2.1. The Marketing Mix
“the
marketing mix”. The main course content will focus on the specifics of the e-marketing compared to the traditional marketing. We will begin by discussing the core marketing mix, insisting on the special issues raised by e-marketing. The second part of the class will focus on the extended marketing mix.
The marketing mix can be synthesized in the expression of “the 4 P’s”, standing for Product, Price, Place and Promotion.
2.1. 1. Product
Product – the first element of the marketing mix – includes investigation and research on the potential customers’ needs in order to be able to develop products to satisfy these needs.
A classic definition of the “product” notion is that of Philip Kotler:
“a product is anything
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As we already have guessed, the e-marketing opens a new dimension, a new modality to perceive and utilize virtual instruments in order to achieve real goals.
As in classic marketing, the e-marketing product is developed and analyzed after the 3-level model introduced by Kotler. The 3 levels of a product (Kotler) book “Principles of Marketing”
“The core product answers the question “What do consumers buy?” and consists in the services or main advantages sought by consumers.
The actual product is built around the core product and it may have one, several, or all of the following 5: quality, characteristics, style, brand name, packaging. The strategies at this level should ensure that the product offers a differential advantage from the competitors’ products.
The augmented product: comes as the final and most sensitive layer of the total product. It complements the product with additional services and advantages such as after sales service, warranty, delivery terms. In a highly competitive market, it’s the augmented product that makes the difference and is pushing the buying
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2.1. 3. Place
Traditionally, the place element refers to how an organization will chose to distribute the product / service they are offering to the end user. Efficient distribution is highly important in order to achieve the overall marketing objectives of an organization.
If we take a closer look into the marketing mix, we should notice that the biggest impact of the internet is upon the place element, for the simple reason that the internet has a global reach. Identified major implications of the internet upon the place aspect of the mix are:
Plac e of purchase, for which McDonald and Wilson (2002) identified five options:
Seller-controlled sites: those that are the main site of the supplier company which are e-commerce enabled;
Seller-oriented sites: controlled by third parties, but represent the seller rather than providing a full range of options;
Neutral site: independent evaluator intermediaries that enable price and product comparison and will result in the purchase being fulfilled on the target site;
Buyer-oriented sites: controlled by third parties on behalf of the
When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.
For instance, Primark 's products offer customers clothing as a base product, of witch actual benefits are being to be cheap and trendy, and they may have some return policy as augmented benefit in case of defects. Each product may be realised following a new product development process to improve its success rate (Harris and Schaefer, 2015, p.43-47).
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand of products in the market. Price, Product, Promotion and Place, are known as the 4Ps that make up a typical marketing mix. As marketing evolves, there are additional Ps that can also be included in the marketing mix, however, focusing on the 4 core Ps of the marketing mix, price, place, promotion and Product, taking an in-depth look at the aspects of Victoria’s Secret in general and in terms of the selected product. All the elements of the marketing mix influence each other. They contribute to the business plan for a company and if managed correctly, can give it a great success. In order to successfully master marketing mix, it needs understanding,
Competitive advantage is an advantage that a company has over its rivals, permitting it to produce more prominent deals or edges and/or hold a larger number of clients than its rivals. Upper hand results from coordinating the chances to the center abilities. The objective of core competencies is to construct world initiative in configuration and advancement of a specific class of item usefulness. Having focal points and control over core products is critical for a few reasons. A predominant position in core competencies and core products empowers an organization so shape the development of utilizations and end markets.
Another aspect is price. Under the 4Ps approach price could also become a competitive advantage. For instance, if the product is not unique itself, a certain pricing strategy, such as price reduction, could potentially sell the product.
...ount of untrustworthy and reliable sellers. EBay could counteract this problem by implementing a strategy where eBay would have the authority to terminate a user’s account if their rating in percentage dropped below 60%. This strategy may help the organisation to reduce the amount of unreliable seller resulting in a much more safer and reliable market platform where people would be able to purchase products at ease without any hassle.
as this helped the business in identifying the needs of the consumers in the market and has given the business with information which will help the business to ensure that there product is able to meet the consumers requirements and be successful in the market and helps the business to offer a better product than the competitor in the
Marketing Mix is a very essential concept for the progression of the business. Products and services of a business organization get effective strategic positions in the market with the help of using marketing mix. According to Belz (2011), through appropriate attentiveness of the marketing mix, an organization can have proper explicated marketing tactics and strategies through which the company’s marketing objectives can be achieved at the required level. Marketing mix is not merely a single term but it is an assembly of different elements of marketing.
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market (Economic Times, 2016). This is made up of price, product, promotion and place. These include, product strategies, pricing strategies, place strategies, and lastly, promotion strategies.” (Kotler & Keller, 2012). Each of these strategies work together.
The first P of the marketing mix is the product. Product is what you are trying to sell, and your mission behind selling it. In sports, this is vital to your organization’s success.
Since its launch in the mid '90s, Dell's e-commerce business has been a poster child for the benefits of online sales, says Aberdeen Group analyst Kent Allen. The company's strategy of selling over the Internet -- with no retail outlets and no middleman -- has been as discussed, admired and imitated as any e-commerce model. Dell's online sales channel has proven so successful, says Allen that the computer industry must ask: "Does the consumer need to go to the store to buy a PC anymore?"
In all reality, all businesses will, in some way shape or form, complete all of the marketing activities, even if completing these activities is not their main goal. (Dlabay 2006.) These marketing activities are product, place, price, and promotion. A business tool called that marketing mix takes all of these activities and puts them together in a way that can be used to help improve a business’s marketing strategy. Product is what the company is selling; Place is where the consumer will obtain this product; Price is what the consumer will pay for the product; Promotion is any type of communication that is intended to remind, inform, or persuade. (Dlabay 2006.) The marketing mix and the four P’s describe very well what business marketing is all about.
Product, place, price, promotion are the four p’s of the marketing mix. These four p’s are what make up marketing and what drive consumers to a certain product or service. A marketing mix is a phrase used in the business world to allow different options of the way a company wants to put their product or service on the market. The product or service is what the customer is looking for and will decide whether or not purchase based off of its looks, color, size, or cost. Place is the location of where this item can be found by its customer. The price will determine the value of the product or service and compare it to other products or services similar to theirs. Promotion is how the product will be advertised and get to its
E-Marketing or electronic marketing refers to the application of marketing principles and techniques via electronic media and more specifically the Internet. The terms E-Marketing, Internet marketing and online marketing are frequently interchanged and can often be considered synonymous. Marketing consists of individual and organisational activities that facilitate and expedite satisfying exchange relationships in a dynamic environment through the creation, distribution, promotion and pricing of goods, services and ideas. (Dibb, Simkin, Pride and Ferrell, 2001). E-Marketing encompasses all the activit...