individual assignment topic how digital tools are changing marketing mix 4ps

Jerome McCarthy in 1960, it comprises four core elements:- Product: The offering that meets customer needs, encompassing quality, features, and design.- Promotion: How a company conveys

INDIVIDUAL ASSIGNMENT

Topic: How digital tools are changing

marketing mix (4Ps)

DMS301m

Lecturer: Nguyễn Thu Hà

Name: Nguyễn Thị Thu Giang Student ID: HS171285

Class: MKT 1803 Date: Fall 2023

Table of Contents

I INTRODUCTION: 2

1 Overview of the changing digital world: 2

2 Define marketing mix: 3

3 The overarching impact of digital tools on marketing in general: 3

II How Digital Tools are Changing Marketing Mix: 3

1 Product: 4

2 Promotion: 6

3 Price: 10

4 Place: 11

III How Companies Can React to the Changing Digital Marketing Environment: 12

IV Conclusion: 13

V Reference: 14

I INTRODUCTION:

1 Overview of the changing digital world:

In today's dynamic technological landscape, digital marketing is a vital tool for businesses to succeed With the internet, social media, and mobile devices playing central roles, it's essential for effective outreach Technological advances and platforms like Facebook, Instagram, Twitter, and LinkedIn allow brands to connect directly with a vast audience, while e-commerce giants such as Amazon, Alibaba, and Shopify simplify online shopping Digital marketing enables global outreach through online channels like search engines, social media, email, and websites, fostering lasting customer relationships through continuous engagement

2 Define marketing mix:

The Marketing Mix, often referred to as the 4P model, is a key concept in marketing, shaping businesses' strategies Introduced by E Jerome McCarthy in 1960, it comprises four core elements:

- Product: The offering that meets customer needs, encompassing quality, features, and design

- Promotion: How a company conveys its marketing message to customers through advertising, content marketing, PR, and other activities

- Price: Setting the product's price relative to competitors, pricing strategy, and discounts

- Place: Determining product/service delivery through distribution channels and sales locations

The term "Marketing Mix" was initially coined by Neil Borden in the late 1940s, describing the essential components of an effective marketing campaign It evolved into the 4P model in the 1960s when E Jerome McCarthy expanded upon it in his book 'Basic Marketing: A Managerial Approach'

3 The overarching impact of digital tools on marketing in general:

Digital tools have revolutionized marketing by broadening access to a global customer base through online channels like search, social networks, and email Data analytics offer insights into target audiences and campaign performance, enabling data-driven strategies and real-time adjustments Social media and e-commerce integration enhance customer interactions and streamline the shopping experience, transforming marketing into a more efficient and contemporary practice

II How Digital Tools are Changing Marketing Mix:

1 Product:

'Product' in the 4Ps of marketing refers to the goods or services a business offers, including features, specifications, intended uses and unique selling points Digital marketing is reshaping marketing elements, especially 'Product' To be able to develop a good product that meets user needs, we should use marketing tools to develop the product image to users by a number of measures

1.1 Customer Co-creation:

- Customer Co-creation is the process that involves collaborating with suppliers, customers, stakeholders, experts and workers to create new goods or services To increase productivity, collaborative co-creation aims to foster a culture where ideas are shared with each other

+ Identify clear goals: Setting specific goals for the co-creation process is very important Before starting it is necessary to set certain goals If you are not sure about your goals, you will not be able to communicate them

+ Participants: The next stage is to find the people you want to work with on the project Consider whether your project is better suited to a team of experts?

Or would using crowdsourcing to collaborate with your consumers be a great idea?

