In a recent seminar,friend and Legend advisor "Growth Guy" Verne Harnish offered his replacement concepts for marketing's traditional 4 P's, opting instead for the 4 E's:
- Product has been replaced by Experience
- Price is now Exchange, or lifetime value
- Place is Everyplace
- Promotion has been replaced by Evangelism
The threads underlying these changes are consistent with the rise of Web 2.0: real time feedback, deeper connectivity, nearly complete reduction in the cost to distribute information, and citizen influencers.
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