Making Appropriate Changes to Product, Placement, Promotion, and Pricing
Marketing teams must adjust their marketing mix strategies accordingly to adapt and succeed in a rapidly changing media environment.
LEARNING OBJECTIVES
Explain how the World Wide Web has changed the way brands target consumers and position their brand in the marketplace
KEY TAKEAWAYS
Key Points
- Although the way new products and services are marketed have changed, the primary aim of business in bringing economic and social values have not.
- Marketing organizations must be ready to alter product features and ingredients based on consumer and media praise, or backlash.
- Brands must ensure that their e-commerce websites work in concert with offline distribution channels such as fulfillment centers and warehouses.
- Pricing–the primary means by which customer judge the attractiveness of a product or service–can also be affected by social media technologies, which offer wider access to customers via online channels.
- Placement refers to providing the product at a place which is convenient for consumers to access. Marketing management must have a clear understanding of the types of distributors, of the trends influencing those distributors, and of how those distributors are perceived by customers.
Key Terms
- World Wide Web: Collectively, all of the web pages on the Internet which hyperlink to each other and to other kinds of documents and media.
- accountability: The state of being accountable; liability to be called on to render an account; accountableness; responsible for; answerable for.
- social media: Interactive forms of media that allow users to interact with and publish to each other, generally by means of the Internet.
Making Appropriate Changes to Product, Placement, Promotion, and Pricing
Since its emergence during the 1990s, the World Wide Web has fundamentally changed the way businesses market to end users and consumers. Today, the marketing mix –product, placement, promotion and pricing–must take into account both online and offline buyers; traditional media, and digital media. Social media technologies such as social networking sites, as well as digital platforms including SmartPhones and computer tablets, have changed the way users access and consumer information. Marketing teams must adjust their marketing mix strategies accordingly to adapt and succeed in a rapidly changing media environment.
Conversations in Social Media: Consumers intentionally and unintentionally use social media to purchase, evaluate and ultimately influence a brand’s marketing mix.