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To make effective use of this information, a company needs to have the right systems and processes in place to understand and use feedback correctly and effectively.[ CITATION MỹC23 \l 1
lOMoARcPSD|39459588 DIGITAL MARKETING – MKT 318m Individual assignment How digital tools are changing marketing mix (4Ps) Lecturer: Nguyen Minh Quang Class: MKT1718 Subject: MKT 318m - Name: Nguyen Ngoc Anh - Student code: HS171171 Hanoi, 25th May 2023 Downloaded by NHIM NHIM (nhimbien2@gmail.com) lOMoARcPSD|39459588 TABLE OF CONTENT A Introduction 1 Overview of marketing 2 Overview of marketing mix B How digital tools are changing marketing mix 1 Product 1.1 Customer co-creation 1.2 Sharing economy 2 Promotion 2.1 User generated content 2.2 Doppelganger brand 3 Place 3.1 New retail 3.2 Desktop manufacturing 4 Price 4.1 Pay what you want 4.2 Freemium C Suggestions for companies to react towards the changing of digital marketing D Conclusion E References Downloaded by NHIM NHIM (nhimbien2@gmail.com) lOMoARcPSD|39459588 A Introduction I Overview of Marketing Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.[ CITATION Geo \l 1066 ] Marketing has undergone significant changes between the past and the present Digital technology has become a crucial factor in this field, opening up new opportunities and different challenges Nowadays, customer access is no longer limited by space and time With the prevalence of the internet and social media, digital marketing has become an integral part of businesses marketing strategies Through email marketing, online advertising, content marketing, and social media, we can quickly and effectively reach our target customers The popularity of mobile devices also plays a vital role in changing how we access and interact with customers Moreover, customers increasingly expect personalized experiences Businesses must find ways to interact and deliver tailored messages to individual customers Technology and data have provided us with the necessary tools and insights to better understand customers and create customized experiences From suggesting products based on purchase history to offering relevant product recommendations on websites, and engaging through social media channels, personalization has become a critical element in establishing connections and enhancing customer loyalty.[ CITATION Lươ20 \l 1066 ] Modern marketing goes beyond traditional messaging and customer outreach It involves creating interactive and personalized experiences to attract and retain customer interest The development of digital technology, the expectation of personalized experiences, and the ability to analyze data have driven change and progress in the field of marketing II Overview of Marketing Mix (4Ps) The marketing mix is the set of actions or tactics, that a company applies to market its brand or product A typical marketing mix consists of the four Ps: price, product, promotion, and place However, in today's marketing mix, other Ps such as Packaging, Positioning, People, and even Politics is becoming increasingly important.[ CITATION The23 \l 1066 ] Downloaded by NHIM NHIM (nhimbien2@gmail.com) lOMoARcPSD|39459588 In the past, the marketing mix focused on traditional product creation, pricing, and advertising However, now, with the development of technology and digital, the marketing mix has expanded to include both distribution channels and customer experience Online advertising, social media marketing, content marketing, and personalized interactions are becoming important elements of modern marketing strategy B How digital tools are changing the marketing mix I Product Products are created to satisfy the needs of a specific group of customers Products can be tangible or intangible (services or ideas) There are several companies competing for the same product range A product must have a distinct selling proposition in order to be successful This is referred to as a product's positioning in marketing The product’s positioning is the difference in the same product line with your competitors or the way consumers perceive your product.(coursera) Over the years, the product has changed markedly It can be seen that traditional marketing has a limited reach and lack of interactivity They can only through traditional media such as television advertising, newspapers, and radio to promote products Through those channels, create an image and value for the product in the customer's mind Today, thanks to digital marketing, products reach customers around the world Customers can directly interact with the product, express their opinions and share their experiences, creating a multi-dimensional interactive environment In addition, digital marketing also brings benefits in terms of performance measurement and data analysis The company can collect insights on customer behavior, responses, and interactions through analytics tools As a result, they can better Downloaded by NHIM NHIM (nhimbien2@gmail.com) lOMoARcPSD|39459588 understand the needs and wants of customers, thereby adjusting products and optimizing marketing strategies In a nutshell, traditional marketing focuses on building brands and promoting products through traditional media, while