Modern day marketing is defined as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” According to the American Marketing Association (Definition of Marketing, 2010). This take on marketing is comparable to, but different from the traditional way of marketing, called the four Ps. The four Ps were introduced in the early 1950s and consist of product, promotion, place, and price (Tanner & Raymond, 2010, p. 5). This paper will walk you through a side-by-side comparison of these different marketing paradigms and put things into context by comparing each model’s use in a set of theoretical companies.
First, we compare creating to product. Traditionally, companies would look at a product they have for sale and define it as goods and services which make up the company’s offering. The modern way of thinking
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The traditional concept is rather straight forward; sell the offering for a given price. While that makes sense, a modern company would take this last aspect of marketing to the next level by ensuring that the transaction offers the best value for both the consumer and the producer. The way the producer may choose to maximize the value between them and the consumer in ways beyond monetary gain such as establishing a customer loyalty program that rewards frequent buyers with prizes of even free product.
As you can see, the new marketing paradigm is geared much more toward providing value for the consumer, as well as the producer, and looking at the process as a collection of activities rather than four simple concepts as with the four Ps. The new marketing model seems to be much more suited to today 's consumers. However, it’s interesting to ponder if the modern theory is more suited to the modern consumer or if the modern consumer what taken on the concepts of the modern
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