Application of the 4Ps in Emerging Markets

Abstract

Emerging markets have in recent times become a great source of interest for companies due to the unique value that they have to offer. In spite of this, marketing products or services in emerging markets can pose a distinct set of challenges, apart from being a source of great opportunity that firms need to consider in order to succeed. Results can be obtained by employing a combination of the marketing mix variables over which the marketer has control. The 4P classification of the marketing mix, remains the most cited and the most often used classification of the marketing mix. However, the applicability and suitability of the 4Ps for implementation in emerging markets still remains a source of debate. The paper, based on previous literature, presents an account of the marketing mix (4Ps) and its application in emerging markets, as well as a discussion on whether or not they can be applied in emerging markets. Two main schools of thought have emerged in an attempt to explain how applicable the marketing mix is in the context of emerging markets. One school believes that the 4Ps is not applicable in emerging markets, while a second school of thought believes that the marketing mix is indeed applicable in emerging markets subject to contextual adaptations. The paper adopts the latter view and calls for an investigation into the application of the 4Ps marketing mix among customers in emerging markets, incorporating four key considerations: access, affordability, availability and awareness. Likewise, the paper suggests that the nature of marketing strategy formulation of different types of organizations for emerging markets can be better understood by investigating the level of economic development, economic growth, as well as the market governance pertaining within the particular emerging market.