digital marketing opens up broader reach, engagement, and engagement from customer 1 Customer co-creation 1.1 Definition Customer co-creation refers to the collaborative process in which businesses actively involve their customers in the creation, design, and development of products, services, or experiences It recognizes the value of customer insights and contributions, allowing companies to harness their knowledge, preferences, and creativity to enhance the value proposition of their offerings It involves engaging customers as active participants throughout the entire product/service lifecycle, from idea generation to implementation, with the aim of creating customer-centric solutions that better meet their needs and preferences 1.2 Types of customer co-creation The various types of co-creation have been classified by Matthew S O'Hern and Aric Rindfleisch based on the level of customer contribution activity (limited or unlimited) and new idea selection activity (enterprise) or the customer has a significant influence on the decision), there are four types of co- creation Downloaded by NHIM NHIM (nhimbien2@gmail.com) lOMoARcPSD|39459588 -Submitting: Customer contribution is limited, the business plays a major role in decision-making Customers submit their ideas, feedback, or suggestions to the company The company then takes these inputs and uses them to improve or create products and services -Co-designing: a relatively small group of customers that provide the majority of new ideas, and other large customers choose which ideas are implemented and developed -Tinkering: where customers modify commercially available products, some of which are incorporated into subsequent releases -Collaborating: this style gives the customers the greatest power to contribute their own ideas and select components for new products, so requires co-creators to have high qualifications and knowledge (coursera) Co-creation is the key to Haidilao's billion-view campaign on Tiktok This restaurant chain allows diners to choose their own ingredients according to their own tastes and preferences and encourages them to record videos of the process This idea attracts a lot of food lovers to choose and record their ingredients selection process, thereby allowing them to show their passion and cooking ability Up to now, the hashtags #haidilao #haidilaohotpot #海底捞 are holding nearly 50 million views on the Tiktok platform and more than 2 billion views on the Douyin platform.[ CITATION Trầ21 \l 1066 ] In this campaign, Haidilao used two types of customer co-creation strategies: +Co-designing: Haidilao allows diners to choose their own ingredients according to their tastes and preferences By offering a wide range of ingredients and customization options, Haidilao involves customers in the design of their own hotpot dining experience This co-designing approach empowers customers to personalize their meals, creating a sense of ownership and satisfaction +Submitting: Haidilao encourages customers to record videos of their ingredient selection process and share them on platforms like TikTok By doing so, Haidilao actively solicits submissions and feedback from customers, allowing them to participate in the creation of content and contribute to the brand's online presence This form of submission enables customers to showcase their passion for food and cooking, while also promoting the Haidilao brand 1.3 Issues and conditions where the company can apply this concept In the process of customer co-creation, companies face many challenges One of them is managing diverse opinions from customers With the active participation of customers, opinions and Downloaded by NHIM NHIM (nhimbien2@gmail.com) lOMoARcPSD|39459588 suggestions can be diverse and even contradictory This requires the company to be able to categorize, evaluate and manage opinions to find the most constructive and reasonable suggestions Managing customer engagement is another challenge To achieve active participation, the company needs to create an environment that is encouraging and engaging Incentive methods such as motivation, rewards, or building a vibrant online community can be used to encourage input and interaction Finally, handling feedback is another challenge that we can't get enough of company has to face When customers participate in the co-creation process, the company can receive a large amount of feedback To make effective use of this information, a company needs to have the right systems and processes in place to understand and use feedback correctly and effectively.