‘Critically discuss an established marketing theory or concept and its applicability to the current multi-channel marketplace”
‘Critically discuss an established marketing theory or concept and its applicability to the current multi-channel marketplace”
Customer expectations are increasing because of the increasing choices from a wider range of consumption. Nowadays, customers do not just buy clothes from a boutique, but also large retail stores, web stores or even mobile phone shopping apps. Claes Fornell International states, “the multiple channel models focus on providing information, purchase or fulfillment orders, after-sale servicing and technical support” (CFI Group, 2006). There are many considerations that customers may make when they repurchase: Past experience, convenience, service, price, product features, company image, and the recommendations of others. These considerations are determined by the way that companies integrate initial purchases and problem resolution in a multi-channel environment.
Marketing mix originally had 12 elements which were defined by Broden (1965). Thy are product planning, pricing, branding, channels distribution, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. McCarthy (1964) afterwards redefined the marketing mix based on the idea of Borden. He combined Borden’s 12 marketing mix elements to the four new elements: product, price, place and promotion, also called the 4Ps. McCarthy suggested they are combination of all of the factors at a marketing manager’s command to satisfy the target market. Therefore, the 4Ps concept is now the most common way in defining marketing mix. It is something that companies need to consider in order to market a product or service, they also provide a guideline for the companies to achieve a successful marketing campaign. The 4Ps are designed to analysis the needs and wants of customers, in order to satisfy them and therefore attract more customers and sales. Each element of the 4Ps plays an important role in fulfilling the satisfaction of
Customer expectations are increasing because of the increasing choices from a wider range of consumption. Nowadays, customers do not just buy clothes from a boutique, but also large retail stores, web stores or even mobile phone shopping apps. Claes Fornell International states, “the multiple channel models focus on providing information, purchase or fulfillment orders, after-sale servicing and technical support” (CFI Group, 2006). There are many considerations that customers may make when they repurchase: Past experience, convenience, service, price, product features, company image, and the recommendations of others. These considerations are determined by the way that companies integrate initial purchases and problem resolution in a multi-channel environment.
Marketing mix originally had 12 elements which were defined by Broden (1965). Thy are product planning, pricing, branding, channels distribution, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. McCarthy (1964) afterwards redefined the marketing mix based on the idea of Borden. He combined Borden’s 12 marketing mix elements to the four new elements: product, price, place and promotion, also called the 4Ps. McCarthy suggested they are combination of all of the factors at a marketing manager’s command to satisfy the target market. Therefore, the 4Ps concept is now the most common way in defining marketing mix. It is something that companies need to consider in order to market a product or service, they also provide a guideline for the companies to achieve a successful marketing campaign. The 4Ps are designed to analysis the needs and wants of customers, in order to satisfy them and therefore attract more customers and sales. Each element of the 4Ps plays an important role in fulfilling the satisfaction of
References: E. Constantinides (2006) ‘The Marketing Mix Revisited: Towards the 21st Century Marketing’, Journal of Marketing Management, 22:3-4, 407-438 (Online), Available: http://dx.doi.org/10.1362/026725706776861190 (Accessed: 28 November 2013) Russ Merz, Ph.D. (2006) Customer-Focused Strategies in the Multi-Channel Marketplace, (Online), Available: http://www.vigilmetrics.com/Resources/Articles/CFI-Multi-Channel-Strategy.pdf (Accessed: 28 November 2013) Marketing Mix – 7P’s That Defines The Meaning Of The Marketing Mix, (Online), (2013) Available: http://marketingmix.co.uk/definition/ (Accessed: 28 November 2013) Chai Lee Goi (2009), ‘A Review of Marketing Mix: 4Ps or More?’, international journal of marketing studies, (Online), Vol. 1, No. 1, pp. 1-14. Available: www.ccsenet.org/journal.html (Accessed: 29 November 2013) Baines, Fill and Page (2011), Marketing, 2nd ed., United States, Oxford University Press Borden, N.H. (1964), “The concept of the Marketing Mix”, Journal of Advertising Research, June, pp 2-7. . McCarthy, E.J. (1964), Basic Marketing, a Managerial Approach, Homewood, Ill.: Richard D. Irwin, Inc.. Lauterborn, B. (1990). New Marketing Litany: Four Ps Passé: C-Words Take Over. Advertising Age, 61(41), 26.