4P'S- MARKETING MIX And Digital Marketing

                    4 P's-        MARKETING MIX and DIGITAL MARKETING

                                               

MARKETING MIX- The combination of actions which a company use's for selling its product and services is known as marketing mix.

-the marketing mix is also known as 4 p's

McCarthy's 4 P's

The original marketing mix, or 4 P's, as originally proposed by marketer and academic E. Jerome McCarthy, provides a framework for marketing decision-making. McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in marketing.

4 p's are explained below-

1- PRODUCT- A product is an tangible item which satisfies a consumers needs and wants.

                           -product design,features

                           -branding

                           - packaging and labeling

                           -services like after sale service

                           -returns

these all are the parts of a product which a consumer see before purchasing a product.

2- PRICE-  it refers to that amount which a consumer pays for purchasing the product. sometimes price can be negotiable.

-price strategy

-price tactics

-payment procedure

-rebate,discounts

these all are determinants of price.

3- PLACE- Place is defined as the "direct or indirect channels to market, geographical distribution, territorial coverage, retail outlet, market location, catalogues, inventory, logistics and order fulfilment". Place refers either to the physical location where a business carries out business or the distribution channels used to reach markets. Place may refer to a retail outlet, but increasingly refers to virtual stores such as "a mail order catalogue, a telephone call centre or a website.

-location decision

-inventory

-assortment

-warehousing and transportation

-market share

4- PROMOTION- promotion refers to techniques used by seller or any company for advertisement of its product.

- advertising

-public relations

-channels or media strategy

- direct personal selling

-sales promotion or direct marketing

DIGITAL MARKETING - Digital marketing refers to the process of achieving marketing objectives of the company using digital technologies.

       

                                

DIGITAL MARKETING MIX: digital marketing mix is is fundamentally the same as Marketing Mix, which is an adaptation of Product, Price, Place and Promotion into digital marketing aspect.

1. product: product has been redefined as 'virtual product' in the digital marketing aspect, which is regarded as the combination of tangibility and intangibility.Through the form of digital, a product can be directly sent from manufacturers to customers.

example- a user can buy or download a music video from internet as compared to its physical form CD.

2.PRICE:  concerns about the pricing policies or pricing models from a company. Due to the widely use of the Internet, many applications could be found in both consumer's and producer's perspective. From consumers' side, the Internet enables people to make a comparison to a real-time prices before they make a consumption decision, which is time-saving and effort-saving for the consumers. As for the suppliers, they can adjust prices in the real-time and provide higher degree of price transparency with customers. Besides, the Internet is more likely to ease the pressure on price because online-producers do not have to put budget on renting a physical store. Hence, making new or adjusting pricing strategies is essential for the company that wants to enter the Internet market.

3. PROMOTION: promotion refers to select the target market locate and use various communication tools of marketing mix Unlike the traditional marketing communication tools, tools in digital marketing aim at engaging audiences by putting advertisements and contents on the social media, including display ads, pay-per-click (PPC), search engine optimization (SEO) etc. 

- e-mail advertising

-advertise comments

-Youtube adds

4.PLACE : With the application of the Internet, place is playing an increasingly important role in promoting consumption since the Internet and the physical channels become virtual. The major contribution from the Internet to the business is not only making it possible to selling products online, but also enabling companies to build relationships with customers.Furthermore, since the convenience of navigating from one site to another, place from the digital marketing perspective is always linked with promotion, which means retailers often uses third-party websites such as Google search engine to guide customers to visit their websites