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:
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 ensure that the product gets to the right place at the right time without damage or loss. The ideal place will be: Convenient for the customer and the business
Accessible for the customer if it is the place where the product is sold Low cost or free for the customer if it is the place where the product is sold Reasonable cost to the business
Apart from the original marketing mix recently businesses have started using an extended version of marketing mix also known as the service marketing mix which contains 3 more P’s, these are: People:
People are an essential ingredient in service provision; recruiting and training the right staff is required to create a competitive advantage. Customers make judgments about service provision and delivery based on the people representing your organisation. This is because people are one of the few elements of the service that customers can see and interact with. The praise received by the volunteers (games makers) for the London 2012 Olympics and Paralympics demonstrates the powerful effect people can create during service delivery. Process:
This element of the marketing mix looks at the systems used to deliver the service. Imagine you walk into McDonalds and order a meal and you get it delivered within 2 minutes. What was the process that allowed you to obtain an efficient service delivery? Banks that send out Credit Cards automatically when their customer’s old one has expired again require an efficient process to identify expiry dates and renewal. An efficient service that replaces old credit cards will foster consumer loyalty and confidence in the company. All services need to be underpinned by clearly defined and efficient processes. This will avoid confusion and promote a consistent service. In other words processes mean that everybody knows what to do and how to do it. Physical evidence:
Physical evidence is about where the service is being delivered from. It is particularly relevant to retailers operating...
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