Transgenerational Marketing by Rajagopal

Author:Rajagopal
Language: eng
Format: epub
ISBN: 9783030339265
Publisher: Springer International Publishing

Functional Elements of Marketing Mix

Marketing 2.0

The marketing mix concept is an essential part of marketing theory, which is modified over time in tune to the changing market dynamics and consumer behavior. The marketing mix is a simple and effective driver in developing business-to-consumer and business-to-business strategies for the companies. The extended functional elements of marketing mix discussed above add more strength to the concept while maintaining its simplicity. By applying new dimensions as technology, competitive moves, consistency in performance of brands within the product line, integration of marketing strategies across consumer segments, and competitive leverage, companies can see how a marketing mix can best fit the needs of the marketplace. In view of the rapidly changing demands, the elements of the marketing-mix make the most effective contribution to strengthen the performance of a company against the competitive threats (Shapiro 1985). The evolution of marketing across generations from Marketing 1.0 through Marketing 4.0, and the attributes of transgenerational shifts in marketing philosophy are exhibited in Fig. 5.1.

Fig. 5.1Attributes leading to marketing decisions in transgenerational growth

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