In this article Positioning author Al Ries proposes a 21st century marketing mix composed of Merchandise, Market, Media and Message.

1. The rational for Merchandise (vs. Product) is that many different kinds of things besides physical products are being marketed. And whatever your merchandise is, you need to understand every dimension of it that affects your ability to sell it.
2. the rationale for Market is simple: you need to pick a clearly defined target segment and not try to be all things to all people.
3. Ries's advice about Media is: focus on the one medium that works best for moving your merchandise. And "brands launched on the Internet do best with video campaigns".
4. The ideal Message is "a singular idea expressed in one medium with one target market." But that's tough to do if you haven't first got your Merchandise, Market and Media right.

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Good stuff. And if you haven't yet read Positioning - which Advertising Age readers voted the best marketing book of all time - read it now.