AMB202 - 4PS and SIVA model PDF

Preview

Summary

Lit Review...

Description

AMB202 ASSESSMENT 1 – HOT TOPICS 3/16/2020

COMPARE AND ANALYSE THE 4PS (MARKETING MIX) WITH THE SIVA MODEL

INTRODUCTION Integrated Marketing Communications (IMC) is a vital marketing managerial frameworks. 4Ps and the SIVA model are both influential marketing strategies that have been practiced for decades. These models have been cultivated to assist with marketers in figuring how to academically evolve the methods of marketing (Patti & Schultz, 2009). Today, the era of technology has greatly improved, thus contemporary marketing strategies have also been introduced through maturing the 4Ps and SIVA to 4S (Au & Tucker, 2019). The enhanced 4S caters specifically towards the frequent utilisation of electronics. The 4Ps have been a vital marketing strategy that enables the marketing world to introduce newer models, such as SIVA and 4S, in order to increase brand loyalty (Lathangi et al, 2014), whilst encouraging consumer-centricity.

4PS BACKGROUND The importance of the marketing mix is to cultivate an approach that ensures a product’s value, through maximising the company’s profit within the market, thus guarantees a stable position (Barrio-Garcia et al 2012). The discovery of the “4P” model was first printed by E.J. McCarthy in 1960. The utilisation of the marketing mix is integrated in the four main “coordinates” of the marketing planning, (Chy Wei EE & S.G, 2019) they are depicted below in figure 1:

1 Assessment 1 – Hot Topics Literature Review

Figure 1: 4Ps – change the image

Through the implementation of the marketing mix, the 4Ps delivers a consistent value proposition that strengthens the positioning, increases loyalty within consumers and brand equity, thus resulting in the success of the company’s marketing and economic objectives (Lathangi et al, 2014).

SIVA MODEL BACKGROUND Solutions, Information, Value and Access model, or otherwise abbreviated to SIVA model was first proposed by Chekitan Dev and Dan Schultz in 2005 (Niblett, 2007; Wani, 2013). According to Dev and Schultz (2005) the customer-centric mix is reliant on the four fundamental questions consumers often question on their decision when purchasing a product. The explanation of the SIVA elements are as pictured:

Figure 2 – depicts how the SIVA elements are utilised.

2 Assessment 1 – Hot Topics Literature Review

The SIVA model syncs well into social marketing, as it is based more specifically on marketing solutions in comparison to physical products (Niblett, 2007). Dev and Schultz have advocated that marketers are not the manufactures, but rather the minds that comprehend and disentangle issues that places a customer’s value first. In terms of social marketing, having the ability to critically solve issues, whilst maintaining the value components are well received, as it is vastly appropriate to social marketing; predominantly in the modernised social revolution (Epepe &, Okoro 2015). The extent of research that greatly seeks to recognise the problem to be addressed and the change or pattern must commence, through the collection of other methodologies, it is possible to solve problems by incorporating solutions and information (Niblett, 2005).

HOW ARE THE 4PS AND SIVA CORRELATED? The language of SIVA is closely more associated with social marketing as opposed to the 4Ps. Social Marketers can examine themselves against SIVA and 4Ps to identify which model is more practical for them (Niblett, 2007). Dev and Schultz (2005) integrated the 4Ps to design a modern paradigm titled SIVA model. They stated that the 4Ps and SIVA modifies each other (Niblett, 2005) and it can be analysed through Table 1:

4Ps

SIVA

Table 1: Difference (Dev and Schuzlt, 2005). - Consumers are unaware of product campaign, yet they seek to have the solutions to their issues. - New product development continuously fails even with

Product

Solution

fifty years of marketing science. - The obsession of a new invention, rather than pursuing solutions on consumers issues.

Promotio

Informatio

n

n

- The knowledge and understanding of customer purchasing behaviour becomes a necessary research.