[ CITATION MỹC23 \l 1066 ] When the company wants to develop a new product, instead of just relying on the ideas of the internal team, the company can use the co-creation method to collect ideas and contributions from customers, partners, and the community The use of co-creation not only helps the company to collect many opinions and contributions from the community but also helps create interaction and cohesion between the company and customers By including customers and partners in the product development process, the company can quickly and accurately respond to customer needs and thereby create customer satisfaction and consensus 2 Sharing economy 2.1 Definition The sharing economy is an economic model based on the sharing of assets, services, and resources between individuals and organizations through technology platforms This model allows those with unused or underused assets or skills to share or rent them out to others through electronic applications or websites (coursera) In the sharing economy, users can rent, borrow, or exchange assets such as apartments, cars, tools, electronics, and more, instead of having to buy new or own them This maximizes the use of existing assets and reduces the waste of resources 2.2 Components of sharing economy -Inherently digital in nature (two side platform): A two-sided platform is a key component of the sharing economy The platform connects two separate parties - suppliers and users - to exchange goods and Downloaded by NHIM NHIM (nhimbien2@gmail.com) lOMoARcPSD|39459588 services The platform is built on a digital infrastructure that facilitates transactions, ratings and reviews between two parties This two-sided platform allows vendors to monetize their unused assets At the same time, users can easily access these resources at a lower cost than with traditional options, such as hotels or car rental companies The two-sided platform creates an accessible, efficient, and user-friendly marketplace One of the essential features of this platform is the rating and review system Both the provider and the user have the ability to provide feedback on the experience This feedback helps foster trust and accountability within the platform Suppliers are encouraged to provide high-quality goods and services, while users are encouraged to act responsibly and respectfully -Crowdsource supply: The form of creating products, collecting information or opinions from a large group of people who submit their data via the Internet, and social networks But the company is hard to control them, so to be successful, the company must careful selections, then give providers a set of rules to follow, and finally, a rating system that encourages customers to provide ratings of their providers and then eliminates providers that obtain lower ratings -Access not ownership: by providing temporary access, customers have the opportunity to try products and services they can’t buy, or don’t want to own (coursera) 2.3 Example Grab is a ride-hailing and delivery services company based in Southeast Asia that has embraced the sharing economy model to provide a range of services across the region Grab operates on a two-sided platform, connecting drivers and riders or businesses and consumers, to deliver a range of services with shared benefits One of the key ways Grab has leveraged the sharing economy is through its ride-hailing and carpooling services Grab allows users to hail rides on-demand, matching them with private car drivers in the area to provide transportation services Grab also provides carpooling services that let users share rides with other riders heading in the same direction, making transportation more efficient and cost- effective Downloaded by NHIM NHIM (nhimbien2@gmail.com) lOMoARcPSD|39459588 Grab has also adopted the sharing economy model to provide delivery and courier services Through GrabExpress, users can rely on motorcycle and car couriers to deliver packages and goods around the city quickly and efficiently Grab also offers food delivery through GrabFood, building on the popularity of food delivery services in the region.[ CITATION Min21 \l 1033 ] 2.4 Sharing Economy Typology This matrix has two dimensions: - Consociality: Consociality refers to the social ties between individuals and communities that facilitate sharing and collaboration It involves building trust between individuals, allowing them to share their resources and knowledge in a mutually beneficial way Consociality is a key component of the sharing economy, which relies on peer-to-peer exchanges and relationships to facilitate trade and collaboration + Forum: the online communities that facilitate the exchange of information, resources, and skills among members like Facebook groups,… + Enablers: who provide digital tools, platforms and resources so that others can share assets Examples of enablers are companies that provide software and platforms like Uber, Grab, or Airbnb -Platform intermediation: Platform intermediation refers to the role of digital platforms in connecting buyers and sellers, facilitating transactions, and managing the exchange process Platforms act as intermediaries, providing a range of services and features that make it easy for users to connect with each Downloaded by NHIM NHIM (nhimbien2@gmail.com) lOMoARcPSD|39459588 other, share information, and manage transactions These platforms often take a commission or fee for their services, making them an essential component of the sharing economy + Matchmaker: the intermediary between the person who has the property to share and the person who wants to use that property The websites allow users to search for services such as renting a room or a car + Hubs: These platforms are physical spaces where users can access and share goods and services 2.5 Issues in the concept of “Sharing economy” Along with many benefits brought by new business methods, the sharing economy has arisen difficulties and challenges related