Study notes on marketing mix

Study notes on marketing mix

References with extracted contents

Low, S.P. and M.C.S. Tan. 1995. "A convergence of Western marketing mix concepts and oriental strategic thinking" Marketing Intelligence & Planning 13(2), Emerald: 36-46.

"The basic marketing strategy used by a company is the result of the blending of various marketing elements. These elements consist of: * the service offered (or product); * the availability of service offered (or place); * the promotion or communications to prospective client using various promotional techniques; and

* the price charged for the service. The term marketing mix (Borden, 1964) or the classical four Ps (McCarthy, 1960) have been used to describe these various elements. Marketing strategy development may therefore be viewed as developing a marketing mix aimed at satisfying the needs of selected markets and accomplishing specific marketing objectives".

"... in order to achieve organizational goals, the marketer must be engaged constantly in fashioning a mix of marketing procedures and policies to cope with the dynamic environment or, as it is otherwise known, the uncontrollable variables"

"The marketing mix concept has two important benefits. First, it is an important tool used to enable one to see that the marketing manager’s job is, in a large part, a matter of trading off the benefits of one’s competitive strengths in the marketing mix against the benefits of others....  The second benefit of the marketing mix is that it helps to reveal another dimension of the marketing manager’s job. All managers have to allocate available resources among various demands, and the marketing manager will in turn allocate these available resources among the various competitive devices of the marketing mix".

Wise, R. and N. Sirohi. 2005. "Finding the best marketing mix" Journal of Business Strategy 26(6), Emerald: 10-11.

"... what’s the best way to identify and implement the marketing mix that will advance your company’s growth goals? These six guidelines provide a good starting point: 1. Set up the right scorecards.... 2. Track and analyze... 3. Don’t be afraid to experiment... 4. Keep both brand and revenues in mind... 5. Look over the fence.... 6. Build a ‘‘test and learn’’ culture...".

Vignali, C. and B.J. Davies. 1994. "The Marketing  Mix Redefined and Mapped: Introducing the MIXMAP Model" Management Decision 32(8) Emerald: 11-16.

"In the Macmillan Dictionary of Retailing, Baron, et al.[1] define the retail marketing mix as “those activities that show similarities to the overall process of marketing, requiring the combination of individual elements”. This definition closely resembles traditional definitions of the marketing mix given by well known marketeers from Levitt[2] to Kotler[3]. Also in this tradition, Czinkota [4] gives the following definition of the marketing mix: “A complex of tangible and intangible elements to distinguish it in the market place”..".

"It was after the Second World War that Cullotin originated the “P” philosophy of marketing, proposing a long list of Ps which typified Profit, Planning, Production etc. and which stood for the key activities of running a business. It was his view that one could differentiate between a “sales orientated” and a “manufacture oriented” company by examining the amount of emphasis given to the different “Ps”...".

"The service marketing literature[6,7] also extends the marketing mix,  broadening the traditional four “Ps” into the seven “Ps” of services by adding Physical Evidence, Participants and Process, thus including all elements an organization can control in order to satisfy its target market. In contrast, Jones and Vignali[8] add an “S” for Service which should be included as an essential basic element of the marketing mix".

Rafiq, M. and P.K. Ahmed. 1995. "Using the 7Ps as a generic marketing mix: an exploratory survey of UK and European marketing academics" Marketing Intelligence & Planning 13(9) Emerald: 4-15.

"The marketing mix concept is one of the core concepts of marketing theory. However, in recent years, the popular version of this concept McCarthy’s (1964) 4Ps (product, price, promotion and place) has increasingly come under attack with the result that different marketing mixes have been put forward for different marketing contexts. While numerous modifications to the 4Ps framework have been proposed (see for example Kotler, 1986; Mindak and Fine, 1981; Nickels and Jolson, 1976; Waterschoot and Bulte. 1992) the most concerted criticism has come from the services marketing area. .... The proliferation of numerous ad hoc conceptualizations has undermined the concept of the marketing mix and what is required is a more coherent approach".

