Monday, March 06, 2006

The New Marketing Mix

For decades McCarthy's marketing mix - the 4 Ps(Product,Price, Promotion and Place) have ruled the roost .The first thing an MBA learns in marketing are the 4 Ps.The entire marketing fraternity swears by these time tested fundas. But now these concepts have come under severe criticism.
Management guru Prof Jagdish Seth has not only questioned the relevance of the marketing mix in this age but has also come up with the 4 A s of marketing - acceptability, affordability, accessibility and awareness.According to Prof Seth marketing today has more to do with what customers actually require rather than the product-centric world that companies think they require. "The consumers' is gaining power. There is excess supply and it has become the buyer's market."
In this cutomer centric world the 4 Ps may soon become extinct.

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