Read the article by Constantinides (2006), ‘The Marketing Mix Revisited: Towards the 21st Century Marketing’, Journal of Marketing Management, 22 (3/4), pp 407-438
Explain the reasons why you agree or disagree with the view that the marketing mix should still be regarded as central to the dominant managerial marketing approach in the 21st century.
Marketing is well-defined as the sum of all actions involved in the transfer of goods from the seller or producer to the consumer or the buyer. The main goal of marketing is to fill the gap stuck between product and service providers to the searchers of the products and services. The concept of the marketing mix is what most people think of when asked about marketing. As a matter of fact, marketing mix is a concept that is famous and widely discussed in marketing. The thought pinpoints the principles which marketing people follow to conceive strategies to match with their customers ‘needs. This essay will outline a general sketch of the marketing mix, principles of marketing, design and operation and their input as tools of implementation of marketing techniques. It will then bring out an idea, explaining that this approach is flawed in various ways, and may at times not be appropriate to the modern-day marketing environment.
The four components or elements of the marketing mix are generally called the four Ps’. Price is the value attached to a product or service. It is mostly expressed in monetary terms. The price of a product is influenced by different factors, which include the production cost, market share, competition and inflation levels. Place implies the locality where producers can convey their products to the consumers. Under these factors, marketers have to address concerns associated with transportation of inventory, goods and logistics. Promotion entails communication with customers in a business manner with the aim of gaining a positive response from the customers. Activities carried out in promotion include publicity, branding, public relations and advertising. Finally, the product is the physical commodity that is purchased by consumers. Marketing tactics should be focused on the product as it is the fundamental focus of marketing. It is the main factor that links the customer to the seller. The four features are interrelated, denoting that they all have a bearing effect on each other. The four factors form the foundation of marketing and have to be considered and accustomed scrupulously, so as to design a marketing program that generate the sought after returns and consumer behavior.
The marketing mix approach is the prevalent marketing management model. Recently, there have been environmental changes, trends and market developments that will possibly distress the future of the mix as a concept and also the choice of it as a favorite tool for marketing personnel. The marketing mix concept has a number of limitations that justify the need for additional exploration on the subject. The weaknesses identified supports the proposal that marketing scholars should direct their energy in the creation of marketing policies that address the desires of current and future marketers.
One of the major limitation of the marketing mix is the selected market domain. The approach is based on seven marketing sub-sections which were later simplified into four pillars. Thus the four Ps that were suggested by McCarthy together with his advocates are seen to be exceedingly rigid and oversimplified. Researchers have made several attempts to accommodate additional elements into the marketing mix in order to include other aspects of the market (Constantinide, 2006).
The model does not satisfy the marketing concept. It detaches the four individual elements from the rest of the firm’s actions. Researchers argue that in order to fully cater for the requirements and needs of customers, the elements features of the marketing mix should be integrated with other activities of the firm in a collaborative and incorporative fashion. The model failed, in that it recommended insufficient integrative aspect. Depending on the marketing mix for a large market, the size may encourage marketers to regularly deal with information from statistics and survey only. This insufficient information pertaining to the customers also implies that they assess their performance purely on marketing share numerals….