Individual assignment how digital tools are changing marketing mix (4ps) mkt318m

INDIVIDUAL ASSIGNMENT How digital tools are changing marketing mix (4Ps) MKT318m Lecturer: Nguyen Minh Quang Name: Bui Duc AnhAnh Class: MKT1708 Student ID: HS160928 Date: Summer 2022 OUTLINE: I INTRODUCTION Overview of changing in the digital world Definition of marketing mix How digital tools are changing elements of marketing mix (in general) II HOW DIGITAL TOOLS ARE CHANGING MARKETING MIX Product 1.1 Customer co-creation 1.2 Sharing economy Promotion 2.1 User generated content 2.2 Doppelganger brand Place 3.1 New retailer 3.2 Desktop manufacturing Price 4.1 Pay What You Want 4.2 Freemium III DISCUSS HOW COMPANIES CAN REACT TO THE CHANGING OF THE DIGITAL MARKETING ENVIRONMENT IV CONCLUSION V REFERENCE I INTRODUCTION: Overview of changing in digital world: The development of modern technology has made many changes in our lives It has made tech products evolve faster, our lives are better and more interesting The digital world has opened up with the advent and development of modern technology, digital tools and resources, to make the most of our available resources combined with the Internet, humanmachine interaction, smart devices and advanced technology The digital world has brought us tremendous benefits in every aspect of our lives Especially when we've just been confronted by one of the most dangerous epidemics of COVID-19, with the great humanitarian crisis between Russia and Ukraine making it very difficult for trade and development Human development is severely affected The General Statistics Office indicates that the global economy could decline by more than 1% by 2022 In developing economies like Vietnam, inflation could rise by 5.9% (according to the IMF) This would have a consumer effect causing tighter spending and reduced purchasing of goods So businesses and marketers must find ways to innovate themselves, raise awareness about brands, and increase their sales in new ways With human creativity and resilience, the digital world is constantly being explored and developed Under the difficult circumstances, digital technology has the flexibility to integrate into all areas of operation Definition of marketing mix: Marketing is a function of business that determines the needs of the consumer It also identifies target markets as well as applies services and products to serve such markets The strong growth of digital tools has changed the marketing strategies of businesses, especially in the marketing mix So what is the marketing mix? The Marketing Mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market The key 4Ps that make up a typical Marketing Mix - Price, Product, Promotion, and Place Today, however, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People, and even Politics as the key mix A marketing expert named E Jerome McCarthy created the Marketing 4Ps in the 1960s This classification has been used throughout the world Business schools teach this concept in basic marketing classes The marketing 4Ps are also the foundation of the idea of the marketing mix The 4Ps of marketing are a model for enhancing the components of the "marketing mix" - how a business brings a new product or service to market It helps to identify marketing options in terms of price, product, promotion, and placement of a business's product to meet a customer's specific wants or needs How digital tools are changing elements of marketing mix (in general): Digital tools have made the marketing industry make big changes compared to the past by taking advantage of search engines, marketing tools for marketers to use to research the market, classify customers, and bring the company's products to the right audience It requires marketers to constantly improve their knowledge to keep up with the rapidly changing technology The use of digital tools has made marketing easier, and highly effective, saving time and costs, and quickly reaching potential customers II HOW DIGITAL TOOLS ARE CHANGING MARKETING MIX Product: In order to capture the impact of digital tools on the marketing mix, we will go into the first of the four elements, which is the product Commodities are tangible or intangible items intended to satisfy a need or want of a customer Products that people can touch and hold such as tables, water bottles, shoes, are tangible products On the contrary, there will be products that not exist in a specific form, but it is an idea in the human brain and that idea is bought by others or is an actual experience, it is an invisible product Every business needs to find their company's unique products, to develop longterm and compete with other competitors, so understanding the needs of customers is really important