"Borden, in his original marketing mix, had a set of 12 elements namely:

(1) product planning;

(2) pricing;

(3) branding;

(4) channels of distribution;

(5) personal selling;

(6) advertising;

(7) promotions;

(8) packaging;

(9) display;

(10) servicing;

(11) physical handling; and

(12) fact finding and analysis.

He did not consider this list of elements to be fixed or sacrosanct and suggested that others may have a different list to his".

"Industrial marketing has, therefore, tended to emphasize the importance of building of relationships in marketing rather than the manipulation of the market through the marketing mix. The criticism levelled at the 4Ps by the interaction/network approach is that personal contacts are rarely discussed and even then only in the context of salesperson-consumer interaction, where the mass marketing approach is insufficient (for example the sale of insurance and cars).".

Fan, S., R.Y.K. Lau and J.L. Zhao. 2015. "Demystifying Big Data Analytics for Business Intelligence Through the Lens of Marketing Mix" Big Data Research 2, Elsevier: 28-32.

"The marketing mix framework is a well-known framework that identifies the principal components of marketing decisions, and it has dominated marketing thought, research, and practice [6]. Borden[5]has been recognized as the first to use the term “marketing mix” and he proposed a set of 12 elements. McCarthy [29]re-grouped Borden’s 12 elements to four elements or 4Ps, namely product, price, promotion, and place. The 4P model has been considered to be most relevant for consumer marketing. However, it has been criticized as being a production-oriented definition of marketing, and researchers proposed a fifth P (people) [18].".

Reid, D.M. 1980. "Evaluation of the Marketing Mix - Its Application to Strategic Marketing" European Journal of Marketing 14(4), Emerald:192-205.

"The marketing mix concepts recognises that results are derived from a combination of variables over which the marketer has control. Selection of, and concentration on, a particular combination brings about a collective effect. While

the execution of a marketing plan necessarily results in some sort of marketing mix being evolved and directed at the market, there is often a glaring cognitive gap between the marketing objectives established in the plan and the resulting actions".

Martin, D.M. 2009. "The entrepreneurial marketing mix" Qualitative Market Research: An International Journal 12(4), Emerald: 391-403.

"Marketing scholars and practitioners have long depended on the same basic elements for success. The elements of successful corporate marketing have traditionally boiled down to the familiar four P’s: price, promotion, product, and placement (Kotler, 2001). Companies typically organize these elements into proven patterns, marked by logical step-by-step processes. The plans behind the patterns are both highly structured and disciplined (Carson, 1993)".

"While it may seem appropriate to take the tradition of the four P’s as gospel, doing so would blind one to important differences at the heart of entrepreneurial experience. Gronroos (1994) argues that the usefulness of the four P’s as a general theory is highly questionable. Others note that adherence to the four P’s misses the “fundamental point of marketing – adaptability, flexibility and responsiveness” (McKenna, 1991, p. 13) and is “both wasteful and inappropriate, and consequently is not seen to function effectively” (Carson, 1993, p. 190)".

"For entrepreneurs, tactics for using the marketing mix diverge from the traditional progression of product development, pricing, promotion, and distribution. Entrepreneurs prefer direct interchanges and building personal relationships".

Peattie, K. and L. Peters. 1997. "The marketing mix in the third age of computing" Marketing Intelligence & Planning 15(3), Emerald: 142-150.

"Third age technology has the potential to revolutionize many aspects of the mix, and many companies are already making use of them in terms of product, price, place and promotion".

Wu, C. and S. Wu. 1998. "A proposed method for the development of marketing mix of the tea drink market" Asia Pacific Journal of Marketing and Logistics 10(1), Emerald: 3-21.

"Development of marketing mix has received considerable academic and industry attention. However, the majority of the literature focused on product de sign but did not ex tend it to the development of marketing mix. To meet the consumer’s needs and wants for a successful product is necessary but not sufficient, especially, for our target, tea drink. The other three Ps (Price, Promotion, Place) should be taken into account. In our case, convenience purchasing is the major concern of most of the consumers, but it cannot be merely satisfied by a product. Lauternborn [11] thus proposed a new formula called the “Four C’s:” “consumer wants and needs, cost to satisfy, convenience to buy and communication.”...".