3 Assessment 1 – Hot Topics Literature Review

- Marketers having extent devotion to maintain and monitor chat rooms about emerging trends - Information’s intention is to accommodate the consumer’s want and need. - The value is dependent on the investment gained by a consumer. - Customer sacrifice to be considered, whilst financial Price

Value

costs should be placed aside. - Value = pleasure – pain. - Price and promotion are not the only tools for gaining sales. - Marketer’s focus surround the type of distribution system that is accessible for customers. - Product and service should be low-cost, rapid and uncomplicated to access.

Place

Access

- Access has two common elements: 1. Providing customers with the products on their conclusion. 2. Satisfaction on connection with consumer.

Their belief of re-conceptualising the marketing approach to represent more from the customers’ perspective, enters several possibilities for marketers to overcome the downfalls of the 4Ps approach (Niblett, 2007). The studies of Bagga et al. (2018) and Chen et al (2013) all lead to the same direction of the traditional methodology of 4Ps catering more towards product and services to supply demand within the marketplace, in comparison to the modernised perspective (SIVA) of marketing through centralising customers in order to deliver a newer perspective. Dr. Jan Tucker and Dr. Angela Au 4 Assessment 1 – Hot Topics Literature Review

(2019) states that the SIVA model is similar towards the 4P’s model, the SIVA approach is a contemporary step in the correct direction that allows the movement of the 4P’s into the current [21st] century. However, through the progression of technologies, as well as, decades of continuous research, Tucker and Au (2019) have also proposed a new methodology that aligns into the current era of electronics.

PROPOSED RECOMMENDATIONS FOR AN ENHANCED MODEL Although the advancement of technology has greatly affected how humans function daily, Dr. Tucker and Dr. Au have questioned - issues like how the company is a driven model (4Ps) vs consumer demands (SIVA) and the relevancy of both the 4Ps and SIVA model in the 21st century. In a world of social marketing, i.e. Twitter and Facebook, they suggest the re-examination and re-model of the 4Ps of marketing (Au & Tucker, 2019). Similarly, to the SIVA model, they evolved the 4Ps to the 4S to cater this current era consumer demands. The alignment is displayed in Table 2:

4Ps

Product

4S

Solution

Table 2: Difference (Au & Tucker, 2019) - Correspondingly, ‘S’ as solution is identical to SIVA. - Appeals to consumer’s emotions. - Solution enables the consumer to educate and engage on the utilisation of the product. - The supply chain members make sacrifices. o E.g.

Price

consumers

choosing

convenience

Sacrifice sacrificing price or quality.

Place

Situation

- Technological advances on the real-time inventory. - Availability of mobile use to purchase via e-business. - Utilisation of social media.

5 Assessment 1 – Hot Topics Literature Review

and

- SM Enables focus on target audiences. Promotio

Social

- SM recruitments of influencers with loyal fanbase to

n

Media

increase organisation followers.

To fully grasped the recommendation, Au and Tucker’s newly developed 4S model will benefit the generation of technology and the current social marketing, thus providing opportunities that was not available during the era of the 4Ps and SIVA models.

CONCLUSION The originality of the 4Ps was the beginning of a marketing strategy that is still currently being updated today. Opportunities like the SIVA model commencing their enhancement through the 4Ps is vital for social marketing, as it explores a consumer’s perspective, rather than fixation on product development like the 4Ps. Since decades have occurred, newer models like the 4S; deliver a more synced application in regard to social marketing, as it centralises and borrows both aspects of the 4Ps and SIVA to cater to a more technological era.