to the market, fair competition, innovation capacity, and especially challenges Knowledge of state management of taxes, business conditions, borderless payments, labor safety, insurance, etc One is unequal competition Because of the superiority of this economic model, it will create great competitive pressure for enterprises doing business in the traditional model The recent business story of Uber and Grab with traditional taxi companies is one of the typical examples Uber and Grab’s cars are actively increasing and decreasing prices at each time of the day,… Meanwhile, traditional taxi companies that are operating with the same customers as Uber and Grab are subject to very strict regulations in business such as ensuring traffic safety regulations and paying taxes by revenue at the rate of 4.5%/month Not to mention, traditional taxi companies must have clear colors, and nameplates, and even be banned from roads during certain time frames, while Grab and Uber are not bound by these regulations The second is to increase the level of risks such as Creating new relationships in the market, 3- party relationships instead of 2 parties in economic contracts, and potential risks in ensuring the interests of both buyers and sellers sale, conflicts of interest between enterprises doing business in the sharing economy model and traditional business enterprises Along with that, there are also problems related to tax collection and financial obligations arising from service activities, measurement, and integration in national economic accounts Third, tax administration for the sharing economy model in our country is still very difficult The sharing economy model is a new business model Therefore, for effective tax management of this type of business, the agency must have flexible policies and timely adjustments However, there are still services that tax authorities are still confused about in collecting taxes because of the complexity and Downloaded by NHIM NHIM (nhimbien2@gmail.com) lOMoARcPSD|39459588 For all of the benefits of user-generated content and the social proof it provides, there are a few drawbacks to consider All of these are reasons why some brands choose not to allow or limit UGC on their websites First, copyright violation, users upload or share content that contains copyrighted material without the permission of the copyright holder This can include using copyrighted images, videos, music, or text in UGC without the proper license or attribution To avoid copyright violations in UGC, it's important for users to obtain proper permission or licensing for any copyrighted material they wish to use and to properly attribute the source of any material used Similarly, online platforms that allow for UGC, such as social media or content-sharing websites, have a responsibility to ensure that their users are not violating copyright law and may take certain measures to prevent or remove infringing material Disney was adamant about claiming ownership of its users' content The company desired the freedom to publish the UGC on its social media feeds, website, and elsewhere as it saw fit, without any users claiming the company misappropriated its UGC Users who responded to Disney's tweet with UGC may not have expected Disney to republish their work Including a disclaimer like this is one way to inform them of Disney's intentions Second, Offensive or Inappropriate Content, On social media, the user is usually held legally responsible for this type of content However, reposting offensive content may put your company in violation of a social media platform's Terms of Service, or even the law When creating your UGC campaign, you can, however, avoid creating offensive, inappropriate, or abusive content You should also exercise caution when selecting content for republication Downloaded by NHIM NHIM (nhimbien2@gmail.com) lOMoARcPSD|39459588 Third, privacy issues, it is possible to violate privacy law by reproducing UGC that contains personal information or publishing the personal information of the user or third parties without proper consideration of privacy issues.[ CITATION Rob23 \l 1033 ] 2 Doppelganger brand 2.1 Definition A doppelganger brand image is an alter-ego of a brand that is negative in nature A doppelgänger brand image is a parody logo or narrative that is intended to highlight ethical issues with the advertised product They are frequently associated with the brand's lack of authenticity, and the majority are created as a form of individual protest, either digitally on social media or physically displayed as graffiti (Coursera) 2.2 Example McDonald's is frequently chastised for its detrimental effects on human health McDonald's logo was redesigned as "McDiabetes" to demonstrate its negative impact On Twitter, there is a long-running hashtag for this DBI 2.3 Issues in Doppelganger brand Doppelganger brands can raise several issues and challenges for both the original brand and consumers Here are some common issues associated with doppelganger brands: -Brand Dilution: Doppelganger brands can lead to brand dilution, where the distinctiveness and uniqueness of the original brand's identity are diminished The similarity in appearance or name can confuse consumers and erode the original