The marketing mix (or four P’s) is a fundamental framework to consider when designing and executing a website. The four P’s, being Product, Price, Place and Promotion are all essential ingredients for your website. So what are the implications of each element? Today, we are going to dive straight into it:
Price
Price is one of the most important aspects of the mix. So, how much are people willing to pay for your products or services? And what type of pricing strategy will you use to attract them. Pricing can be structured in many ways by an organisation. For example, a start-up online business may set low prices to grow a customer base.
The key implications for the internet in regard to pricing are:
1) Increased price transparency
2) Downward pressure on price
3) New pricing approaches
4) Alternative pricing structure (i.e. auctions)
(Chaffey, PP. 268)
Promotion
The promotion element of the marketing mix is where it all comes together through communication to consumers. For example, marketing campaigns, advertising and all areas of how the organisation communicates to its customers is covered under the promotion. Executing well developed communication strategies of your products, prices and place is fundamental for your business to succeed.
Place
How products get to your customers is covered under the Place of the marketing mix, which essentially refers to the distribution. An clear benefit for the ‘Place’ of your products, would be to ensure that they are available worldwide. As you may have noticed whilst shopping online, some business will only ship to certain countries, making it hard to obtain customers in countries that they do not service. This is all part of the Place element of your marketing mix.
Product
The product refers your what you offer the customer to satisfy their needs. Products should be developed based on evidence of your customer needs and desires. This ensure that your products will sell.
The product element of the marketing mix works closely together with your pricing strategy. Ensuring that your products or services are priced conveniently for your customers, is another key point for the success of your business.
Some key implications of the internet for the product element include:
1) Options for varying the core product
2) Options for offering digital products
3) Conducting research online
4) Speed of new product development
5) Speed of new product diffusion
(Chaffey, PP. 256)
References
Management Style Guide, 2018. The Internet and the marketing mix. Viewed 11 September 2018, https://www.managementstudyguide.com/internet-and-the-marketing-mix.htm
Ervin. B. 24 June 2016. The four P’s of Marketing: How do they apply in the digital age? Viewed 11 September 2018, https://charngongwang.wordpress.com/professional/supermarket-strategies/
Chaffey,D. Ellis-Chadwick, F. Digital Marketing strategy, implementation and practice. 6th ed, Pearson 2016, pp. 250 – 289
Bhadri. G, 2018. Is your pricing strategy costing you customers? Viewed 11 September 2018, https://www.allbusiness.com/is-your-pricing-strategy-costing-you-customers-103985-1.html
Osburn. M. 26 May 2017. Top 5 trade promotion strategies to skyrocket your sales. Viewed 11 September 2018. https://blog.apruve.com/top-5-trade-promotion-strategies-to-skyrocket-your-sales
Bautista. J. 22 July 2014. Distribution Strategy & Channels. Viewed 11 September 2018, https://www.slideshare.net/jealene26/distribution-channel-37234228
Blue Canyon, 2018. Better meet customer needs and differentiate offers. Viewed 11 September 2018, https://bluecanyonpartners.com/productoffering/
Comments