The term"marketing mix" means the factors that a marketer can manipulate to influence the sales for their product. Some people may think that influencing demand means only increasing demand. This is a mistake because occasions may arise when a marketing person will have to act to reduce the demand for their product. When the product is scarce, for example.
Early marketing teachers presented the marketing mix as four components: Product, Price, Place and Promotion. 4Ps in short. Later thinking held that these 4Ps are good enough for physical goods only and that there was the need to enlarge the marketing mix to care of services. Thus 3 new Ps were added to the marketing mix, making 7Ps for services. The additional 3 are Physical evidence, Process and People. An attempt will be made to relate the 7Ps of marketing to your internet business .
Product
Without a doubt, product is the most important element of the marketing mix because people buy the benefits or solutions contained in the product. In your retail store, you could see, touch, smell, even taste a product or hear the sound of a product. But on the world wide web, you cannot do this. As an e-business builder, you are limited to visual and verbal techniques for presenting your product. You can only show a drawing (static or animated) and describe the features and benefits of your product. And this must be done professionally.
Price
It is easy for online shoppers to contrast prices with a few clicks before they buy. Today there are shopping genies that facilitate this. This increases competitive pressure and implies that e-commerce builders must not only state their prices clearly but must also relate them to the benefits their prospective customer will enjoy.
Place
This has to do with location and making products available. On the internet, your store is as distant from you as your computer screen. And you are greatly influenced by what you see. Therefore, the e-business bu! ilder sh ould have a website that is convincing and professional so that shoppers will have the confidence to place orders.
Promotion
This appears to be the most popular marketing mix element in internet marketing. It is the element that drives traffic (visitors) to the website. And unfortunately, when some people discuss marketing strategy they refer to promotion only. There are many promotional tools you can use. They include various types of advertising, press releases, publicity, buying leads, traffic exchanges, SEO techniques, article marketing and blogging. You should be guided by your skills set and budget in choosing selecting the tools to deploy.
Physical Evidence
This is closely associated with the place element. Does your website inspire confidence? If you would score high here try to include a physical address and other contact means, certification of bodies like BBB and a declaration that customers' payment details are secure.
Process
How easy is it to buy from you? How quickly does your order page load? Do prospects have to answer a ton of questions before or after ordering? How fast is delivery? E-products should be instantaneous. You need to think through some of these issues.
People
You may think that this is not critical to selling on the internet. Big mistake. What about the attitude and behaviour of customer support staff. Experience with them may be crucial in determining whether you buy or come back to buy again.
Consider all these as you plan your e-business in order to sharpen your competitive edge and win the business game - a robust top line and healthy bottom line.
A presentation on the Marketing Mix by www.learnmarketing.net focusing on Product Strategies. Video Rating: 4 / 5
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