Introduction:
The marketing mix is probably the most common marketing term. It consists of basic tactical components of a marketing plan. Commonly known as the 4P’s, the marketing mix attributes are Price, Place, Product and Promotion. An appropriate combination of the 4P’s needs to be developed to cater the needs of a business in any segment (Spotlight, 2014).
The principle objective of this case study is to portray a clear picture of the current valuation of the marketing mix as marketing ethos and marketing management tool by critically examining the views and criticism dawning from six marketing domains viz:
• Consumer marketing
• Relationship marketing
• Services marketing
• Retail marketing
• Industrial marketing
• Electronic marketing …show more content…
These ingredients were later combined to four categories by Jerome McCarthy which are known as Product, Price, Promotion, Place (popularly known as 4P’s). The 4P’s are referred to as the backbone of any marketing theory and are inevitable to any operational marketing management. Marketing mix has an amusing resemblance to a cake recipe. The idea is to combine all the ingredients in the right proportion to get the right cake for the right occasion. Marketing mix works in a similar way. The right ingredients of the 4P’s in the right proportion is required for appropriate marketing of a product (Ben Sherman, …show more content…
Constantinides, in his study states that unlike the 60’s and 70’s, the companies today focus on customer retention rather that transaction-orientation. A survey carried out by Alsem et al further confirms that 60% of the companies today are keen to retain customers.
As a result of this change, authors and marketers express their disbelief over the mix due to the following reasons:
• It is more product oriented than customer oriented.
• Not much scope of client-supplier interaction which makes it a one-way orientation.
• More significance to offensive marketing than collaborative marketing.
Let us take a look at some of the suggestions from the experts:
Authors Proposals
Lauterborm 4C’s can replace 4P’s- Customer needs, Convenience, Cost,
GrÖnroos Relationship marketing should replace the mix
Goldsmith Additional 4P’s should be added to the previous mix viz Personalization, Personnel, Physical assets, Procedures
Patterson and Ward 4C’s instead of the mix: Communication, Customisation, Collaboration,
The marketing mix is probably the most common marketing term. It consists of basic tactical components of a marketing plan. Commonly known as the 4P’s, the marketing mix attributes are Price, Place, Product and Promotion. An appropriate combination of the 4P’s needs to be developed to cater the needs of a business in any segment (Spotlight, 2014).
The principle objective of this case study is to portray a clear picture of the current valuation of the marketing mix as marketing ethos and marketing management tool by critically examining the views and criticism dawning from six marketing domains viz:
• Consumer marketing
• Relationship marketing
• Services marketing
• Retail marketing
• Industrial marketing
• Electronic marketing …show more content…
These ingredients were later combined to four categories by Jerome McCarthy which are known as Product, Price, Promotion, Place (popularly known as 4P’s). The 4P’s are referred to as the backbone of any marketing theory and are inevitable to any operational marketing management. Marketing mix has an amusing resemblance to a cake recipe. The idea is to combine all the ingredients in the right proportion to get the right cake for the right occasion. Marketing mix works in a similar way. The right ingredients of the 4P’s in the right proportion is required for appropriate marketing of a product (Ben Sherman, …show more content…
Constantinides, in his study states that unlike the 60’s and 70’s, the companies today focus on customer retention rather that transaction-orientation. A survey carried out by Alsem et al further confirms that 60% of the companies today are keen to retain customers.
As a result of this change, authors and marketers express their disbelief over the mix due to the following reasons:
• It is more product oriented than customer oriented.
• Not much scope of client-supplier interaction which makes it a one-way orientation.
• More significance to offensive marketing than collaborative marketing.
Let us take a look at some of the suggestions from the experts:
Authors Proposals
Lauterborm 4C’s can replace 4P’s- Customer needs, Convenience, Cost,
GrÖnroos Relationship marketing should replace the mix
Goldsmith Additional 4P’s should be added to the previous mix viz Personalization, Personnel, Physical assets, Procedures
Patterson and Ward 4C’s instead of the mix: Communication, Customisation, Collaboration,