The traditional 4p's of marketing still apply in the digital era but now has to expand to the marketing mix 7p's, even to 11p's.
What are the 4p's of marketing?
The four p's of marketing are:
These are a set of marketing tools which organizations use as marketing objectives in their target market.
The 4p's are broad groups of the marketing mix concept introduced by E Jerome McCarthy et el in the 60's.
However with the introduction of the internet and according government statistics, 21 million households in Great Britain (80 per cent) has Internet access, companies large or small has had to widen their marketing efforts.
These traditional 4p's which are applied in the e-marketing concept have certain limitations.
For an organization to have substancial and sustainable growth in this mobile competitive world, more p's need to be added to the existing one's in order to create a dynamic marketing mix.
So what does this mean for marketers in 2013?
More and more people are turning to the internet to buy products, research companies and product lines as well as find cheaper and better deals. This in turn means that the conventional marketing mix has needed to incorporate 3 more p's.
So what are the marketing mix 7p's?
The 7p's are now:
- Physical Environment
In fact some are now saying that because of such a rise in the digital era of the internet and the ability to communicate and buy products on the go using our smart phones or tablets, us marketers need to add 4 more p's to the marketing mix 7p's.
These 11p's would now be:
- Physical Environment
- Public Commentary
- Personalization/Personal Interest
- Partnerships/Personal Networks
So lets's look closer at what these 11 p's are:
Price plays an important role within the marketing mix whether it's within the realms of e-marketing or not. You can have the best product on the market but the price people are willing to pay for that product is a different matter altogether.
Nine times out of ten the ticket price of a product or service will be market dependent. This is even more so with regards to e-marketing. There are literally hundreds of products available to consumers REGARDLESS of the market.
If they are all priced in a similar bracket and you steam in there pricing yours higher, it doesn't matter whether the product you have is so much more better then rest, no one will bat an eyelid at your offer. It works the same way if you price it much lower too.
This is because consumers have a price in mind of what they perceive as “good value” for money for a product or service in which they are looking. The pricing strategy for a company's product lines won't and certainly shouldn't stay the same. An organizations pricing policy will vary over time, place and circumstances. Companies also need to respond to fluctuations in market prices in order to keep up with competition.