What is Marketing Mix?
Effective marketing is one of the most valuable assets a business can use to reliably and organically grow and expand. However, in the past few years, firms such as https://www.grassrootsadvertising.com/ have had a drastic impact on the way we do marketing and the strategies we employ to get what we want.
To form a better understanding of just how the digital age has reshaped modern marketing, today we are going to take a look at it through the classical approach of the 4P’s marketing mix and the impact it had on each of the four categories that make it, namely: product, price, place, and promotion.
The central point of any marketing strategy is the product you are trying to sell. It encompasses everything, from the variety you are offering to its design, packaging, and finally, quality. All of the other categories would be useless unless what you are trying to sell is something that people need and is appealing.
The digital age has made the importance of focusing on your products even more prevalent as it has become easier than ever for customers to connect and share their experiences through different review sites and social media. This has also raised their standards and made them more critical of the products they are using. On top of this, modern consumers need to put minimal effort to find alternatives to your products as your competitors are only a Google search away.
However, there is also a positive side to this, as the same platforms can be used to hear constructive criticism and gain a grasp of what areas you need to focus on improving, creating a constant feedback loop you can use to make sure your products are everything they could and should be.
The next category of a marketing mix is the price, which simply refers to the amount of money a customer is willing to pay for your services. It plays a significant factor in the marketing mix as it’s also one of the factors that will determine the success of your business. The ultimate goal is to provide the best value for the smallest price, which makes this category closely linked to the previous one.
With that being said, the digital age has also had a tremendous impact on this category as new technologies have made it possible for businesses to find new ways in which they can reduce the costs associated with their products which allows them to set a low price while still receiving good revenue. For example, companies are now able to cut out the middle man and sell directly to customers as they can get all of the information they need from the internet.
Place refers to your business’s ability to distribute the product and generally increase its accessibility to potential customers. All in all, the bigger reach you have, the more chances you will have of finding new customers. However, in the digital age, this category is also linked to the speed and efficiency with which you can get your product to the customer as well as the little perks you can give them.
Because of the high costs associated with running your own efficient distribution chain, most modern companies tend to outsource this process to other businesses such as reliable JMIT distributors which can allow them to offer their customers things they otherwise wouldn’t be able such as the status of their delivery and the latest order tracking information.
Finally, promotion is the aspect of the marketing mix that most likely first comes to mind when someone thinks of marketing. It includes advertising, promotion, and the general PR of your business, which increases your product exposure as well as credibility. The impact of the digital age has also had a massive impact on this category with many new modes and methods of strategies being developed over the past couple of years.
The most prominent among these has to be social media marketing, which has become one of the most dominant marketing methods in recent years and gave businesses exposure to worldwide audiences.
While marketing has had a vital role in business for a very long time, the digital age has allowed it to evolve and expand in ways that not only improve the efficiency with which companies can conduct business but also in ways that benefit everyday customers.