Reference no: EM13322120
Right Marketing Mix Combination Framework: Analytical Tool to understand the success or failure of a brand There has been a simple secret to success in marketing and that is designing and developing right marketing mix combination for any product offered by any business. Generally it is advocated that if a right product is delivered to a right customer at a right price and at a right place and supported by right promotion it succeeds to win customer. Some practitioners and theorists in marketing believe that mainly the time factor makes the four Ps right which is partially true because time is not the whole but a partial factor. What actually makes marketing mix combination right? This is known to marketing students and practitioners that marketing mix is the combination of four Ps of product, price, place & promotion which if match with their corresponding four Cs of customer solution, customer affordability, customer convenience and customer communication result in right marketing mix combination.
It is clear from the introductory paragraph that if for any market offering marketers develop 4Ps according to 4Cs then success is guaranteed. And failure to match 4Ps with 4Cs may lead to the failure of a brand/market offering. We all know that each P of marketing mix has further parts and details which fulfill different needs and sub needs of a customer. Here we are not concerned with the details of four Ps rather our sole intention is to use right marketing mix combination as a framework to analyze the causes of success and failure of a brand/ market offering. Following is the concept of Right Marketing Mix Combination Framework:
Right Marketing Mix Combination Framework:
Product Customer Solution
Price Customer Affordability
Place Customer Convenience
Promotion Customer Communication
Question is this that what is presented in the table above is not new except its title as it is being used by theorists and practitioners in marketing after this idea was presented by James Culliton in 1948, then what is new? In fact this framework is being used in a new way as an analysis tool to understand the success and failure of a brand/market offering.
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