brand's reputation or value Downloaded by NHIM NHIM (nhimbien2@gmail.com) lOMoARcPSD|39459588 -Consumer Confusion: Doppelganger brands can create confusion among consumers If a doppelganger brand closely resembles an established brand, consumers may mistake the doppelganger for the original brand and unknowingly purchase products or services that don't meet their expectations -Reputation Damage: If a doppelganger brand engages in unethical practices or provides subpar products or services, it can negatively impact the original brand's reputation Consumers may associate the poor experience with the original brand, leading to a loss of trust and loyalty -Consumer Trust and Authenticity: Doppelganger brands often highlight the lack of authenticity or ethical concerns associated with the targeted brand This can raise questions about the original brand's integrity and trustworthiness, impacting consumer perceptions and purchase decisions It's important for brands to actively protect their intellectual property rights, monitor brand mentions and discussions, and engage in open communication with consumers to address any concerns or misconceptions arising from doppelganger brands Consumers, on the other hand, should exercise caution and research before making purchasing decisions to differentiate between genuine brands and doppelgangers III Place Placement, also known as distribution, is one of the four Ps of the marketing mix, which is a framework used by marketers to develop and execute marketing strategies In the traditional marketing mix, Place, also known as a channel of distribution, refers to how the product is distributed or delivered to the end customer However, with the growth of the digital marketing channel, the place in the marketing mix has changed dramatically With digital marketing, the distribution of products is done through digital communication channels such as websites, social networks, email marketing, mobile applications, messaging, and live chat This allows businesses to reach more customers through online channels and optimize their sales processes Moreover, the use of online marketing channels also helps businesses save costs related to geographical distance and warehouse management 1 New retailer Downloaded by NHIM NHIM (nhimbien2@gmail.com) lOMoARcPSD|39459588 1.1 Definition New retail is a collection of physical and digital strategies used by physical retailers to respond to the changes brought about by operating in a digital world 1.2 Key characteristics of new retail Online retail is heavily influenced by location Firstly, people who have access to well-priced physical stores are less likely to shop online When consumers can buy cheap goods at brick-and-mortar stores, they can better understand products and services, evaluate product quality before purchasing, and receive products within the same day This helps to create trust so that customers will return to buy products in a physical store rather than buying online However, in different cases such as buying branded or imported goods, the price or convenience of online shopping can change the consumer's decision Secondly, online shopping is more likely to occur among consumers living in small towns, than those living in big cities In small towns, the product selection in the brick-and-mortar store can be limited and the time and travel costs to get to the large physical stores can be very expensive, so shopping online can be a convenient and time-saving option for purchasing products or services that are not available in their area In contrast, the number of physical stores in major cities may be much larger, and the convenience of in-person shopping may be greater than that of online shopping Next, purchase and information, In addition to the ability to purchase items, online retailers provide a wealth of information about their products This includes descriptions, technical specifications, and user feedback For the majority of its offerings, Amazon.com makes all of this information available, allowing customers to not only make purchases but also research the products they are considering In recent years, there has been much discussion about the trend of showrooming, which occurs when customers visit a traditional physical store to check out products but end up purchasing them online However, there is a growing trend of web rooming, in which people gather product information from online sources before purchasing in a physical store And finally, the blending of digital and physical experiences is becoming increasingly important for retailers, and is commonly referred to as omnichannel marketing This approach recognizes that Downloaded by NHIM NHIM (nhimbien2@gmail.com) lOMoARcPSD|39459588 consumers often use a combination of online and physical channels to interact with a brand, and aims to provide a seamless experience across all touchpoints One advantage of physical stores is the ability to offer face-to-face interaction with customers, allowing businesses to provide personalized customer service and advice Physical stores can also act as a hub for returns and exchanges, allowing customers to easily resolve any issues with their purchases On the other hand, online channels are often seen as superior