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During the great depression and WWII, consumers didn't have as much money, and companies fiercely competed for their costumers' available dollars. They didn't have a choice but to push and push and keep pushing forward their products into the Market.
After WWII, demand for goods increased, economy soared, products were plentiful now, and consumers had many choices. As to compete, the pushing strategy no further works here. Companies had to adopt new approaches, forming what we know now as the Marketing Mix.
The4-Ps of the Marketing Mix, Product; Price; Place; and Promotion, were introduced in the early1960s as the main components of any Marketing Strategy. On the other hand, The AMA (American Marketing Association) recently defined marketing as: "The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offers that have vale for clients, partners, and the society at large". If one ponders the AMA definition, it will clearly appear that there is no4-Ps, instead another four terms introduced: creating an offer, communicating the offer, delivering it, and exchanging it with a trading value.
In which way one may interpret the AMA definition? do the4-Ps resemble the four components mentioned in AMA definition? Why and Why not? What are the differences between the4-Ps and the AMA marketing components if there is any? Do we still live in the Marketing Mix era, or there is something new developing?
Maketing Mix & the4 P's are neither old fashioned or Veteran............... Infact the guru's of Marketing are still recommending the4 P's as the basic components of any marketing strategy.
The Marketing Mix is the set of tactical marketing tools--Product, Price, Promotion and Place--that the firm blends to produce the response it wants in the target market. (Principles of Marketing,15e, Kotler and Armstrong,2014)
As far as the AMA definition of marketing is concerned, to my believe there is no big difference difference while making a marketing strategy as per the AMA definition of marketing.
To improve the effectiveness of marketing strategies, evolution has been made time to time..... a few years back, we were talking about7P's of marketing and now we are discussing9 P's of marketing...... BUT remember, the basic4P's are still the pillars of any successful marketing strategy.
right Planning,
right People,
right Product,
right Place,
right Price,
right Promotion,
right Partners,
right Presentation,
with the right amount of Passion ............. are the9P’s.
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