Since the past decade and a half, academics and practitioners have witnessed major transformations in the marketing domain. Technology and the internet of things has made possible faster connections, higher degree of collaborations and has at the same time begun to challenge the existence of and the way marketing activities are done at present.
Pace is the speed at which one is able to do a task, which was not possible in days before the rapid technological advancement. Today, pace has changed the way start-ups and established enterprises go about their business in general and activities related to the marketing mix in particular.
With availability and advent of technology and internet, Product development has become cost effective, Pricing has become dynamic and distribution (place) has become faster. Promotions have become interactive and Self Service Technologies have brought questions regarding relevance of People or employees for many roles. Physical Evidenceis as much online as offline and several Processes either have become dramatically shorter or are in real-time.
This research journey shall look at the changes coming about on each of the marketing mix elements and proposes that for a firm to be successful it must take into account a New P – PACE and incorporate the same in its strategic marketing plan.
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Keywords: Marketing Mix, 7 Ps, PACE, Strategy, Technology