P1 Internet Marketing and its roles
What is internet marketing?
Internet marketing consists of advertising on the internet to sell products through electronic commerce. On top of advertising, web sites of organisations allow for products to be brought online faster and simpler which is why the electronic market has developed so well.
Modern Marketing
Modern marketing is simply the advancing of advertising in the world. Technology has evolved and new marketing methods have been discovered with businesses taking the opportunity to expand their business by advertising on the internet to everyone worldwide.
What is marketing mix and extended marketing mix?
To effectively market a product or service there are four things you need to get right: Product, Price, Place and Promotion. These four elements are known as the marketing mix or the 4Ps. The four elements should be viewed as one unit and structured to support each other; Otherwise a firm's marketing strategy will be confusing and uncoordinated.
The original 4 P’s show as followed:
Product
As the product is the item being sold to the customer, the thing that will bring in money, its features and design need careful consideration. Whether the firm is manufacturing the product or purchasing the product for resale, they need to determine what product features will appeal to their target market.
Price
There are lots of different pricing strategies but every strategy must cover at least your costs unless the price is being used to attract customers to the business. A product is only worth as much as people are prepared to pay for it. The amount that your target market are prepared to pay for your products/services depends on product features and the target market's budget. You will also need to consider competitor pricing and factors within your marketing environment.
Place
The Place element of the marketing place is about where the product is made, where is it stored and how is it transported to the customer. The place for each of these things should
Internet marketing consists of advertising on the internet to sell products through electronic commerce. On top of advertising, web sites of organisations allow for products to be brought online faster and simpler which is why the electronic market has developed so well.
Modern Marketing
Modern marketing is simply the advancing of advertising in the world. Technology has evolved and new marketing methods have been discovered with businesses taking the opportunity to expand their business by advertising on the internet to everyone worldwide.
What is marketing mix and extended marketing mix?
To effectively market a product or service there are four things you need to get right: Product, Price, Place and Promotion. These four elements are known as the marketing mix or the 4Ps. The four elements should be viewed as one unit and structured to support each other; Otherwise a firm's marketing strategy will be confusing and uncoordinated.
The original 4 P’s show as followed:
Product
As the product is the item being sold to the customer, the thing that will bring in money, its features and design need careful consideration. Whether the firm is manufacturing the product or purchasing the product for resale, they need to determine what product features will appeal to their target market.
Price
There are lots of different pricing strategies but every strategy must cover at least your costs unless the price is being used to attract customers to the business. A product is only worth as much as people are prepared to pay for it. The amount that your target market are prepared to pay for your products/services depends on product features and the target market's budget. You will also need to consider competitor pricing and factors within your marketing environment.
Place
The Place element of the marketing place is about where the product is made, where is it stored and how is it transported to the customer. The place for each of these things should