New Marketing Mix Model Replacing the 4 “P’s” – S.A.V.E

Having a new marketing mix model and updating the framework is critical; this helps create the security of a plan. The 4 P’s – product, place, promotion, and price are the original marketing mix. Since the 1940’s, these ingredients have played a part in any marketing plan. Without focusing on these elements it’s almost impossible to run a successful business. As communities expand and new features emerge some see how the original 4 P’s are becoming slightly outdated. S.A.V.E is a new marketing mix model approach, which relates more to the marketing atmosphere we have here today!

What is S.A.V.E?

This new framework stands for Solution, Access, Value, and Education. Unlike the initial 4 P’s, this idea promotes and advertises different virtues that fit productively in today’s marketing industry.

S.A.V.E has been able to take communicating to a whole other level. A product doesn’t always sell its self, sometimes it’s the content that builds up to the initial purchase. The new marketing mix model, S.A.V.E, is able to change the way products and advertisements are seen and characterized.

Solution

Many don’t choose a product just because, they choose it for a reason. Specific or not, the product they select is meant to satisfy a solution in some sort of way. If a product has no actual result for the consumers, then they will find no reason to purchase that item.

Being able to focus on an overall solution that the item can hold, rather than what the initial ‘product’ is, can go a long way. This idea proves to the buyer that there is a bigger focus on providing that initial solution to their problem rather than if the product is tangible or not.

Access

Over time the idea of place has become outdated due to technology. If a company is already operating through an internet-based system then ‘place’ no longer matters. Nowadays consumers are looking for the simplest way to get what they want, and becoming widely accessible can do just that.

By emphasizing the idea of Access rather than ‘place’, organizations are capable of reaching a broader customer base. Providing great customer service and accessibility will be of greater use to customers than the initial location. Access will assure customers that the organization is there to answer any questions or concerns.

Value

Customers will always analyze price. But if the product has a greater value than the initial price, then the cost will no longer be important. Focus on creating a product of high value instead of wanting to be the best price on the market.

If the value is low customers may not return because they know the product isn’t significant. Anyone may find the same product for “cheaper” but it doesn’t mean the product is of quality or capable of lasting longer than an actual product with high value. Assuring customers that there is high value in a product will assure you gain that pricing power.

Education

When promoting a brand or product most forget the idea of creating a bond or connection with the consumers. By focusing on the idea of education rather than ‘promotion’, organizations will have the chance to build a formal relationship.

‘Promotion’ focuses on how advertising is done, what are the specials and how can it be suitable for the product and not always the consumer. But by replacing promotion with education this allows consumers to learn and trust the process. Becoming aware of their needs and finding a product suitable for just that. No one wants to feel forced into buying a product because of a special promotion or advertisement deal, but instead, want to feel good about the information or future decision they will be making.

Moving Forward with the New Marketing Mix Model

It’s important to analyze what concepts may be out-of-date or not. The purpose of the new marketing mix model, S.A.V.E, framework is to keep content fresh. Businesses may choose to not stay updated which can result in high risks. But by making the choice to stay relevant this new and improved framework will assure success in your marketing plan.