Ravi Bapna, Curtis L. Carlson Chair in Business Analytics and Information, University of Minnesota
Digital technology has disrupted just about every segment of marketing, and the classic “Four P’s” are no exception. While they used to stand for pricing, product, promotion and placement, the power of social media marketing has prompted my development of “Four P’s 2.0,” which are participation, platform, personalization, and prediction. It’s now possible to look at the strategic and analytical aspects of digital marketing using the lens of both the old and the new Four P's. For example, an old P, placement, is no longer exclusively in a store, and also has significant implications for digital search. In the same way, modern promotions must take the power of prediction into account, with reliable ways for marketers to predict who will respond to campaigns and how to target them accordingly.