Let us understand the definition of marketing:
Marketing is defined as “the activity under taken by the company to promote buying or selling of their products or services. Marketing also includes promoting, selling and delivering of the products and services to the end user or business.”
Marketing Mix: 4P’s of Marketing
- Product: Product refers to the product or service being offered to the consumers to fulfill the gap in the market or to provide better fulfillment than the existing product or service available in the marketing.
- Price: Price is the amount the company is charging to sell the product/service being offered. It is decided considering all the aspects of costs from making the product, promotional costs, delivery etc. It is one of the most important aspects of marketing which can make or kill the success of the product/service.
- Promotion: The process of communicating about the product or service to the audience using several methods like advertising, directing marketing, sales promotions, sponsorship etc.
- Place: Place refers to distribution of the product. Whether company prefers to sell the product online or offline(physical store) or using both the channels.
4Ps of Digital Marketing
Product or Service or Solution
The product is the most crucial aspect of 4P’s.
The attributes of the product remain the same, be it digital world marketing or traditional marketing.
In the digital world, only the way a product is presented has changed.
Since the consumers are more knowledge rich and have better understanding of what they want, businesses ensure to describe their products and services as per the consumers requirements. More and more businesses are using blogs and Vlogs to define their products and services.
Place or Access
In the today’s digital world, the product is easily available across every corner of the world and people can the complete information about the same on the Internet.
In today’s digital world we don’t have to visit a store physically to know the price of the product, we can get the entire information on a mobile phone or tablet or a computer from any were at any time.
Price or Value
Pricing has been always the most essential aspect of all the customers during shopping. A customer does not have to visit different stores to get prices of the products, they can just sit at home and compare different features of products before buying them. And with presence of large ecommerce companies, pricing has been flexible and ever changing based on the competition, with promotional deals and sales. Digital marketing enables them to make changes on the go.
In the current digital age, companies have started educating or informing people by providing content, blogs or article in the form of promotion and keeping the consumer engaged with them. Digital marketing has created a platform where information sharing leads to sales.
The better the information, the more educated the customer and higher are the chances of making sales to the customer. Similarly, digital marketing campaigns give the flexibility to set up campaigns based on demographics and a variety of other parameters. Companies get to select the right platform based on the availability of clients on the platform.
Digital marketing offers continuous engagement and interaction with the prospective customers, through various channels like social media comments or email messages, your target audience is instantly connected with you through various digital marketing channels. But traditional marketing does not allow direct interaction with the customer directly. Because of these advantage most of the companies across the world are using digital marketing to reach to their customers, to increase their brand image, to penetrate into new markets etc.