Sunday, January 17, 2010

Contemporary dimensions of the Marketing Mix

There have been attempts to develop an 'extended marketing mix' to better accommodate specific aspects of marketing. For example, in the 1970s, Nickels and Jolson suggested the inclusion of Packaging. In the 1980s, Kotler proposed Public opinion and Political power, and Booms and Bitner included three additional Ps – People, Process, Physical evidence - to accommodate trends towards a service or knowledge based economy. On the other hand, the 4 Ps have been countered by customer-oriented 4 Cs - Consumer wants (vs. Products), Cost to satisfy (vs. Price), Convenience to buy (vs. Place), and Communication (vs. Promotion). Another contemporary dimension is the 7Cs compass model; it includes Commodity, Cost, Channel, Communication, Corporation (and Competitor), Consumer and Circumstances