Critical analysis of marketing mix
Marketing mix for evaluating business situations
Analytical frameworks are the models designed by the experts who might have faced an problem earlier in either establishing or running a business unit. Fortunately, we can use these analytical frameworks to our advantage in order to identify the skills, organization techniques, examples and expertise of others (Lieberman, 2007).
The most prominent business tool which was first expressed by McCarthy (1960) is 4 Ps of marketing mix. Marketing mix gives a basic conceptual framework for the managers, these tools can be used to develop both long term strategies and short term tactical programs (Palmer, 2004).
Product (To be designed as per the need of the customer)
Place (Place at which, product should be made available)
Price (cost at which the audience is ready to pay)
Promotion (Advertise to attract the audience)
Though, the 4Ps remain a staple of marketing mix. The paradigm shift with the emergence of E-commerce rose for critical analysis of marketing mix. Many management sub-disciplines like, consumer marketing, relationship marketing, services marketing and E-commerce does not implement the marketing mix in equal proportions (Moller, 2006). E-commerce or online marketing concentrates more on the price as, the product is well-known. It also promotes intensively to push the consumer to buy the product so, Price & promotion are prioritized in E-commerce. Moller (2006) further criticized the 4Ps that it “does not consider customer behavior” (p.4), is not suitable for service industry, “does not focus on relationship building” (p.4), does not emphasize on the “customer-focused management” (Fakeideas, 2008, p.4) and Product is stated in a singular sense but, most companies sell inter-dependent products (Fakeideas, 2008).
Lets evaluate if the Marketing mix can be implemented in developing a marketing plan for executive MBA program of University of Greenwich. Before launching the program, a primary plan of
Analytical frameworks are the models designed by the experts who might have faced an problem earlier in either establishing or running a business unit. Fortunately, we can use these analytical frameworks to our advantage in order to identify the skills, organization techniques, examples and expertise of others (Lieberman, 2007).
The most prominent business tool which was first expressed by McCarthy (1960) is 4 Ps of marketing mix. Marketing mix gives a basic conceptual framework for the managers, these tools can be used to develop both long term strategies and short term tactical programs (Palmer, 2004).
Product (To be designed as per the need of the customer)
Place (Place at which, product should be made available)
Price (cost at which the audience is ready to pay)
Promotion (Advertise to attract the audience)
Though, the 4Ps remain a staple of marketing mix. The paradigm shift with the emergence of E-commerce rose for critical analysis of marketing mix. Many management sub-disciplines like, consumer marketing, relationship marketing, services marketing and E-commerce does not implement the marketing mix in equal proportions (Moller, 2006). E-commerce or online marketing concentrates more on the price as, the product is well-known. It also promotes intensively to push the consumer to buy the product so, Price & promotion are prioritized in E-commerce. Moller (2006) further criticized the 4Ps that it “does not consider customer behavior” (p.4), is not suitable for service industry, “does not focus on relationship building” (p.4), does not emphasize on the “customer-focused management” (Fakeideas, 2008, p.4) and Product is stated in a singular sense but, most companies sell inter-dependent products (Fakeideas, 2008).
Lets evaluate if the Marketing mix can be implemented in developing a marketing plan for executive MBA program of University of Greenwich. Before launching the program, a primary plan of
Bibliography: Ergen, E. (2011) The marketing mix in an academic institute [Online]. Available from: http://www.ergen.gr/files/TheMarketingMixInAnAcademicInstitute.pdf [[Accessed 20th December 2013] Fakeideas. (2008) Revision: Reviewing the Marketing Mix. [Online] Available: http://fakeideas.co.uk/2008/03/07/revision-reviewing-the-marketing-mix. Cited in Goi, C.L (2009). A review of marketing mix: 4Ps or more? International journal of Marketing Studies [Online] Available from: http://www.ccsenet.org/journal/index.php/ijms/article/viewFile/97/1552 [Accessed 20th December 2013] Grove, S.J. (2000) Service as Theater, Guidelines and Implications. Handbook services Marketing and Management, Sage Publications, p. 35.cited in Ergen, E (2011). The marketing mix in an academic institute [Online]. Available from: http://www.ergen.gr/files/TheMarketingMixInAnAcademicInstitute.pdf [Accessed 20th December 2013] Lieberman, B. (2007) Applying an analytical framework. [Online]. Available from: http://www.ibm.com/developerworks/library/ar-anframe/ [Accessed 20th December 2013] Mc Carthy, E.J. (1960) Basic marketing-A managerial approach. cited in: Manktelow, J & Carlson, A (2011). The marketing mix and 4Ps. [Online] Available from: http://www.mindtools.com/pages/article/newSTR_94.htm [Accessed 20th December 2013] Moller, K. (2006) The Marketing Mix Revisited: Towards the 21st Century Marketing by E. Constantinides. Journal of Marketing Management, 22(3), 439-450.cited in Goi, C.L (2009). A review of marketing mix: 4Ps or more? International journal of Marketing Studies [Online] Available from: http://www.ccsenet.org/journal/index.php/ijms/article/viewFile/97/1552 [Accessed 20th December 2013] Palmer, A. (2004) Introduction to Marketing - Theory and Practice, UK: Oxford University Press. Cited in Goi, C.L (2009). A review of marketing mix: 4Ps or more? International journal of Marketing Studies [Online] Available from: http://www.ccsenet.org/journal/index.php/ijms/article/viewFile/97/1552 [Accessed 20th December 2013]