Final answer:
The holistic marketing concept now includes People, Processes, Physical Evidence, and Products as the updated 4 P's. This approach incorporates physical marketing strategies like location and packaging, and it acknowledges the impact of technological advancements and globalization on the market landscape.
Step-by-step explanation:
The updated 4 P's of Marketing in the holistic marketing concept are People, Process, Physical Evidence, and Product. The concept of place-product packaging highlights the understanding that companies utilize architecture, logos, worker uniforms, and overall landscape to promote a consistent experience that customers can trust.
This familiarity is a form of branding that reassures customers and encourages repeat visits. Over the years, the relevance of physical location still holds. Being present at a high-foot-traffic area or strategically located near related businesses can leverage a firm's sales volume and market presence. Moreover, the two major shifts in the definition of markets, technology, and globalization, have amplified competition and interconnected businesses globally. With the internet enabling B2B and B2C transactions across borders, the dynamics of local and international marketplaces are perpetually evolving.