Parents are important enough to any child for them to obey, listen, and respect them- in the event that the respect is shared, love is provided, and you actually listen to your own children.
A child will listen to what his/her parents have to say whether punishment is through physical attacks or other means. In order to teach a lesson that cannot be conveyed through simple words, I recomend taking a privilege away or grounding- but not for a very long amount of time. Oftentimes, a simple, "I am very, very disapointed in you." goes a very long way, probably further than most realize.
I personally feel the majority of the time, someone who feels the need to physically thrash their child is actually getting out their own aggressions rather than teaching a lesson to a child.
I also think that by hitting a child, you teach them that manhandling someone is an effective (and acceptable, after all, said parents did it) means by which you can force someone to do your bidding.
It is barbaric, simple-minded, and disgusting.
If you feel the need to kick someone's ass because you are frustrated at your child's actions, take up kickboxing.