Product
The Marketing Mix Revisited: Towards the 21st Century Marketing
The 4Ps; product, pricing, promotion, and place, outline the essential components of a
successful marketing strategy. Developed in the 1960s and utilized as a foundation of marketing
practices. Constantinides (2006) describes that academics and marketing practitioners embraced
this theoretical marketing concept as the principal and indispensable element of marketing and
operational marketing management. The wide utilization of the 4Ps theory has resulted in
marketing teams exposure in business schools and the ease in memorizing the key concepts of
this theory. However, the 4Ps marking theory fails to address the ever-evolving marketing
environment and changes in consumer behavior, the essential aspects of this marketing
management theory’s evolution must include broadening of this marketing theory, through the
decades the changes have included emphasis on exchange transactions and the emergence of
ideas like relationship marketing and total quality management (Constantinides, 2006).
Additionally, the emergence of new and improved information and communication technologies
has significantly changed the marketing landscape since the introduction of this theory.
Consumer behavior has also changed; these changes in the marketing environment and consumer
behavior have prompted marketing professionals to explore new theoretical frameworks which
can address the specific marketing challenges of the modern age (Constantinides, 2006).
Researchers and marketing professionals have advocated for an expanded theoretical
framework that addresses the inappropriateness of the 4Ps marketing theory, to underpin the
shifting marketing paradigm. Beke (2019) discusses that many marketing professionals have
demystified the 4Ps marketing theory by pointing out its failure to address positioning that is
crucial in today’s marketing environment. The 4Ps marketing theory fails to incorporate
important factors in marketing such as packaging and service sales (Beke, 2019). Constantinides
(2006) discusses the need for an expanded theoretical framework that covers the emerging
thematic entities within marketing, including consumer marketing, strategic marketing, service
marketing, social marketing, and many more. However, it has been argued that price
management as a marketing tool is just a short-term solution that only focuses on a few numbers
and analytics. The focus of marketing teams should be on what the consumers are focused on and
see as value, even though this can be difficult and psychologically complicated (Almquist et al.,
2016). However, the universal building blocks of marketing strategies can boost organizational
performance in existing and new markets. Almquist, Senior, and Block (2016), identify thirty
elements of value that are split into four categories, these categories are: functional, emotional,
life-changing, and social impact. This model can trace its framework to Maslow’s hierarchy of
needs and organizes the values into a pyramid that allows marketers to classify consumer’s value
from products (Almquist et al., 2016). Park, Chintagunta, and Suk (2019), add that organizations
deal with uncertainties on how the product market reacts to their marketing activities and
strategies, making the ability to focus on how the values that are crucial for effective marketing
campaigns. Organizations can establish a discipline in creating product value within key areas
such as product development, pricing, and customer segmentation (Almquist et al., 2016).
The CEO of Levi Strauss on Leading an Iconic Brand Back to Growth
Levi Strauss did not exceed $4.5 billion in sales in the years between 2001 and 2010,
indicating an organization that was in distress and needed to make major changes in order to
compete with other companies in the apparel industry (Bergh, 2018). A new CEO appointed in
2011, utilized the first few months with the organization to discuss with executives, employees,
and customers to determine the changes the organization needed to make and as a result it was
discovered that the organization was lacking a clear marketing strategy. The CEO started to
change the strategy of the organization through the introduction of a new company tagline “Live
in Levis.” However, the slogan was not enough to make substantial growth changes for the
organization; therefore, other changes were introduced including a four-part strategy focusing on
the creation of a profitable core, expanding, becoming the leading omnichannel retailer, and
achieving new heights of operational excellence. These strategies revitalized Levis Strauss,
which has since recorded multiple years of top and bottom-line growth and has more than
doubled in value. The CEO of the organization believes that there is room for additional growth
(Bergh, 2018).
Conclusion
The three articles discuss the changing dynamics of marketing within an ever-changing
world of organizational competition and consumer behavior. The 4Ps marketing mix discussed in
the first article fails to solve the problems related to consumer behavior and service marketing.
While the second article presents value as a critical aspect of marketing beyond just changes to
pricing strategies. The most intriguing article was the third article, to read that a major
corporation such as Levi Strauss had a period of stunted growth when it is one of the most
recognizable products within the market was surprising. However, gaining further understanding
of the four-part strategy utilized to jump start the organizations growth was fascinating and
something that can be applied to many organizations, even when not in a period of stunted
growth. Luke 21:15 (ESV) “For I will give you a mouth and wisdom, which none of your
adversaries will be able to withstand or contradict.” When determining marketing strategies one
should keep this verse in mind, that we are provided with a mouth and wisdom from God, and
with it we can make major changes and we can connect with many individuals within the world.
Galatians 6:2 (ESV) “Bear one another's burdens, and so fulfill the law of Christ.” As an
organizational leader when making decisions it is important to bare the burdens of the
organization and its employees. And to understand what change is needed for organizational
success. Just as the CEO saw the need for changes within the organization and how to move
forward into new success, the CEO did understand the burden of the organization and its need for
change. Acting in a Godly manner to understand the needs of the organization. Thessalonians
5:11 (ESV) “Therefore encourage one another and build one another up, just as you are doing.”
The organization’s leaders must encourage the changes and to understand that change can be
difficult for some and easier for others. It is important to understand how the change will affect
everyone within the organization and to aid them in moving forward to reach organizational
success.
References
Almquist, E.; Senior, J.; & Bloch, N. (2016). The elements of value. Harvard Business Review,
94(9), 46-53.
Beke, G. O. (2019). Demystifying McCarthy’s 4 p’s of the marketing mix: To be or not to be.
European Journal of Business and Management Research, 3(4), 1–3.
https://doi.org/10.24018/ejbmr.2018.3.4.14
Bergh, C. (2018). The CEO of Levi Strauss on leading an iconic brand back to growth. Harvard
Business Review, 96(4), 33-39.
Constantinides, E. (2006) The Marketing Mix Revisited: Towards the 21st Century Marketing,
Journal of Marketing Management. doi.org/10.1362/026725706776861190
English Standard Version Bible. (2001). ESV Online. https://esv.literalword.com/
