The marketing mix has traditionally been made up of the "four Ps": product, price, place and promotion. With social media, a fifth P -- participation -- has emerged. Adding participation to the traditional mix creates what Mikal Belicove calls a "viral loop" that shores up a greater amount of sales and leads.
Mikal E. Belicove is a market positioning, social media, and management consultant specializing in website usability and business blogging. His latest book, The Complete Idiot’s Guide to Facebook, is now available at bookstores. For more information, visit MikalBelicove.com.