Individual Assignment Topic How Digital Tools Are Changing The Marketing Mix (4Ps).Pdf

INDIVIDUAL ASSIGNMENTTopic: How digital tools are changing the marketing mix 4Ps Name of Student: Nguyễn Trà My Student ID: HS173050 Class: MKT1713 Course: MKT318m – Digital Marketing L

INDIVIDUAL ASSIGNMENT

Topic: How digital tools are changing the

marketing mix (4Ps)

Name of Student: Nguyễn Trà My

Student ID: HS173050

Class: MKT1713

Course: MKT318m – Digital Marketing

Lecturer: Trần Tuyết Minh

Date: Summer 2023

Table of content:

1.1 Overview of changes in the digital world

1.2 Definition of the marketing mix

1.3 How digital tools are changing elements of the marketing mix (in general)

II HOW DIGITAL TOOLS ARE CHANGING THE

MARKETING MIX

2.1 Product

2.1.1 Customer co-creation

2.1.2 Sharing economy

2.2 Promotion

2.2.1 User-generated content

II.2.2.Doppelganger brand

III SUGGESTIONS FOR COMPANIES TO REACT TO THE CHANGING IN THE DIGITAL MARKETING ERA

IV REFERENCE

The worldwide landscape has undergone significant change as a result of many waves of globalization since the late 19th century The industrial revolution that integrates digital, physical, and biological alterations has produced the present wave of change that economists have dubbed "globalization 4.0." Everything around us, including both public and private products like health, education, transportation, and energy, is significantly impacted by digital technology The conditions of the general situation are altered Globalization and the disruption

of social structure and interpersonal interactions (Postel-Vinay 2020)

At the same time, digital is closely associated with the customer decision-making process That means understanding the behavior and desires of customers is the driving force for business development both internally and externally and it is important to stay ahead of the trends to have the right supply orientation

Both ends of the industry have undergone some significant shifts as a result of the Internet and other technological improvements The amount of data available to vendors has exploded There are many different sorts of data, including clickstream data, click-through data, blogs, social media data, video data, purchase history data, and many more Due to this, there are now very massive data sets (known as "big data") that call for novel analysis techniques As a result, there is a growing demand for techniques that can make sense of this amount of data, and data science as a field of study is expanding Digital ads have become a key medium thanks to the widespread use of phones and big data, which has also significantly increased the capacity to target specific customers On the customer’s side, online shopping has increased fast, the accessibility to online information has substantially decreased the cost of searching, and the internet has pushed social networking and online reviews as sources of information for both buyers and sellers The online transmission of data to the buyer, the flow of data to the seller, and the flow of the transaction between the buyer and the seller have all been made easier by massive middlemen like Google, Amazon, and Facebook (Ratchford 2020)

The expansion of online shopping, new kinds of advertising, social media as a new platform for word-of-mouth, clickstream data, data from online reviews, and improved computing power have all given the marketing area a richness of study issues and increasing practicality for tackling them The marketing industry has fully utilized these opportunities during the past ten years (Ratchford 2020)

The marketing mix is an important tool used in marketing Marketing mix with the main

groups of measures are product decisions, pricing, distribution, and marketing communication often referred to as the 4Ps

The term was first used in 1953 when Neil Borden, president of the American Marketing Association, took the recipe idea one step further and coined the term, Marketing Mix A famous marketer, E Jerome McCarthy, proposed the 4P classification in 1960, which is now widely used

A marketing mix is a set of marketing tools used by a business to achieve marketing objectives in the market The marketing mix, which is classified according to the 4P model, includes Product (product), Price (price), Place (distribution), and Promotion (promotion) used in marketing activities Over time, this model was developed into the 7Ps of marketing according to the complexity and improvement of modern marketing

Marketing experts have come up with other 3Ps which are Process, People, and Physical Evidence to strengthen Marketing activities when the product is no longer in the queue tangible goods but also intangible services

1.3 How digital tools are changing elements of the marketing mix (in general)

Throughout the past two decades, digital technology has significantly altered marketing and consumer behavior In the coming decades, this trend will continue in both expected and unexpected ways The digital world is constantly being updated and co-created by engineers, businesspeople, marketers, and regular people, and these innovations are being shared and adopted globally at an accelerated rate

