The Modern Guide to the P’s of Marketing: Beyond the Basics

If you’ve ever dipped your toes into the world of marketing, chances are you’ve heard about the P’s of Marketing. Traditionally, these P’s—Product, Price, Place, and Promotion—have been the pillars of any good marketing strategy. But let’s be real: it’s 2025, and business isn’t what it used to be. For small business owners navigating the early years of their entrepreneurial journey, the classic P’s alone don’t cut it anymore.

Today, we’re diving into a refreshed take on the P’s of marketing—with a twist that’s tailored for forward-thinking entrepreneurs like you. Let’s break it down.

1. Product: More Than a Thing

Your product is just one part of what you are selling. Your product, whether it be a physical item or a service, also should include a well thought out experience, promise, and a solution to your ideal client’s challenges in life. 

Why It Matters:

Small business owners often try to sell a product that speaks to everyone. Or  Instead, focus on who you’re serving and how your product solves a specific problem in their lives.

Actionable Tip:

Think about the emotions tied to your product. For example, if you’re selling handmade candles, you’re not just selling wax and wicks. You’re selling relaxation, ambiance, and self-care. Craft your messaging around those emotions.

Real-World Example:

Lush, the cosmetics retailer, doesn’t just sell soap; they sell ethical beauty. Their products are cruelty-free, handmade, and wrapped in eco-friendly packaging. That’s the kind of product strategy that resonates in today’s market.

2. Price: The Value Equation

Price isn’t just a number; it’s a reflection of your value and positioning. Are you a luxury brand, or are you making quality accessible to the masses? How you price your product speaks volumes.

Why It Matters:

Your audience is savvy. They’re not just looking for cheap; they’re looking for value. Pricing too low can make you seem less credible, while pricing too high without delivering quality can alienate potential customers.

Actionable Tip:

Test different pricing strategies. Offer bundles, tiered pricing, or even a pay-what-you-can model to see what resonates with your audience.

Stat to Know:

Consumers are willing to pay up to 20% more for products and services that demonstrate transparency and ethical practices. (Source: Forbes)

3. Place: Meet Them Where They Are

In the digital age, “place” isn’t just about physical stores or marketplaces. It’s about being present where your audience spends their time—whether that’s Instagram, Etsy, or their favorite coffee shop.

Why It Matters:

Small business owners can’t afford to waste resources on channels that don’t yield results. Knowing where your customers hang out—and showing up there—is crucial.

Actionable Tip:

Dive into your analytics. Are most of your website visitors coming from TikTok? Double down there. Are local customers driving your sales? Invest in community events or pop-ups.

Real-World Example:

Detroit’s Eastern Market is a haven for small businesses showcasing their products to local buyers. Entrepreneurs who invest in connecting with their local community through such platforms often see a direct boost in loyalty and sales.

4. Promotion: Storytelling Over Selling

Promotion isn’t just about ads; it’s about communication. And today, the most effective communication happens through storytelling. People don’t just want to know what you’re selling; they want to know why it matters.

Why It Matters:

Gen Z and millennials aren’t responding to traditional marketing tactics. Instead, they’re drawn to authentic, relatable narratives.

Actionable Tip:

Focus on user-generated content and reviews. Let your customers’ experiences speak for your brand.

Stat to Know:

82% of consumers trust a brand more if it uses real customer testimonials in its marketing. (Source: Nielsen)

The Modern Additions to the P’s of Marketing

To truly stand out, you need to go beyond the basics. Here are three modern P’s to consider:

5. People: The Core of It All

Your team, your customers, your collaborators—these are the people who make or break your business.

Actionable Tip: Engage with your audience authentically. Host live Q&As, spotlight your team on social media, or involve customers in product development.

6. Planet: Sustainability Is Non-Negotiable

Consumers want to know that your business isn’t harming the planet. Small steps toward sustainability can set you apart.

Actionable Tip: Highlight your eco-friendly practices in your marketing. Transparency builds trust.

7. Purpose: Your Why

People connect with purpose-driven brands. What’s your mission beyond making money? Share it.

Real-World Example: TOMS Shoes’ “One for One” model not only sold shoes but also built a movement, showing how purpose can drive profit.

Final Thoughts

The P’s of marketing are more than just a framework; they’re the foundation of how you connect with your audience. But in today’s world, it’s essential to adapt and expand on these principles to reflect the values of modern consumers.

By focusing on product, price, place, and promotion—and layering in people, planet, and purpose—you’ll be equipped to build a brand that doesn’t just survive but thrives. Ready to take your marketing strategy to the next level? Let’s make it happen.