Page 284 - (DK) The Business Book

282 MARKETING MIX

The Four Ps, key ingredients of the marketing Other additions or alternative
mix, need to be in careful balance with each other mixes have been proposed, though
and the mix as a whole. Alternative “ingredients” none has yet replaced McCarthy’s
have been proposed as necessary components of the original premise.
marketing mix, but the core Four Ps have endured.
In the 1990s, for example,
advertising professor at the
University of North Carolina, Robert
Lauterborn, argued that the Four Ps
PRODUCT PLACE articulated the seller’s view rather
Evaluate customer needs; Decide how the product
establish where and how the will reach the market; than the buyer’s view, and was
product will be used; decide the channels of distribution; therefore outdated in the customer-
on branding and packaging, methods of storage; handling centered marketing of the late 20th
and how the product and transportation; and how century. He reimagined the Four Ps
will differ from others to emulate or differentiate as the Four Cs: Customer solution,
in the market. from the competition. Convenience, Communication,
and Customer cost.
Professors Jagdish Seth and
THE Rajendra Sisodia then posited
MARKETING the Four As: Acceptability,
MIX Affordability, Availability, and
Awareness. By 2005, academics
Chekitan Dev and Don Schultz
PRICE PROMOTION
Set the price point Look at when and where claimed that the Four Ps were no
based on market to reach the target longer relevant; that consumer
norms; perceived value market; the optimum decisions were motivated by
by the customer and medium (television, radio, emotion and a desire for value,
how sensitive they or press); and evaluate rather than for a specific product
are to price; the techniques
and competitors. of competitors. to fill a need or a particular price
point. Other commentators have
also pushed for a framework more
applicable to e-commerce. On the
other hand, Carolyn Siegel, author
of Internet Marketing, states:
the nature of the Four Ps. “Product” in the distribution chain—public “Although many attempts have
refers to developing the right relations, advertising, sales been made to replace or expand the
product or service for the target promotions, and so on. “Price”
market, whether it is a laundry includes price-setting based on
detergent, an accountancy service, competition within the market, the
or a political party’s policy, and cost of the entire marketing mix,
also includes branding, packaging, and what price level the customer
warranties, and anything else will accept. If price is rejected then
related to the product offering. the marketer’s efforts are wasted. Marketing mix is the
“Place” refers to how the product pack of four sets of variables,
will get to the target market, so An enduring formula namely product, price,
it is available when and where it From the 1960s, the Four Ps became promotion, and place variables.
is needed—in other words, the the undisputed means by which E. J. McCarthy
channel of distribution and the marketers made their strategic
logistics of transportation, storage, decisions. The approach has become
and handling. “Promotion” is an institution, mentioned in almost
communication about the product every marketing textbook, and still
with the target market and others dominates management thinking.