Question

Are the 4 Ps outdated as they relate to consumer behavior in 2020? Please support your position with examples as to why or why they are aren't outdated.?

Answer 1

The 4 P's of marketing mix (Price,Product,Place,Promotion) might be necessary but not sufficient, in 2020.
Hence, for modern businesses , these are definitely outdated because:
(A) Not enough time is spent on selling the value of a solution - e.g. A soap company might market a product really well and try to sell it but it does not tell the consumer- "Why does he/she need that very soap when he/she already has one" ?
(B) A person can buy a product online(e.g. e-commerce) rather than having to go to a shop physically. This undermines the "place" strategy
(C) The power is mostly in the hands of a consumer,owing to technology and smartphones. The marketer has less influence on its product getting sold. If the consumer doesn't find relevance, he/she will not buy a product. e.g. - I see an advertisement of a new hair trimmer online, but I compare it with other trimmers online to find that my cost to benefit ratio isn't good, so I ditch the idea of buying it. This undermines the "promotion" aspect.