+ The Work: The third phase is the collaborative process with your participants

In this stage you will determine the customer's requirements and desires + Design: Based on the suggestions and comments you received, you will create a better product during this phase This stage is all about creativity, where you start updating status and events to your participants

Example: Apple

+ Apple is one of the leading

technology corporations in the

world, with total revenue reaching

394.46 billion USD in 2021, Apple

has proven its position in the

technology industry However, they

don't stop there and continuously

find ways to interact with users to

create products based on their

input

+ Apple's goal is to create products and services that are easy to use and meet user needs This goal has led to the development of products such as iPhone, iPad and Mac with luxurious design and high performance

+ Apple has built a large user community through retail stores around the world and online social networks They facilitate user feedback through a feedback system and product testing program

+ Apple always listens to feedback from users and evaluates how they use the product And collect data to understand user preferences, needs and concerns

+ Based on information from users, Apple continuously improves products They have developed new versions of iOS, macOS, and hardware to meet user requirements and preferences

+ Apple connects closely with users to improve products and services By listening and interacting with users, they create an environment that fosters innovation and creativity in the technology industry This helps them maintain their position and continuously respond to changes in the technology market 1.2 Sharing economy:

In the age of advanced technology, the digital revolution has the ability to connect people in many different ways Most of the time when we think of connection, we often think of tools such as phones, laptops, text messages or social networks Besides, the sharing economy means convenient connection convenient

The sharing economy is an economic model in which the activities of buying, providing or sharing access to products and services are based on peer-to-peer networks, often provided via online platforms from the community copper It is a technology-enabled platform that provides users with temporary access to resources that can be crowdsourced

The sharing economy is also considered an economic reconstruction activity, in which anonymous individuals can use free services owned by other individuals through combined platforms on the Internet This is a connection model so consumers can take advantage of each other's excess resources The sharing economy is also a two-way platform connecting buyers and sellers, recruiting many people, so it is impossible to control quality, behavior, access rights, and ownership The sharing economy has a positive impact on the environment by using more of the existing resources but on the other hand, the sharing economy is criticized for paying low wages to suppliers and not having many benefits

+ As the sharing economy flourishes, the concept of data-driven collaborative marketing is highly relevant The biggest challenge brands face today is the ability to recognize customers at every touchpoint and understand their needs

at that moment

+ Share but still need trust With data sharing comes responsibility Before exchanging data, marketers will require security and privacy compliance In the sharing economy, the key to success is to offer a trust model that makes people feel secure In digital marketing, stakeholders include brands and their customers, and both groups will expect transparency and fair value in return for shared data

+ Build a useful website: Convenience and ease of access are two important things in the sharing economy So, easy access to products and services on the website is a must The website must be optimized for various devices in order to achieve this

2 Promotion:

Promotion is the second P of the four Ps The concept of promotion is marketing and communication Promotion is a method used by marketers to provide information to consumers about goods and services This is an approach to marketing goods to customers Planning public relations, advertising, promotions and direct marketing to increase consumer awareness goes hand in hand with that

In the “Promotion” section you

need to note the following issues:

+ Which marketing channels

are best suited to reach our

target audience? When and where can you deliver your marketing message

to your target audience?

+ Can you communicate with your customers? (With newspaper ads? on TV?

on the radio?) What do you mean by billboards and catalogs? Are you using email? Through public relations? Or should I use the internet?

+ When is the most effective time to market your products? What are the specific seasons or occasions of the market? Is there anything affecting the product launch date or the next promotional step? Are there any external factors, such as holidays or industry-specific events, that need to be considered in our timing strategy?

+ What marketing strategies are competitors using? Do those metrics impact the marketing activities you choose? What key performance indicators (KPIs) should we track to measure the success of our marketing activities? 2.1 User-generated content ( UGC )

User-generated content or UGC is any brand-driven content created by users User generated content (UGC) is a type of word-of-mouth advertising UGC was created during the rapid growth of social networks and can be found anywhere, including on personal pages and in comment sections It also gives users a place to "create" content User-generated content has become popular as a low-cost method for businesses to target marketing through content production or advertising User-generated content is produced through a variety of media and in a variety of forms UGC is a low-cost form of advertising

More than other forms of advertising,

gaining customer trust is especially

simple It assists businesses in creating

more attractive and distinctive websites

User-generated content (UGC) includes

any content created by users, such as

reviews, giveaways, shares, comments,

and minigame participation

+ Choose a goal for your UGC campaign: How UGC can impact your business will depend on the type of content you plan to collect and how you use it + Set up method to collect user-generated content: On the other hand, determining who owns images and social media posts for branded hashtags ( # ) can be more difficult Businesses can be sure that using the

user-generated content (UGC) they collect through an app or portal for official promotional purposes does not violate any laws