During the past 60 years, marketers from all over the world have successfully created significant interactions with their customers by attentively implementing these 4 Ps Nowadays, the digital revolution has given consumers and marketers new tools including the internet, cell phones, and 3D printers I'll choose two in 4Ps and examine how the two components of the marketing mix are affected by these new technologies in my investigation

II HOW DIGITAL TOOLS ARE CHANGING THE MARKETING MIX

Shopee, one of the largest e-commerce platforms in Vietnam today, officially set foot in the Vietnamese market in August 2016 at this time in the market, there is already the use of big e-commerce platforms such as: Lazada, Tiki, Sendo As a latecomer, how can Shopee overcome strong competitors, and then rise to become the e-commerce site with its current standing One of the important chains contributing to that success is the success of Shopee’s marketing mix

2.1, Product

Shopee's marketing strategy for products is an indispensable element to promote the success

of the remaining stages Currently, Shopee is an online shopping platform on many technology devices that helps buyers and sellers make purchase and sale transactions easily

Therefore, in Shopee's 4P Marketing strategy, we always focus on developing country-specific

applications to bring the best experience and attract customers This is also part of a highly localized strategy for each market Shopee has skillfully grasped customer insights and launched

a website that optimizes the experience in many different languages

2.1.1 Customer Co-creation

A co-creation approach tries to unite several groups of individuals, frequently by engaging

a third party, to promote the development of new ideas or products Client co-creation fundamentally involves inputs from outside parties, such as clients, stakeholders, users of online crowdsourcing platforms, etc Consumer co-creation frequently incorporates feedback and suggestions from the customer base, bringing new and creative ideas to the company

By creating a customer rating system for each time period, Shopee has successfully monetized this technique Customers may share their experiences with the things they've bought through the review system and provide the shop and other customers feedback Every Shopee store makes use of this input to further enhance both their goods and services

2.1.2 Sharing Economy

Sharing Economy is a model that takes advantage of digital technology development to

save transaction costs and reach a large number of customers through digital platforms

The current sharing economy has changed the game for many industries in Vietnam In the

e-commerce industry with the presence of Tiki, Shopee, and Lazada, it has changed the buying habits of consumers and forced traditional businesses to transform

Since entering the Vietnamese market, Shopee has launched irresistible offers for users such

as free coupons for new users, discounts and free shipping The company also launched aggressive marketing campaigns, attracting many sports stars and other famous artists to participate in the promotion and create a lot of buzz

2.2, Promotion

Shopee takes advantage of many social networking sites and information channels to

promote its image + Through promotional videos appearing on Tiktok, Youtube, Facebook, Cab TV,…

Thus, thanks to extremely effective investment in Marketing & Sales campaigns, Shopee has had a certain foothold in the E-commerce market, building a Shopee image with outstanding orange color with customers and Shopee continues to carry out extensive promotional campaigns, attracting more and more buyers and sellers and paying more attention to the potential online shopping market in Southeast Asia, especially in Southeast Asia especially Vietnam

2.2.1 User – Generate Content

User-generate content (UGC) refers to user-generated content of any kind that is relevant to your brand

There are many types of UGC, some of the types of UGC content that I often see at Shopee are: Reviews, Blog Posts, Images/Videos, Content on social media platforms, interviews about celebrity experiences ,

For example, I will never buy from a shop that has not had any reviews below When going to see any product, read the review if it's full of negative comments, definitely leave the shop right away But what about the opposite, if all good feedback, complete pictures, attractive gifts, there

is no reason for us to hesitate anymore

Therefore, "befriending" customers and making them create useful content for brands will have a huge impact on their own and other users' buying behavior

2.2.2 Doppelganger brand

Doppelganger brand image in English is Doppelganger Brand Image, often abbreviated as

DBI

In February 2015, Shopee launched in Singapore The platform has launched a Web site to

compete with other e-commerce companies such as Coupang, Lazada, Tokopedia and AliExpress To set it apart, Shopee offers online shopping security via its own escrow service called Shopee Guarantee, which can be used to withhold payments from merchants until the buyer buy got the menu set of them

