Implementing the traditional marketing mix to gain a competitive
advantage and meaningful differentiation poses quite a challenge in
today’s technologically advanced marketspace, yet it is important to
recognize that the 4 P’s still offer an integral foundation. That
foundation needs to remain prominent in marketer’s decisions yet
reinforced with integration of newer models, for a current and
successful solution.
The marketing mix is a tool and the web – just a new toolbox. The way you use the tools determines success. To help firms implement marketing strategies successfully we need to remember that , “…. those who fail to fully understand the basics of marketing, including frameworks like the 4 P’s, will ultimately fail in their endeavors. Look at how many startups close down shop because their freemium business model failed to escalate and convert to revenue generation. Or how many companies dismiss the importance of thinking about distribution channels before setting up their business… all of this is part of going through the 4 P’s model and outlining how your marketing strategy will work.” (Kuperman 2011)
Firm’s need to also reinforce the traditional marketing mix with new techniques to account for the challenging shift into customer engagement on the new web platform.
Some of these technique models include:
Personalization: mass customization to gain more profits (iMark 2008)
Participation: customer democratization of information (iMark)
Peer-to-Peer: customer networks and communities where the brand is being talked about. Brand engagement happens within the conversations among the users (iMark)
Predictive Modeling: neural networks algorithms, successfully applied in marketing problems (typepad.com)
Here is a challenge:
Pick any product you’d like and try to develop a marketing strategy where the 4 P’s are irrelevant. I can guarantee that in one way or another you will find that these building blocks are still very much alive.
iMark (2008) “New 4Ps of marketing in Web 2.0 era” Retrieved from http://marketingoverinternet.wordpress.com/2008/03/15/new-4ps-of-marketing-in-web-20-era/
Kuperman, D., Cannon, J. (2011) “Defending the 4 Ps of marketing on the web” Retrieved from http://teachthe4ps.com/marketing-strategy-planning/defending-the-4-ps-of-marketing-on-the-web/
Typepad.com (2007) Retrieved from http://mootee.typepad.com/innovation_playground/2007/07/wen-20-and-the-.html
The marketing mix is a tool and the web – just a new toolbox. The way you use the tools determines success. To help firms implement marketing strategies successfully we need to remember that , “…. those who fail to fully understand the basics of marketing, including frameworks like the 4 P’s, will ultimately fail in their endeavors. Look at how many startups close down shop because their freemium business model failed to escalate and convert to revenue generation. Or how many companies dismiss the importance of thinking about distribution channels before setting up their business… all of this is part of going through the 4 P’s model and outlining how your marketing strategy will work.” (Kuperman 2011)
Firm’s need to also reinforce the traditional marketing mix with new techniques to account for the challenging shift into customer engagement on the new web platform.
Some of these technique models include:
Personalization: mass customization to gain more profits (iMark 2008)
Participation: customer democratization of information (iMark)
Peer-to-Peer: customer networks and communities where the brand is being talked about. Brand engagement happens within the conversations among the users (iMark)
Predictive Modeling: neural networks algorithms, successfully applied in marketing problems (typepad.com)
Here is a challenge:
Pick any product you’d like and try to develop a marketing strategy where the 4 P’s are irrelevant. I can guarantee that in one way or another you will find that these building blocks are still very much alive.
iMark (2008) “New 4Ps of marketing in Web 2.0 era” Retrieved from http://marketingoverinternet.wordpress.com/2008/03/15/new-4ps-of-marketing-in-web-20-era/
Kuperman, D., Cannon, J. (2011) “Defending the 4 Ps of marketing on the web” Retrieved from http://teachthe4ps.com/marketing-strategy-planning/defending-the-4-ps-of-marketing-on-the-web/
Typepad.com (2007) Retrieved from http://mootee.typepad.com/innovation_playground/2007/07/wen-20-and-the-.html
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