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Marketing In A Digital World

According to AMA (American Marketing Association), Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing is also the enactment of a mutually beneficial exchange between two parties (seller and buyer). 

Two factors make marketing quite challenging for both firms as well as consumers. First, customers often don't know what they want and maybe uncertain about the degree to which a particular product will meet their needs. Second, there are typically many firms offering competing products that appeal to the same customers. 

To resolve those problems, the marketing developer made the 4 P's concept. The concept of the 4 P's was introduced way back in 1960 by professor Jerome Mc Carthy and Michigan State University. The 4P's are: 

1. Product

2. Promotion

3. Placement

4. Price


The 4P's known as the "marketing mix" are tools to help facilitate exchange. 

For Product: Marketers should offer innovative products that meet the customer needs & exceed their expectations. Also, the brand proposition should be unique and tell a compelling story. 

For Promotion: Marketers need to promote their offerings to potential customers. 

For Placement: Marketers must find a way to deliver their products physically. Most products have channeled through a set of distributions. 

For Price: Price is the main factor that influences which product a customer will purchase. Marketers can employ pricing strategies. 

Nowadays, digitization and democratization is altering the roles of both firms and customers. As a result, both firms and customers need to adopt new practices and change what they have done in the past. 


References: Marketing in Digital Worlds ( Illinois Gies College of Business through Coursera)

Picture: https://www.pexels.com/


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