In business school we were all taught about the 4 Ps: Price, Product, Promotion, and Place. I remember teaching graduate level Strategic Marketing and the author of the book had decided to also throw in an “S” (Service) to salute the experiential flag. While the four Ps are certainly important, an over reliance and focus on them may have forced entire industries down a myopic product centered hole.
It’s no secret that the majority of new product introductions fail. According to the Harvard Business Review less than 25% of consumer packaged goods and retail products fail to earn $7.5m in their first year.