+ Be clear about what you want and what you're willing to offer: If you're running

a UGC collection campaign, make sure your customers understand the guidelines and that the rewards you're offering are in line with your efforts to generate out content

+ Learn from negative UGC but show the positive side: Note the good things while highlighting the bad UGC: While UGC gives customers a more authentic shopping experience, ultimately you are still responsible for marketing It's a good idea to consider any content that criticizes or disparages your brand, but shouldn't be shared widely Carefully review the content you submit and choose only the best user generated material to include in your business's marketing campaign

Example: Starbucks and its "White Cup

Contest" campaign

+ Starbucks, the global coffee

chain, ran a successful UGC

campaign called the "White Cup

Contest" This campaign

encourages customers to express

their artistic talents by

customizing Starbucks' famous

white coffee cups into creative works

+ The contest originated when a customer drew on a coffee cup and shared it

on social networks Starbucks turned this idea into a larger marketing campaign

+ Customers are invited to create their own art on coffee cups and share on social networks with the hashtag #CuocThilyTrang

+ Starbucks selects the winning designs and prints them on reusable cups sold

in stores

+ The "White Cup Contest" campaign spread in many countries participating in this creative challenge Starbucks tailored the campaign to local traditions and preferences, making it relevant to a broad audience

+ This contest attracts a lot of user content on social media and drives creativity and engagement with Starbucks

+ Starbucks has successfully turned customers into brand ambassadors, showcasing their creative talent and personal connection to their brand, strengthening loyalty and creating a community of Starbucks lovers 2.2 Doppelganger Brand:

"Doppelganger" is based on the belief that

although individuals may have identical

personalities and egos, they are inherently

evil and bad things will happen if they come

face to face with a doppelganger Similarly,

the ego of a negative brand will be a dual

brand Businesses don't always benefit from

UGC Sometimes, it will cause adverse

effects to the company

DoppelGanger is a type of UG that has a negative effect on the company

Doppelganger Brand Image (DBI) is when users create content that has a negative image of a company This often happens with big, famous brands, because these brands impact a large number of people and have a strong impact on users People who create bad brand images often use blogs, personal Facebook pages, Twitter accounts, Tik Tok, …

For better control, businesses use digital to track their brand posts

+ Identify and track your branded customers We will not be passive before DBI; Instead, we will review, analyze and determine the cause and offer the best solution

+ Develop and test a new story Once the DBI has been identified Even in the early stages, brand managers should try to develop a new story to address DBI

+ Protect your brand from the dangers of DBI: DBI should be verified and re-verified, and there will be viral marketing strategies that provide authentic brand information

Social Media Marketing:

Brand Awareness:

Cost-Effective Marketing

Targeted Advertising

Time-Consuming

Negative Feedback Algorithm Changes

Customer Relationship Building Limited Control

Content Marketing:

Customizable and cost-effective

Organic search improvement

Brand personality and affinity

Better quality leads

Closing sales funnel gaps

Accessibility to diverse audiences

Increased PR and social engagement

Delayed Results Google Algorithm Changes Possible Outsourcing Multifaceted Continuous Creativity Measurement Challenge Costly Investment Influencer Marketing:

Targeted Audience

Trust Building

Wide Reach

Non-Intrusive Promotion

Costly Mistakes Finding the Right Influencer Reputation

3 Price:

Price is the third P in the 4Ps Price in Marketing Mix is the cost, the price that consumers pay for a product or service Price creates value for consumers, businesses need to choose a price that is simultaneously accessible to their target and targeted markets Price can have a significant impact on the overall success of a product

With the rise of digital tools, it has impacted pricing strategies across various industries, introducing innovative approaches such as dynamic pricing and online discounts

The digital revolution allows consumers to receive free experiences and choose price options that suit them

It led to new definitions that were born

with different advantages and

disadvantages:

● Freemiuma combination of

“free” and “premium”

● Pay what you want (PWYW)

strategy