Strategic Marketing Conference Activity

Paper Summary:

This paper discusses Jerome McCarthy's Marketing Management Framework concept, which he published in 1960. In his article, McCarthy describes the term marketing mix and the 4P's: product, price, place, and promotion. The fifth P, packaging, is sometimes used in marketing research and planning. Ineffective marketing research can result in corporate failure. The paper draws an example in the case with the Dell Computer Corporation when it launched its e-commerce site in Japan. The company failed to conduct culture sensitivity research and used a black border on its website, a definite negative connotation in the Japanese culture.

From the Paper:

"Kotler (2000) defines marketing as the "process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products and services of value to with others" (p. 8). Anderson discusses how it is a common occurrence for marketers use Jerome McCarthy's Marketing Manager's Framework to develop a marketing mix. Management creates a marketing based on Jerome's 4P's: (1) Product, (2) Price (i.e. skimming, market penetration, and comparable pricing strategies), (3) Promotion (i.e. Push/Pull Strategy), and (4) Place (i.e. distribution). Sometimes packaging is used as the 5^th "P". Managers use these variables to make marketing decisions in order to satisfy consumers in the target market. As described by Coffinet et al, these strategies are also used to achieve market leadership."

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