What is the differences introduced by digital world for the Marketing mix (7Ps)?
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Marketing Mix:
It is the 7Ps touches every part in the organization.
● Product
● Price
● Place
● Promotion
● People
● Physical evidence
● Processes
Digital world values for every element:
1- Product
Create new versions, variations and even new products and services.
Exploit your distinctive competitive advantage by having a strong and clear Online Value Proposition (OVP).
2- Price
Pricing structures and options become more complex. It is crucial to get the pricing right in the short, medium and long terms.
Online tools like reverse auctions, customer unions, commoditization, cybermediaries, intermediaries, infomediaries and shopping bots will make you capable to review the new price structure in your market driven by customers who looking for lower prices.
3- Place
Increase your representation and make you widely available.
4- Promotion
It is more dynamic, carefully targeted, highly relevant and helps build an ongoing relationship based on the permission and trust of the customer.
5- People
Minimize the costly interaction with the staff by developing automated services, and contact strategy. Integrate online and offline marketing activities.
Remember the Golden Rule: Happy Staff = Happy Customers = Happy Shareholders
6- Physical evidence
Websites can provide the cues and clues that the customers are looking for.
7- Process
Good processes and systems can create competitive advantages.
Poor Processes kill sales and damage the brand.
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