Marketing Mix Revisited

11165 Words Apr 25th, 2012 45 Pages
Journal ofMarkeHng Management 2006, 22,407-438

The Marketing Mix Revisited: E. Constantinidesi Towards the 21^* Century Marketing
The paper assesses the current standing of the 4Ps Marketing Mix framework as the dominant marketing management paradigm and identifies market developments, environmental changes, and trends, as well as changing academic attitudes likely to affect the future of the Mix as theoretical concept and also the favourite management tool of marketing practitioners. It reviews the criticism on the 4P 's emanating from five "traditional" marketing areas - Consumer Marketing, Relationship Marketing, Services Marketing, Retail Marketing, Industrial Marketing and the emerging field of Electronic Marketing. The paper
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Enjoying large-scale endorsement, it is hardly surprising that the 4Ps became even synonymous to the very term Marketing, as this was formulated by the American Marketing Association (Bennet 1995). Next to its significance as a marketing toolkit, the Marketing Mix has played also an important role in the evolution of the marketing management science as a fundamental concept of the commercial philosophy (Rafiq and Ahmed 1995), with theoretical foundations in the optimisation theory (Kotler 1967; Webster 1992). The theoretic endorsement of the Mix in its early days 2 53.1% of the market leaders consider marketing as a major input to the company 's operational planning against 39.6% of the market followers having the same opinion.

The Marketing Mix Revisited

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was underlined by the sympathy of many academics to the idea that the chances for successful marketing activities would increase if the decisions (and resource allocation) on the 4P activities were optimised; Philip Kotler elucidated in 1967 how "mathematical programming provides an alternative framework for finding the optimal marketing mix tool that allows the optimal allocation of the marketing effort"^. The theoretical value of the Mix is also imderlined by the widely held view that the framework constitutes one of the pillars of the influential Managerial School of Marketing

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