EVOLVING THE 4P'S: A DEBATE ON CRITICISMS AND SUPPORT IN THE SHIFT TO CUSTOMER-CEMTRIC MODELS

Abstract The list of components that make up the marketing mix has been hotly debated, and the ability of these components to propel aggressive marketing initiatives has been steadily declining. New trades are being created as a result of the world's constant change. In the past, the speed at which these revolutions have occurred may have occurred every few years or every 10 years, but now, every year or month, we are seeing new products and items that have never been before. It is imperative that every business maintains a positive customer base in order to carry out the Ps of marketing, which comprise proper planning and targeting of people, the right product or service, the right place or distribution, the right price, the right promotion, the right physical and psychological evidence, the right amount of productivity, and quality performance. There have been numerous critiques regarding the efficacy of these conventional marketing tools and their applicability in the current dynamic marketing environment, but there have also been doubts about the efficacy of the four Ps of marketing in terms of their effectiveness in modern marketing jargon. In order to support the gradual ineffectiveness of the traditional 4ps of marketing concepts and the need to redesign a new, more inclusive philosophy that can help business organisations offer their products to the potential market given the current market narratives, which have shifted from the best offering of a firm's product to the more critical demands of value creation on the part of the consumers, this paper conducted an extensive literature review of previous studies related to the concept of the marketing mix and the critical arguments posited. Keywords: Marketing Mix; 4p’s; Customer-Centric Models; 21st Century Marketing tool