Critical Evaluation of the Marketing Mix
Critical Evaluation of the Marketing Mix
“The Marketing Mix is a combination of Product, Price, Place and Promotion (The four P’s) that helps increase sales to the target market” (McCarthy, 1960 cited in Combe 2006 p126)
This systematic tool is more commonly used once a business has decided on its overall competitive marketing strategy. This includes analysing marketing opportunities and selecting a target market. The development of the four P’s to the advantage of a specific business can be described as the third stage of the marketing process. Subsequent to this stage is the managing of the marketing effort, better known as market implementation. This report will discuss the way in which the marketing mix has progressed and adapted the original four P’s in accordance with the growth in relationship marketing and interactive communication and distribution channels.
The idea of a marketing mix was originally put forward by Borden in 1965 and consisted of twelve P’s. There have since been many adaptations of the marketing mix but perhaps the most successful, in terms of lasting, is McCarthy’s four P’s which outlined four principle aspects to marketing; Product, Price, Promotion and Place. Perhaps the reason behind this model’s sustainability is the way it can be revised to include a more elaborate description of each principle i.e. “Price Mix”. Within this section of the marketing mix are sub-categories such as Profitability and Value for money.
Due to technological innovations, particularly over the last twenty years, businesses have had to adapt the use of the marketing mix in order to maintain or establish themselves within a market.
Arguably the most successful of these innovations was the World Wide Web (WWW) which has resulted in an enormous increase in information. Upon its creation and eventual common use, businesses have had to expand their repertoire of marketing mix techniques in order to sustain themselves within a growing market. From a
“The Marketing Mix is a combination of Product, Price, Place and Promotion (The four P’s) that helps increase sales to the target market” (McCarthy, 1960 cited in Combe 2006 p126)
This systematic tool is more commonly used once a business has decided on its overall competitive marketing strategy. This includes analysing marketing opportunities and selecting a target market. The development of the four P’s to the advantage of a specific business can be described as the third stage of the marketing process. Subsequent to this stage is the managing of the marketing effort, better known as market implementation. This report will discuss the way in which the marketing mix has progressed and adapted the original four P’s in accordance with the growth in relationship marketing and interactive communication and distribution channels.
The idea of a marketing mix was originally put forward by Borden in 1965 and consisted of twelve P’s. There have since been many adaptations of the marketing mix but perhaps the most successful, in terms of lasting, is McCarthy’s four P’s which outlined four principle aspects to marketing; Product, Price, Promotion and Place. Perhaps the reason behind this model’s sustainability is the way it can be revised to include a more elaborate description of each principle i.e. “Price Mix”. Within this section of the marketing mix are sub-categories such as Profitability and Value for money.
Due to technological innovations, particularly over the last twenty years, businesses have had to adapt the use of the marketing mix in order to maintain or establish themselves within a market.
Arguably the most successful of these innovations was the World Wide Web (WWW) which has resulted in an enormous increase in information. Upon its creation and eventual common use, businesses have had to expand their repertoire of marketing mix techniques in order to sustain themselves within a growing market. From a
References: Farhoomand, A. (2005) “Managing (e) Business Transformation: A Global Perspective”. Palgrave Macmillan. Armstrong, G & Kotler, P. (2003) “Marketing: An Introduction” Prentice Hall: New Jersey. Combe, C. (2006) “Introduction to E-Business: Management and Strategy”. First Edition. Oxford: Elsevier. Brassington, F & Pettit, S. (2006) “Principles of Marketing”. Pearson: Essex. Rafiq, M & Ahmed, P.K. (1995) “Using The 7 P’s as a Generic Marketing Mix”. The Journal of Marketing Intelligence and Planning [Online] Vol. 13 Peattie, K. (1997) “The Marketing Mix in the Third Age of Computing”. The Journal of Marketing Intelligence and Planning [Online] Vol. 15 Lovelock, C. (2001) “The dot-com meltdown: what does it mean for teaching and research in services?” The Journal of Marketing Service Quality [Online] Vol. 11