for conducting product research and obtaining the best prices Customers can easily compare products across multiple retailers and read reviews from other customers Additionally, online channels offer convenience and flexibility, with the ability to shop from anywhere and at any time By combining the strengths of both physical and online channels, retailers can create a more comprehensive shopping experience that meets the needs and preferences of a wider range of customers For example, retailers can offer online product research and price comparisons, as well as in-store pick-up and support This helps retailers to drive sales and build customer loyalty by providing a seamless and convenient shopping experience 1.3 Example One example of a new retail concept that blends digital and physical experiences is Amazon Go Amazon Go is a chain of convenience stores that uses advanced technology to provide a checkout-free shopping experience Customers download the Amazon Go app, which they use to check in to the store They then choose the items they want to purchase, and simply walk out of the store without having to wait in line or check out The app automatically charges the customer's Amazon account and sends a digital receipt Behind the scenes, Amazon Go uses a combination of computer vision, machine learning, and sensor fusion to detect which items customers pick up and put back on the shelves This technology allows Amazon Go to offer a fast and convenient shopping experience, without the need for traditional checkout lines Additionally, Amazon Go stores also offer in-store pickup and return for Amazon purchases, further bridging the gap between the physical and digital experiences Downloaded by NHIM NHIM (nhimbien2@gmail.com) lOMoARcPSD|39459588 Overall, Amazon Go demonstrates how retailers can use technology to create new, innovative shopping experiences that blend the strengths of both online and physical retail.[ CITATION Çağ \l 1033 ] 1.4 Condition where the company can apply - Industries with significant e-commerce potential -Items that can be effectively promoted and sold via digital channels - Companies that are willing to invest in technology and logistics to facilitate online activities 2 Desktop manufacturing 2.1 Definition A desktop 3D printer is a small electronic device, about the size of a microwave oven, that can convert digital designs into physical objects using an additive process There are numerous types of 3D printing processes and materials that can be printed, including plastics, metals, ceramics, and even chocolate All 3D printers begin with a digital model that is then converted into a physical object 2.2 Example The Urbee is an advanced automobile designed and manufactured using 3D printing technology Instead of using the traditional method of manufacturing cars from metal or plastic parts, Urbee used 3D printing to create most of the car's key components With 3D printing, Urbee has been able to produce parts that are lighter and stronger than traditional manufacturing methods The use of this technology also speeds up the manufacturing process and permits the creation of more complex product designs to be made faster 2.3 How does it work? Downloaded by NHIM NHIM (nhimbien2@gmail.com) lOMoARcPSD|39459588 -They take soft material and make it hard or take hard material and make it soft Therefore, any material that can be hard or soft can be 3D printed -A 3D printer is a computer-controlled device that contains a printhead and various electronic motors that move the printhead or printing platform in three different dimensions This printhead movement is determined by a digital design file, which is read by the printer's motherboard These design files can come from a variety of sources 2.4 Characteristic -Additive manufacturing: Unlike traditional manufacturing methods such as milling or lathe machining, which involve removing material from a block of material, 3D printing is an additive manufacturing process It adds material layer by layer until the physical object is complete, allowing for greater design freedom and faster production times -Customization and Complexity: Another key feature of 3D printing technology is its ability to produce complex shapes and geometries that would be impossible with traditional methods This has led to greater design freedom and allowed for custom-made products that fit the customer’s individual needs rather than off-the-shelf products -Precision and accuracy: 3D printing technology produces parts with high precision and accuracy, with the ability to print to tolerances as tight as a few microns -Material variety: 3D printing technology can process a wide variety of materials, including metals, plastics, ceramics, and composites Some 3D printers can even print with multiple materials simultaneously, allowing for unique material combinations 2.5 Issues in Desktop manufacturing -3D printing isn’t standardized: There is currently a lack of standardization with regard to materials, design files, and even file formats This can create issues in terms of interoperability between different 3D printers and software applications Additionally, with 3D printing being a relatively new technology, there Downloaded by NHIM NHIM (nhimbien2@gmail.com)