Critical Analysis o
f the
Marketing Mix
Adjonyo Noah
|
10159217@my
dbs.ie
1
Summary: Mar
keting Mix Article
1.1
Background
Marketing mix as a theoretical foundatio
n of understanding marketing, ar
ouse
in 1960
s
. It was
formulated
by a
writer called
Neil B
orden who i
dentified four
elements
which includ
e place,
product,
promotion
an
d
price.
It
is
usually
tru
sted
by
many
firms
when
it
comes
to
market
planning. This is because it influence
s
buying decisions and essay to apply in differ
ent
scenarios.
However, marketing mix has its obvious weaknesses in terms of application in management of
relationship and
marketing of industrial
products. Therefore, alt
ern
ative
s have been
fronted to
cater for
its shortcomings
The article objective
is to
present current debate
among academicians
on the effective of
marketing mix as a manag
ement tool in light several di
s
ciplines of
management
such
con
s
umer
mark
eting, relati
onship mark
eting and
reta
il marketing.
I
n
addition, th
e article w
ill discuss t
he relevance
of the
mix in t
he emerging
marketing do
m
ains
such
as electronic m
arketing. However, wh
ile looking
a
t
t
hese
obje
c
tives, the
r
esearch
is
limited
in several
way
s
. The
sources
o
f
acad
emic
v
iews
ar
e
one sided
a
s
well marketing
domains chosen
m
ay be irr
elevant to other areas.
1.2
Emerging trends in Consumer behaviour
Changes i
n consu
mers buying
behaviours
have pr
ompted a
change
in marketing
approaches.
Proliferation
of
infor
mation
technology
has
affe
cted
mark
eting
gr
e
atly.
Consu
mers
are a
lso
changed
their
buying
behaviour
and ad
opted
personalized
buying
which re
quire r
elationship
building
as
we
ll
being
innovative
ness.
There
have
be
en
emerging
issues
such
as
electroni
c
marketing as well
n
eed fo
r building relationship with c
lients which limits the
traditional
marketing mix.
The
r
elationship
between 4Ps
a
nd
con
s
umer marketing can
be traced
t
o
ra
pi
d changes
in
consumers’
needs a
s well
buying
beh
aviour
s. Nowaday
s consumer
s
are empowere
d in t
erms
heir awareness and
pur
ch
ase powers which
n
eeds
better h
andling. This
has p
rom
pted
marketers
to adopt
personalization
in mark
eting
instead of
mass
market
marketing. This
will
enable marketer
s
n
otice change in
consumer needs, r
espond to com
petitive forces and
predict
markets trends. In this relationship,
there are obvious shortcomin
gs of m
arketing mix.
There is
lack of c
onsumer orientation, lack of
interactio
n w
ith consumers and
lack of strategic e
lements.
This is is a syndicated post. Read the original at www.researchgate.net
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