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The Traditional Elements of the Marketing Mix Have Become Irrelevant in the Modern World

In: Business and Management

Submitted By ritesh1971
Words 750
Pages 3
Qs.
“The traditional elements of the Marketing Mix have become irrelevant in the modern world”. Give your reasoned view, either agreeing or disagreeing with the above statement.
(Do not to exceed three pages {font type Times New Roman, size 12} in your answer).
Ans.
“The traditional elements of the marketing mix have become irrelevant in the modern world”. I do agree with the above statement with the following reasons:-
Though “4Ps” still popular on college syllabi, they are becoming less and less relevant for professional marketers.
That’s because in the real-time, digital world, the intersection of the 4 Ps – price, product, promotion, and place is constantly changing. New technologies allow and even require marketers and advertisers to understand consumer preferences and environment in real time to get the media exposure they desire. Although the core concepts of the 4 Ps are still essential, it’s clear that the marketing industry need a new guide to develop strategy and measure outcomes in the digital world.
In fact, relevancy, not reach, is the new number of the game. Yet marketers have the same need that the original 4 Ps addressed identifying the core elements and principles that must be managed and optimized in order to drive a core success factor: relevancy.
As per my opinion, the 4 Ps should an upgrade with the following new version:-
1. Preference: Modern marketing practices are founded on the belief that preferences matter- that what a consumer cares about has a noticeable impact on their attitude and activities. Only by understanding and acting on these preferences will it become possible to ensure relevancy for any given viewer. For instance, if I learn that consumer A prefers to view videos rather than read email, is primarily active at night versus the day, likes electronics products, and enjoys visiting stores over purchasing online, I...

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