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Date Submitted: 04/08/2016 04:44 PM
Compare and Contrast Marketing Mix
Peter Drucker (1954) is known to be one of the earlier proponents of modern marketing as he suggested that the purpose of the company is to create a customer. Adding to this, Drucker said the aim of marketing is to make selling superfluous and to understand the customer so well that the product or service fits him and sells itself. Other researchers like Levitt, Kotler, Stanton and McCarthy began to further the means the marketing.
“One of Kotler’s biggest contributions to the field of marketing was popularizing the idea of the marketing mix, also known as the Four Ps of marketing, an idea first proposed by an academic Jerome McCarthy in 1960” (Mahajan, 2013). McCarthy classified various marketing activities into marketing-mix tools, which he called the four P’s of marketing: product, price, place and promotion. Given the complexity and richness of marketing, these four Ps are not the whole story anymore. Kotler and Keller enhanced the idea of the marketing mix, reflecting the holistic marketing concept, which develops, designs and implements the marketing process, programs and activities in today’s marketing environment. Updating the mix to reflect holistic marketing, Kotler and Keller arrived at a more representative set that encompasses modern marketing realities: people, processes, programs and performance.
People reflects internal marketing and the fact that employees are critical to marketing success. Process reflects all the discipline, structure and creativity brought to the marketing management. Programs reflect all the firm’s consumer-directed activities. Performance captures the range of possible outcome measures. “These four new P’s apply to all disciplines within the company, and by thinking this way managers grow more closely aligned with the rest of the company” (Kotler & Keller, 2006).
Market Opportunity Analysis
“A marketing opportunity is an area of buyer need and interest that a company has a high...