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Implication of the Internet on the 4Ps

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Hello beautiful people, hope you all surviving busy week of  uni 😉

Lets get started with this week blog, The task for blog 4a is to briefly summarise the implications of the internet on each element of the marketing mix ( Consider 4 Ps)

What is marketing mix?

The marketing mix is a term for the elements considered when creating and implement marketing strategies. The 4Ps of marketing was initially proposed by Jerome McCarthy. (Chaffey & Ellis-Chadwick, 2016). As extended there are 7Ps in the marketing mix. Though, I will just focus on four important p’s.

marketing-joke
(“Image: 30 Humorous and Funny Jokes”, 2018)
Jokes apart,

The four P’s of marketing mix includes,

– Price, promotion, place, and product. 

 

Price

4p vol1This refers to the value that is put for a product. The price of a product affects how it performs on the market. A product with a higher or a lower price tag than its perceived value will not sell. As such, understanding how a customer perceives what you are selling is extremely important. It is possible for a product to be priced higher than its true monetary value and still sell if it enjoys a positive customer value. On the other hand, a product may need to be low-priced for it to sell if the customer considers it of little value. (“Concept of the Marketing Mix 4Ps – Marketing Mix”, 2018). As an example, E-bay has lower price products available than other physical stores.

Some of the implications of the internet for price element are: 

  • Downward pressure for lower price
  • Increased price transparency 
  • Alternative pricing policies
  • New pricing approaches 

 

(Chaffey & Ellis-Chadwick 2016, p. 268). 

Promotion 

4p vol1

Promotion refer to advertising companies offering to its target customers, using different platform such as social media, in the press, on TV, on radio, or on billboards. Regardless of the channel used, these may entail advertising, sales promotions, special offers, as well as public relations. The promotion plan comprises of the marketing communication strategies and techniques. (“Concept of the Marketing Mix 4Ps – Marketing Mix”, 2018)

internet plays the vital role in advertising, as majority of people uses social media and advertising on social media is easy and efficacious. in addition, online promotion is cheaper than traditional advertising.  Social media and email are also great ways to increase awareness of a brand’s products. 69% of Australians are using social media. Of that sample, 57% of those users access social media channels every day. (Services, Resources, Successes & Culture, 2018) 

Place

4p vol1Place refers to the point of sale. How the product will be provided to the customer is what determines the place or its placement, whether its virtual or physical. (“Concept of the Marketing Mix 4Ps – Marketing Mix”, 2018). Some implications of the internet on place are: place of purchase, channel structures and virtual organisations. (Chaffey, 2016). Now- a-days almost all the stores has online shop because it helps to reach customers as per their convenient and online stores are better in terms of reaching to customers globally. 

Product 

4p vol1

When it comes to the product, it is either a tangible good or an intangible service that meets a customer’s need or demand. (“Concept of the Marketing Mix 4Ps – Marketing Mix”, 2018). In the digital marketplace, the focus on the Product has remained, but has been supplemented by the user experience. While the digital marketplace may sell the same products as a physical store, the customer experience is vastly different because it lacks several components of the buying experience, such as touching the product, talking to an assistant, and so on. This has been replaced by the focus on the digital user experience, like customer base preferences, product comparison, and the onus today is on the user experience. (Talentedge India, 2015)

Some of the implications of the internet for product element are: 

  • Speed of new product development
  • Speed of new product diffusion
  • Differentiate alternative core product
  • convenience of research on the product
  • Time efficient

(Chaffey & Ellis-Chadwick 2016, p. 268). 

To sum up, as we all are aware that internet plays the vital role in today’s world. However, 4Ps framework is important to consider in both online and physical stores. Many traditional marketing concepts are still alive in this digital era. Businesses needs to follow marketing framework as well as keep innovating new methods and technology to be successful.

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