Shopee's competitors include Lazada, Tiki, Sendo, Amazon, Alibaba, eBay

DIGITAL MARKETING ERA

Entering the digital era, it is essential for their company to continually innovate and develop since it demonstrates how invested the company is in keeping up with the times In addition to employing KOLs and celebrities to promote its channel across several platforms, in my opinion, Shopee should also try some of the following strategies:

- Arranging sponsorship for television shows, and placing ads in magazines, newspapers, and information channels since the majority of Shopee and other marketplace users are members of Generation Z, Alpha, etc Advertising in these locations will grab elderly audiences' attention more and reduce their exposure to technology

- - Take part in fundraising for charitable causes By taking part in these events, Shopee's reputation will grow more appealing and respectable in the eyes of users Although though Shopee is one of the biggest e-commerce platforms in our nation right now, they still need to boost the legitimacy of its image

- - Make the promotion strategy more original Customers have a lot of promotional options on the trade site Shopee Instead of giving away coins and discount vouchers for products, Shopee can add promotions to users when their birthdays come

By providing a simple, secure, and highly interactive online shopping experience, Shopee receives millions of visits from users every day In addition, we provide users with a diverse product portfolio, support for many payment methods, and a large delivery system In addition, Shopee also offers an entertainment store that is not only unique but also compatible with each market Shopee is also a key contributor to the digital economy in the region with its

commitment to helping Brands and Sellers achieve the best performance in e-commerce

IV.REFERENCE

- Atydia Hadi Pratama, 9 Sep 2022, Shopee closes operations in four Latin America countries, https://www.techinasia.com/ https://www.techinasia.com/sea-group-shopee-,

close-argentina-colombia-chile-mexico

- Shopee có những thuộc tính sản phẩm bắt buộc nào?, https://vilica.vn/,

https://vilica.vn/shopee-co-nhung-thuoc-tinh-bat-buoc-nao/

- Minh Quang, 3 Oct 2022, Chiến lược Marketing của Shopee – Điều gì giúp Shopee thống trị thị trường Việt Nam?, glints.com, https://glints.com/vn/blog/chien-luoc-marketing-cua-shopee/#.Y_c2vHZBxPZ

- Dũng Hoàng,https://seothetop.com/, https://seothetop.com/digital-marketing/4p-trong-marketing-mix-157446.html

- November 26 2018, Marketing mix template, https://yourfreetemplates.com/,

https://yourfreetemplates.com/marketing-mix-template/

- Lương Hạnh, 1 November 2023, Chiến lược Marketing của Shopee: “Thủ lĩnh” ngành thương mại điện tử, https://marketingai.vn/, https://marketingai.vn/phan-tich-chien-luoc-marketing-cua-shopee/

- Admin, 22 oct 2021, Chiến lược marketing của Shopee - cách shopee tiếp thị để chiếm lĩnh thị trường, https://oriagency.vn https://oriagency.vn/chien-luoc-marketing-cua-shopee,

- Marketing in the 21st Century: How Does Digital Media Affect the Marketing Mix?,

https://online.maryville.edu https://online.maryville.edu/blog/how-does-digital-media-,

affect-the-marketing-m x/

- Customer co-creation, https://www.mycustomer.com/ https://www.mycustomer.com/hr-,

glossary/customer-co-creation

https://www.mycustomer.com, https://www.mycustomer.com/service/management/how-is-customer-co-creation-driving-service-improvement

- Jonathan Livescaut, Customer Co-Creation Examples: 12 Companies Doing it Right,

examples#:~:text=a%20quick%20reminder%20%3A-,What%20is%20customer%20co

- Khánh Lan, 15/01/2022, Shopee tham vọng trở thành ‘Amazon của các nền nền kinh tế mới nổi’?, https://thesaigontimes.vn https://thesaigontimes.vn/shopee-tham-vong-tro-,

thanh-amazon-cua-cac-nen-nen-kinh-te-moi-noi/

- 05/08/2022, Phân tích chi tiết mô hình 5 áp lực cạnh tranh của Shopee,

shopee/