Advanced Marketing – Essay Example
Kotler and Keller (2009) emphasize the significant differences in the traditional and modern organization vis-à-vis market that necessitate creative input in the market strategy to gain competitive advantage. In the past, the 4Ps (product, price, place and promotion) of marketing strategy were highly relevant mainly because of the three main reasons. They were lack of variety within the products, people were exposed to limited means of publicity and lastly promotional activities were more localized. The strategy therefore, was viable in the given restrained parameters and yielded results that satisfied both the customers and the retailers of the time.
On the contrary, today, the technological advancements have brought forth an explosion of information that is easily accessible to public through the internet and other media like television, radio, mobile phones etc. The internet has made it easy for the customers to become aware of the product details including its availability at competitive prices which has precipitated the need to develop a whole new perspective for a new marketing technique. The holistic marketing takes into consideration a whole new range of stakeholders comprising of consumers, suppliers, franchisee, retailers, workforce etc. that is focused on relationship building.
It is true that market strategy is focused on the needs and requirements of the people and makes continuous efforts to update its products line with that of the changing public demands. But at the same time, the customer, while remaining the main point of any marketing techniques, no more commands the sole attention. The emerging technology has necessitated the incorporation of the whole system within which the product is marketed. Hence any successful marketing must address the system as a whole.
Kotler, Philips and Keller, Kevin Lane. (2009). Marketing Management. Prentice Hall.