discussion response

Marketing Mix

Constantinides (2016), looks at the 4 Ps of marketing mix and how it transcends into the 21st century. Mix finds its roots in work from the 1960s by Neil Borden who originally based it on twelve elements that were later synthesized to the 4 Ps by Jerome McCarthy. Mix consists of product, price, promotion, and place. Since the 1960s Mix has been widely regarded as the standard for understanding marketing and product development, its prevalence has been compounded by academia as it has been the focal point of marketing education. In recent decades the value of the 4 Ps has been questioned by marketing professionals as it fail to address the growing need to create value through personalization for consumers. Research suggests that the 4 Ps fall short in its lack of customer orientation, lack of interaction with customers, and inability to adjust to external factors. New frameworks look to address these shortcomings with some frameworks adding to the 4 Ps and others going away from them entirely.

Elements of Value

Almquist, Senior, and Bloch, (2016), analyzes the need for marketers to shift their focus from price orientation to delivering value to their customers. This research builds on concepts of Abraham Maslow's hierarchy of needs; Maslow identified the innate desires that must be met to fulfill natural human desires. The research looks at the theories of Maslow and applies them directly to marketing strategy; it utilizes the theory to develop a list of thirty elements that fit within the hierarchy of consumer needs. The research suggests that it is necessary for companies to meet the lower-level needs of their customers with products in order to deliver upon the higher-level needs. The research suggests that when a company can deliver on these needs that customer satisfaction increases as well as customer loyalty behaviors. In this way, by meeting customer needs companies can generate stronger revenues. The research also suggests that the elements within the thirty that are important for success vary between industries, so marketers need to be conscious of which elements are important to their target customer demographics.

Brands do Not Rust

Viegel (2017) examines how large companies are staying in front of other businesses through innovation and the utilization of technology to understand customer needs and trends. The research shows that companies that invest in managing the data available to them and utilizing technologies like artificial intelligence can stay in front consumer desires and stay on the front edge of customer-oriented innovation. The article also displays the need for companies to incorporate hiring practices that is intentional in seeking talent that can move outside of industry norms in their ways of thinking. It shows that marketers must emphasize the things that set a brand apart and how they offer greater overall customer value than competitors.

Biblical Integration

Throughout scripture fair dealings with one another is emphasized, these principles are vital within marketing and build customer loyalty. Proverbs 11:18 says "A wicked person earns deceptive wages, but the one who sows righteousness reaps a sure reward" (New International Bible, 1978/2022, Proverbs 11:18). This verse emphasizes the need to be honest in the marketing of products and ensure that they are truly generating value for customers. Ecclesiates 10:18 says "Through laziness, the rafters sag; because of idle hands, the house leaks" (New International Bible, 1978/2022, Eccleiastes 10:18). This verse emphasizes that individuals must not become idle and rest on the successes that have passed but remain active in developing and strategically marketing new products. It is important for companies to continually develop products that create value for customers. Matthew 5:15 says "Neither do people light a lamp and put it under a bowl. Instead, they put it on its stand, and it gives light to everyone in the house" (New International Bible, 1978/2022, Matthew 5:15). Companies that develop products that generate value for customers need their marketing departments to ensure that they are putting the products on the lamp stand for their customers and the world to see the quality products they are producing and the value it creates for their customers.

Conclusion

These articles emphasize the importance of creating value for customers as well as properly identifying the value that customers seek. They show that through properly identifying the needs of customers, in a timely manner, products can be developed that generate added value for customers. By focusing on the customer value side of the equation as compared to pricing, companies can generate greater revenues while promoting customer loyalty (Dananjoyo & Wibowo, 2024). Brands are built on their reputation and their reputation is built by creating transactions where the customer is receiving something that they find to be of greater value than the price they paid for the item, when companies focus on delivering that value to customers, they build a brand that will last well into the future.

References

Almquist, E., Senior, J., & Bloch, N. (2016). The Elements of Value. Harvard Business Review, 94(9), 46–92.

Constantinides, E. (2006). The marketing mix revisited: Towards the 21st century marketing. Journal of Marketing

Management, 22(3-4), 407-438. https://doi.org/10.1362/026725706776861190Links to an external site.

Dananjoyo, R., & Wibowo, A. A. (2024). The role of customer relationship management to strengthen customer satisfaction using

product innovation and customer value as intervening variable. E3S Web of Conferences, 571,

2007. https://doi.org/10.1051/e3sconf/202457102007Links to an external site.

New International Bible. (2022). Tyndale House Publishers. (Original work published 1978)

Veigel, U. (2017). Factories rust; brands do not. Journal of Brand Strategy, 6(3), 250–262. https://doi.org/10.69554/soia6753Links to an external site.