Hello MRKT 2111,
We are all very familiar with the Marketing Mix. The 4 P's have been in place since the 1950's.
I'm not blogging to bore you with the explanations and the jargon associated to this concept. My goal is to explain that however you position the 4 P's into your marketing plan you must be conscious of the profound changes with the market itself.
Lets begin with the current landscape and what is successful with E-marketing. We know that Advertising Online, SEO Searches, Mobile Streaming and Consumer Engagement are priorities for firms to offer their services and/or products effectively, we know that any given day consumers are bombarded with advertising (both online and offline) messages, and we know that effective E-marketing plans incorporate the 4 P's into the strategy. But what is occurring now is a complete transformation of the market and if you want to be successful, you better understand what is happening and why.
The fundamental change is now the consumers are now in complete control. Consumers are now buying what they want and with extensive knowledge of your good or service. They are influenced by their piers and they are empowered. They are on a journey and the marketer must guide them through the decision making process.
So regardless of what P you are offering online, your goal should be about winning over your customer. This will strengthen brand awareness, solidify reputation, and, in turn, increase sales.
This is the Purchase Funnel. It suggests consumers narrow the initial consideration as they weigh options, make decisions and buy products.
It is outdated, creates bottlenecks and introduces problems.
This is the concept called the Consumer Decision Journey. It highlights stages in the decision making process and allows marketers to focus on different aspects of the journey.
Now businesses of all sizes and of various industries can guide their customers through the journey. Regardless if the firm is selling a product or service they can evaluate the results of their campaign in various stages of the journey and strengthen if necessary.
So regardless if your E-business is marketing through Social Media Platforms, effective OVP's on the home page, targeting Early Adopters, or using the latest IMC metrics the message here is to understand this formula to ensure success.
Lastly, the 4 P's have been updated in this era of awesomeness. There are actually 7 P's and lots of articles on the Web. Facebook has their 7 P strategy also. I hope you enjoyed reading my blog.
