THE 4 E'S (TEAM CARLOS)

To start off we all know the 4 P’s are product, price, placement, and promotion and the question being asked is how it is changing in the networked economy. To start off, the 4 P’s were developed in the 1960’s and the only real available technology to market products was the radio and television. Now, fades are only lasting a few minutes as opposed to a few years because the economy is rapidly evolving and it is hard for marketers to keep up with the change.
We read a page on the web by Brian Fetherstonhaugh that we found interesting. He stated that the 4 P’s are out and we need to focus on the 4 E’s. This consisted of changing, “from Product to Experience, from Place to Everyplace, from Price to Exchange, from Promotion to Evangelism” (Fetherstonhaugh). When it came to “experience”, they basically meant that we, as marketers, need to stop focusing on the product itself and start evaluating the total experience the consumer is going to have with the product. One company that has evolved with the changes is Hershey’s company. What they did was ask the company Ogilvy and Mather to put up a billboard in New York Times Square to advertise the company, but Ogilvy and Mather did something completely different. They ended up opening a store in Times Square to give people a chance to experience the product hands on and not just see the product on the billboard.
When it comes to “everyplace” they are trying to say that we need to be more open minded and not just market via television or magazines. Instead we should be more flexible and start marketing through all available resources and allowing the information to be more accessible at the consumer’s leisure.
When it comes to “exchange” they are basically stating that it is no longer just the type of exchange where you give me the money and I give you the product, it is much more than that. You want to exchange a relationship with the consumer as well because, in exchange, they can give you a profit in the long term. Consumers want to know that they are more than just dollar signs, and by giving them that satisfaction you can almost guarantee a lifelong business partner with the consumer.
Lastly, I’m sure some of you are wondering what the word evangelism means because I know I was wondering the same thing when I first read about it. In the most basic form of the definition, it means that you need to have a passion for what you are selling and believe that what you are selling will actually benefit the consumer. Through belief, consumers can begin talking to one another about the product and establish a connection with each other and the company. Through word of mouth, marketers are not just relying on their resources to sell the product but also they are taking advantage of their relationship with the consumer to help promote the product.
After reading this article, you will begin to understand why the innovation this company has developed has worked for them. Maybe we have a thing or two to learn from Ogilvy and Mather.

Resources

http://www.ogilvy.com/On-Our-Minds/Articles/the_4E_-are_in.aspx