6 Assessment 1 – Hot Topics Literature Review

REFERENCES Au, A., & Tucker, J. (2019). Reframing the Marketing Strategy for Online Education. Elite Hall Publishing House, 11(3), 117. https://www.researchgate.net/profile/Kalani_Samarasinghe/publication/338357306_Challeng es_in_Implementing_Reverse_Logistics_Practices_in_Sri_Lanka/links/5e0f09cfa6fdcc28375 2ae4c/Challenges-in-Implementing-Reverse-Logistics-Practices-in-Sri-Lanka.pdf#page=181 Bagga, T., Sharma, A., Vishoi, S.K., & Wani, S.N. (2018). Artificial Intelleigence Enabled Marketing Solutions: A Review. Indian Journal of Eco Artificial Intelligence nomics & Business, Vo Enabled Marketing, 17(4), 171. https://www.researchgate.net/profile/Sushant_Vishnoi/publication/334626027_ARTIFICIAL_I NTELLIGENCE_ENABLED_MARKETING_SOLUTIONS_A_REVIEW_SUSHANT_KUMAR_ VISHNOI_TEENA_BAGGA_AARUSHI_SHARMA_AND_SAADAT_NASIR_WANI/links/5d36 cc114585153e5919818f/ARTIFICIAL-INTELLIGENCE-ENABLED-MARKETINGSOLUTIONS-A-REVIEW-SUSHANT-KUMAR-VISHNOI-TEENA-BAGGA-AARUSHISHARMA-AND-SAADAT-NASIR-WANI.pdf Barrio-Garcia, S.D., Kitchen, P.J., & Porcu, L. (2012). How Integrated Marketing Communications (IMC) works? A theoretical review and an analysis of its main drivers and effects. Comunicación Y Sciedad, 25(1), 315. https://dadun.unav.edu/bitstream/10171/27370/1/PORCU.pdf Chen, H-T., Haney, M., & Phelan, K.V. (2013). Journal of Hospitality and Tourism Technology. Emerald Group Publishing Limited, 4(2), 135. DOI 10.1108/JHTT-Jul-2012-0020 Chy Wei EE, W., & S.G, N. (2018). A Case Study of SAIC MAXUS Automobiles in Malaysia.

Nilai Field Consultancy and Training, Volume(3), 303-304. Cuellar-Healey, S., & Gomez, M. (2013). Marketing Module 1: Marketing. Elsevier, 1(1), 9 & 12. https://ecommons.cornell.edu/bitstream/handle/1813/65894/Cornell-Dysoneb1302.pdf?sequence=1&isAllowed=y Dev, C.S., & Schultz, D.E. (2005). Time to Kill Off the Four Ps? Market Leader, Summer(29) 2-5. https://www-warc-com.ezp01.library.qut.edu.au/Content/4fd39f79-0376-49b2-98d7459256767d7e Epepe, U.D., & Okoro, N. (2015) The Virtual World of Online Advertising: Content Analysis of Nigeria-based Small Businesses Adverts on Facebook and Google. American International Journal of Contemporary Research, 5(5), 51. http://www.aijcrnet.com/journals/Vol_5_No_5_October_2015/7.pdf

Gummesson, E. (1994), "Making Relationship Marketing Operational", International Journal of Service Industry Management, 5(5), 5-20. https://doi.org/10.1108/09564239410074349 Lathangi, R., Pradhan, S., Suthar, B.K., & Suthar, B.K. (2014). Impacts of Marketing Mix and Customer Perception on Brand Loyalty.

7 Assessment 1 – Hot Topics Literature Review

Möller, K. (2006) The Marketing Mix Revisited: Towards the 21st Century Marketing by E.Constantinides, 22(3-4), 439-440, DOI: 10.1362/026725706776861181. Niblett, G.R. (2005). Stretching the Limits of Social Marketing Partnerships, Upstream and Downstream: Setting the Context for the 10th Innovations in Social Marketing Conference, Social Marketing Quarterly. SAGE Journals, 11:3-4, 9-15. http://dx.doi.org/10.1080/15245000500308898 Niblett, G.R. (2007). It's All About the Customer: Context for the 11th Annual Innovations in Social Marketing Conference, Social Marketing Quarterly. SAGE Journals, 13:3, 8-9. http://dx.doi.org/10.1080/15245000701524202

Patti, C.H., & Schultz. D.E. (2009). The evolution of IMC: IMC in a customer-driven marketplace, Journal of Marketing Communications, 15:(2-3), 75-84, DOI: 10.1080/13527260902757480 Wani, T. (2013). From 4Ps to SAVE: A Theoretical Analysis of Various Marketing Mix Models. Business Sciences International Research Journal, 1(1), 6. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2288578

8 Assessment 1 – Hot Topics Literature Review...