The Marketing Mix in the Digital Age
The Internet has changed the way business is done in the current world. Consequently, the variables of marketing segmentation, targeting and positioning are addressed differently. Although the way new products and services are marketed have changed, the primary aim of business in bringing economic and social values have not. Indeed, all businesses seek to implement a marketing mix that increases revenues and profit, expands brand awareness, and builds customer bases. Nevertheless, marketers must take into account the following shifts, which will inevitably effect their product, promotional and pricing strategies:
- The shift from media advertising to multiple forms of communication.
- The shift from mass media to more specialized (niche) media, which are centered on specific target audiences.
- The shift from a manufacturer-dominated market to a retailer -dominated, consumer-controlled market.
- The shift from general-focus advertising and marketing to data-based marketing.
- The shift from low agency accountability to greater agency accountability, particularly in advertising.
- The shift from traditional compensation to performance-based compensation (increased sales or benefits to the company).
- The shift from limited Internet access to 24/7 Internet availability and access to goods and services.
Each element of the marketing mix must coordinate with other elements in the marketing program to ensure maximum reach and impact.