Marketing the 4 P's
This documents’ purpose is to review the article by
Yudelson, J. 1999, ‘Adapting McCarthy 's Four P 's for the Twenty-First Century’, Journal of Marketing Education, April 1999 Vol.21 (1), pp.60-67 [Peer Reviewed Journal] and provide a critique considering the relevance of the author’s position in the use of 4 P’s of McCarthy for the 21st Century.
This paper will argue in the affirmative based on supported research that adaption or a complete change of the 4 P’s is long overdue as the model has not kept up with the many changes in industry, business, the of not-for-profit sector, emerging markets, consumer behaviour, and the internet to name a few.
For over 40 years business thinking in Western countries was dominated by the Marketing Mix (Borden, 1965, pp. 2-7) having created the 12 components which was later distilled into the well-known, widely taught and applied 4 P’s of Marketing, listed as ‘Product, Price, Place and Promotion’ also referred to as the Marketing Mix (McCarthy, 1960).
Since its inception it is has received acclaim but continues to encounter strong criticism. Its growing list of shortfalls begins with the limitations and inflexibility (Kotler & Keller, 2012, p. 12) of the 4 P’s. These limitations include many areas that were not catered for in the 4P’s. One example was that the Bottom of Pyramid (BOP) businesses in the new and emerging markets of countries such as Africa, India as stated by (Castillo, 2013). (Tendai & Fletcher, 2012, pp. 507-520) recommended closer attention and detailed research to cater for the large number of consumers in the BOP market segment.
The not-for-profit sector was another example where this grouping could not relate to the ‘Price’ component of the mix (Bruner II, 1988, pp. 29-33). Another contributor considered that Integrated marketing communication (IMC) had made up for the short comings of the 4 P’s through its focus on customers, their retention and emphasis on communication(Luck & Moffatt, 2009, pp.
Yudelson, J. 1999, ‘Adapting McCarthy 's Four P 's for the Twenty-First Century’, Journal of Marketing Education, April 1999 Vol.21 (1), pp.60-67 [Peer Reviewed Journal] and provide a critique considering the relevance of the author’s position in the use of 4 P’s of McCarthy for the 21st Century.
This paper will argue in the affirmative based on supported research that adaption or a complete change of the 4 P’s is long overdue as the model has not kept up with the many changes in industry, business, the of not-for-profit sector, emerging markets, consumer behaviour, and the internet to name a few.
For over 40 years business thinking in Western countries was dominated by the Marketing Mix (Borden, 1965, pp. 2-7) having created the 12 components which was later distilled into the well-known, widely taught and applied 4 P’s of Marketing, listed as ‘Product, Price, Place and Promotion’ also referred to as the Marketing Mix (McCarthy, 1960).
Since its inception it is has received acclaim but continues to encounter strong criticism. Its growing list of shortfalls begins with the limitations and inflexibility (Kotler & Keller, 2012, p. 12) of the 4 P’s. These limitations include many areas that were not catered for in the 4P’s. One example was that the Bottom of Pyramid (BOP) businesses in the new and emerging markets of countries such as Africa, India as stated by (Castillo, 2013). (Tendai & Fletcher, 2012, pp. 507-520) recommended closer attention and detailed research to cater for the large number of consumers in the BOP market segment.
The not-for-profit sector was another example where this grouping could not relate to the ‘Price’ component of the mix (Bruner II, 1988, pp. 29-33). Another contributor considered that Integrated marketing communication (IMC) had made up for the short comings of the 4 P’s through its focus on customers, their retention and emphasis on communication(Luck & Moffatt, 2009, pp.
References: Borden, N. H. (1965). The concept of the marketing mix. Journal of Advertising, 2-7. Bruner II, G. C. (1988, March 20). The marketing mix: A retrospective and evaluation. Journal of Marketing Education, 10(1), 29-33. Castillo, E. D. (2013, December Friday). Do the 4 P’s of Marketing work for BoP Businesses? Retrieved March 16, 2014, from Next Billion.net: http://www.nextbillion.net/blogpost.aspx?blogid=3276 Constantinides, E Kent, R. A. (1986, December 1). Faith in Four Ps: An Alternative. Journal of Marketing Management, 2(2), 145-154. Kotler, P., & Keller, K. L. (2012). Marketing Management 14 ed. In K. L. Philip Kotler, & E. Svendsen (Ed.), Marketing Management (14 ed., p. 12). Upper Saddle River, New Jersey, United States of America: Prentice Hall(Pearson). Luck, E., & Moffatt, J. (2009, December). IMC: Has anything really changed? A new perspective on an old definition. Journal of Marketing Communications, 15(5), 311-325. McCarthy, E. J. (1960). Basic Marketing, a Managerial Approach. Homewood, Illinois, United States of America: Richard D. IRwin Inc. Rafiq, M., & Ahmed, P. K. (1995). Using the 7Ps as a generic marketing mix: an exploratory survey of UK and European marketing academics. Marketing Intelligence and Planning, 13(9), 4-15. Ravald, & Gronvoos, C. (1996). Relationship Marketing. Eurpoean Journal of Marketing, 30(2), 19-30. Shapiro, B. P. (1985). Rejuvenating the marketing mix. Harvard Business Review. Tendai, C., & Fletcher, R. (2012). Revisiting the marketing mic at the bottom of pyramid(BOP) from theorectical considerations to practical realities. Journal of Consumer Marketing, 29(7), 507-520. Yudelson, J. (1999, April). Adapting McCarthy 's Four P 's for the Twenty-First Century. Journal of Marketing Education, 21(1), 60-67.