Table 1.2 McCarthy’s 4P’s
As stated earlier this has probably become the most enduring and widely recognized concept in marketing. However what have been its key contributions to marketing? These perhaps can be listed as follows: · It provided a central organized structure or foundation for marketing activity, which managers and company executives could relate to and easily understand, at least in principle. · This structure could be used for any product within any environment. It was not solely linked to marketing activities within the US marketplace. · Each of these elements could in turn be considered as a 'mix; for example product mix, promotion mix, price mix and so on (McCarthy 1965) McCarthy (1965) makes an interesting linkage here to target market: 'The marketing mix is not a standalone model. The focus has to be on the target market, otherwise the mix cannot succeed'. It was also around this time that Wendell Smith (1956) postulated his work on segmentation, and the two concepts are complementary.
|
