or competitors price. Articulate benefits relative to price.
- EDUCATION replacing Promotion: Donít rely just on advertisement, PR, and personal selling.
Provide information relevant to the customers specific needs at each point during the purchase process.