McCarthy’s 4Ps is a widely used fundamental concept of a marketing mix. The purpose of this essay is to discuss whether 4Ps is still credible model or it requires replacement. However, at first it is important to look at elements of the model and its significance in marketing practice. Secondly, it is vital to recognise numerous changes that took place and shaped the entire concept of marketing. Subsequently it is crucial to look at critiques of the model and alternatives suggested by different theorists as well as the role of those models in modern marketing practice. It is also necessary to recognise whether these models have been accepted by marketers or not and what were the reasons behind.
According to Kotler et.al. (2008, p.49), marketing …show more content…
With the rapid development of information and communication technologies, marketers should alter their focus on satisfying individual/personalised needs rather than collective ones as customers nowadays have greater understanding of their role, power they possess and influence they have (Constantinides, 2002). The invention of the Internet has changed the buying behaviour of consumers and marketing methods, there has also been a shift towards personal marketing and services economy (Fitzgerald, Cavanaugh and Bhiro, …show more content…
Kotler (2000) suggests that the companies who meet the needs of their customers economically and conveniently complimented by the effective communication are more likely to succeed. Elements of the marketing mix that used to be powerful “have become increasingly standardised and commoditised across markets, and as a result, no longer act as a meaningful base for differentiation” (Wilson and Gilligan, 2005). In addition, Booms and Binter (1981) (in Wilson and Gilligan 2005, Baines and Fill 2014, Goi 2009) recognised the limitations of McCarthy’s model in terms of planning marketing strategy in growing service sector and added 3 new elements – People, Physical evidence and Process management. The study conducted by Rafiq and Ahmed (1995, cited in Goi, 2009) revealed low satisfaction levels with the 4Ps framework – it lacked details and complexity, interconnection between elements.
On the other hand, some marketers suggest that 4Ps model still plays a vital role in modern marketing practise. For instance, consumer is at the centre of McCarthy’s framework. This got either forgotten or overlooked by different marketers. In some way it needs to become a part of the marketing mix again (Fitzgerald, Cavanaugh and Bhiro, 2014). Simplicity, usefulness, expressiveness, ease to remember and applicability
According to Kotler et.al. (2008, p.49), marketing …show more content…
With the rapid development of information and communication technologies, marketers should alter their focus on satisfying individual/personalised needs rather than collective ones as customers nowadays have greater understanding of their role, power they possess and influence they have (Constantinides, 2002). The invention of the Internet has changed the buying behaviour of consumers and marketing methods, there has also been a shift towards personal marketing and services economy (Fitzgerald, Cavanaugh and Bhiro, …show more content…
Kotler (2000) suggests that the companies who meet the needs of their customers economically and conveniently complimented by the effective communication are more likely to succeed. Elements of the marketing mix that used to be powerful “have become increasingly standardised and commoditised across markets, and as a result, no longer act as a meaningful base for differentiation” (Wilson and Gilligan, 2005). In addition, Booms and Binter (1981) (in Wilson and Gilligan 2005, Baines and Fill 2014, Goi 2009) recognised the limitations of McCarthy’s model in terms of planning marketing strategy in growing service sector and added 3 new elements – People, Physical evidence and Process management. The study conducted by Rafiq and Ahmed (1995, cited in Goi, 2009) revealed low satisfaction levels with the 4Ps framework – it lacked details and complexity, interconnection between elements.
On the other hand, some marketers suggest that 4Ps model still plays a vital role in modern marketing practise. For instance, consumer is at the centre of McCarthy’s framework. This got either forgotten or overlooked by different marketers. In some way it needs to become a part of the marketing mix again (Fitzgerald, Cavanaugh and Bhiro, 2014). Simplicity, usefulness, expressiveness, ease to remember and applicability