Developing a new understanding of markets: reinterpreting the 4Ps

Abstract

Purpose Arising from systematic empirical observations' aims to fulfil the need to review and refine existing market models and tools. Design/methodology/approach The article includes a critical analysis of existing marketing models, which mainly originate from the marketing mix (the 4Ps) model, which in turn has a clear micro economic “allocation of resources” background. Today, it is argued there are important changes in how markets work and what kind of marketing problems companies meet. Marketing is much more about dealing with dynamic issues where interaction is a key mechanism and where the value of resources are not given but can be developed. The basic marketing problem in many situations is consequently more about the development of resources than the allocation of them. Findings The 4Ps can still be a useful starting‐point in many analyses but then the model has to be reframed including how the 4Ps are conceptualized. In a first reinterpretation attempt, promotion (in terms of interaction) and place appear to be more essential for the creation of value, and product and price more an outcome of the same process. Originality/value The paper is a strong argument for an increased interest in developing new and alternative approaches to marketing where dynamic processes, including creation of resources and value, are focused.

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