“4Ps of marketing” must be a known term for you, if you are someone who is studying business or doing it. However, it is very important to know whether it is significant or not for today’s world specially in the digital spectrum as 4Ps of Digital Marketing. It is also familiar as digital marketing mix framework.
So, let’s start with from the beginning from knowing what is marketing mix, how does it apply into the digital world and what is the significance of digital marketing mix framework.
4Ps of Marketing or Marketing Mix Framework:
Marketing mix framework is a very notable foundation model for business. Philip Kotler defined it by saying “It is a set of marketing tools that the firm uses to pursue its marketing objectives in the target market”. The marketing mix generally comprises of four marketing decisions, which are – product, price, place, and promotion. These four decisions additionally called the four P’s.
However, the marketing mix has developed to incorporate more marketing decisions to make it a superior tool for business. The extended marketing mix, likewise called the 7Ps. 7Ps incorporates the first four components (product, price, place, promotion) with people, process, and physical evidence. Furthermore, another model called 8 P’s, which means adding performance as a core decision to the existing model as well.
4Ps of Digital Marketing or Digital Marketing Mix Framework:
The evolution of the digital age has caused the standard methods and practices of nearly every industry to change and grow to work within this new paradigm, and marketing is certainly no exception. In fact, the marketing industry has arguably seen the most benefit from the growth of digital. Then the introduction of the digital marketing mix framework for this digital market happened. Digital marketing mix is basically equivalent to the traditional marketing mix framework. It is essentially the transformation of the four center components to the digital marketing context. You need to follow certain strategies to complete the concept into action for each of the components.
Product:
The heart of the marketing mix is product which refers either to a tangible or an intangible item that fulfills the buyer’s necessities. Product strategy should deal with everything related to the product.
You can use the following tools to evaluate your product and it can be very beneficial in the product strategy.
Three levels of a product: Firstly, the core product is the benefit of the product that makes it valuable to the customer. Secondly, the actual product is the tangible, physical product. Finally, the augmented product consists of lots of added value of the product. You need to consider these three levels of product to build a great product for your business. Moreover, product design, branding, packaging, labeling and after-sales services need to be implemented accordingly.
Product life-cycle (PLC) management: PLC is about all the stages a product goes through in its lifetime. You need to monitor each stage thoroughly to manage the quality of the product.
Customer adoption curve (AC): AC is about how the product will be accepted in the market place so that other aspects of marketing mix can be aligned.
Because of the interaction and connection of the Internet, Product has been redefined as ‘virtual product’. It regarded as the combination of tangibility and intangibility. When a company is making strategy for Internet marketing, it is necessary to understand how to vary their products in the online environment.
Price:
Price refers to the amount a customer pays for a product or a service. The most challenging part of pricing is to find the right price for the product. Because it neither be very high nor very low.
There are several methods to select the price, namely –
Cost based price – where the price is set in consideration of the expenses of the product
Competition based price – where the price is directly influenced by the existing competitors
Value based price – where the brand value plays a vital role to define the price
It is very important to set the price correctly by following an appropriate strategy. Due to the wide use of the Internet, many applications could be found in both consumers’ and producers’ perspective. Hence, making new or adjusting pricing strategies is essential for the company that wants to enter the Internet market.
Place:
Place is about the distribution strategy of the company for its products or services. It deals with how customers will get the access to the products or services. It considers providing convenience for consumer. From distribution to the customer reach, and all the necessary and important intermediate steps in-between are the main concern of this decision. Market coverage, location decisions, inventory, transport, warehousing and logistics are some of the main tactics that needs to be well managed.
Place is playing an increasingly important role in promoting consumption since the Internet and the physical channels become virtual.
Promotion:
Though the most important aspect of promotion is advertising, there are other significant elements to consider. And it is very important to make a right balance between these elements to get the best result.
Researchers suggested that the digital marketing campaigns can be separated into following six methods:
Significance of the digital marketing mix framework:
There are various benefits of the digital marketing mix framework to a digital marketer. We are mentioning below some of the most important benefits of this framework for you –
While today’s marketing environment has changed significantly since the 4Ps were established in 1960, the foundation of marketing has not. They are so important that they have withstood the test of time, including the growth of the internet age. Marketers can be successful by focusing on the marketing mix framework and the use of it within the digital world. Though new methods are made with new technological advancements, some old concepts like the marketing mix is still relevant.
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