ASSIGNMENT #2

Q1. DISCUSSION QUESTION: HOLISTIC MARKETING

What kind of opportunities does Holistic Marketing open up for businesses? What challenges, if any,
does it present?
[Expected length: 150 - 200 words]

Opportunities:
Holistic marketing facilitates businesses to restructure and enhance their communication network
which ensures a consistently unified brand image to be conveyed to all stakeholders through
integrated marketing strategies. This could lead to better communication across the business.
Furthermore, a consistent brand image would allow the company to achieve long-term consumer
and partner trust and loyalty, resulting in future expansion potential. A holistic approach to internal
marketing strives to ensure that all of a company's departments are connected and working toward
one shared goal. This provides an opportunity for businesses to achieve more effective operations,
better resource allocation across various business units, and the ability to identify areas for
improvement. Overall, a synergy between divisions is formed to ensure that operations run
smoothly and that employees are engaged and satisfied. Because all personnel and departments
are on the same page, customer contentment improves.
Another opportunity presented by holistic marketing for firms is to achieve marketing
effectiveness. This is accomplished through performance marketing, in which the degree of
commitment, conversion, and acquisition of new customers can be accomplished at lower costs
and risks while yielding a higher return on investment.
Challenges:
One of the difficulties that holistic marketing can provide for firms is that it takes a lot of work to
guarantee that all departments are working together to reach a shared goal. This may lead to firms
investing time and money in teaching their personnel from various departments on how to work
together to increase efficiency.
Furthermore, developing long-term consumer relationships through holistic marketing may not
ensure repeat sales. This is especially true when companies design goods that provide a positive
consumer experience over time.

Q2. DISCUSSION QUESTION: 4P MARKETING

Comment on the alternative to McCarthy’s 4P Marketing Mix suggested in terms of “People,
Processes, Programs, and Performance.” Explain why IT IS or IS NOT more relevant from the
perspective of customers today.
[Expected length: 200 – 300 words]

To depict contemporary marketing evolution, Kotler has proposed a broader view of the marketing
mix as an alternative to McCarthy's 4P. People, Processes, Programs, and Performance are the new
4Ps.
Employees and consumers are the focus of the people component. The reason for this is that
marketers must emphasize the importance of internal marketing in order to convey the relevance
of employees in the success of a product. Furthermore, marketers must perceive their existing and
potential clients as individuals, not just as consumers of their products, in order to develop a
successful marketing plan. It emphasizes the importance of examining the lives of its clients. As a
result, it takes into account not just the company's ability to provide a product, but also the
customer's preferences in order to deliver higher customer value.
According to the processes, marketing is made up of processes that must be driven by innovation
and a strong set of principles. As a result, having marketing processes defined by a set of principles
will assure their efficacy and lead to the acquisition of ideas for creative products and services to
respond to changing customer preferences while providing superior value. According to Kotler,
the program incorporates McCarthy's 4Ps as well as any other actions required to commercialize
commodities or services. Overall, it includes customer-directed activities. This is to ensure that
businesses have more possibilities to improve their customer interactions. As a result, in order for
a business to achieve higher rates of customer engagement, marketing efforts must be regarded as
a whole in order to present a consistent brand image to customers. The performance component
principally allows businesses to assess both the quantitative and qualitative impact of marketing-
related outcomes. According to Kotler, this component is critical for businesses to examine the
far-reaching consequences of their activity. These far-reaching implications would include any
legal, societal, or ethical difficulties that may occur as a result of a certain technique. Because
consumers have more knowledge, they evaluate a company's performance in terms of its CSR
activities, such as the use of "Green Techniques" and legal and ethical actions, to determine
whether its products are worth purchasing.
Unlike the usual 4Ps, Kotler's alternative to McCarthy's 4Ps takes into account customers'
perspectives in all of their dimensions. This reflects the fact that power has shifted to customers,
and that in order to achieve good marketing, customers must come first.