The 4Ps Of Internet Marketing
One of my secondary goals with this Internet Business Blog is to combine the old business school tactics and approaches with the new economy business school. l don’t want to be academic, but with simple language to give an overall aspect of how internet marketing is organized and works. Let’s say it is a blueprint, a bit different from the others that is based only in practical knowledge.
The 4Ps of Internet Marketing is also known as the Marketing Mix and it was first introduced by Neil H. Borden. Neil H. Borden published his 1964 article, The Concept of the Marketing Mix.
The Marketing mix concept and the 4Ps of marketing became popularized with the marketing guru Phillip Kottler with his legendary book Principles of Marketing. Book l read several times and l liked most.
What are the 4Ps?
The 4Ps are Product (solution), Promotion (information), Price (Value) and Place ( Access). In internet marketing, the product is the solution and the benefits we offer to the final customer. People are not buying products but the benefits and the solution the products or services are offering to them.
For instance, people are not buying cars, but transportation, luxury, prestige, security, ease, etc.
Promotion is simply the art of communicating our product to our target audience.
Promotion represents the various aspects of marketing communication, that is, the communication of information about the product with the goal of generating a positive customer response. Marketing communication decisions include:
- Promotional strategy (push, pull, etc.)
- Personal selling & sales force
- Sales promotions
- Public relations & publicity
- Marketing communications budget
Price is the perceived value our service or product has in the eyes of the final customer. This perceived value has to balance with the desired or suggested final price, the company sets. In internet marketing we had a huge price shift to cheaper products, especially in the personal developement and the information related products such podcasts, videos, learning programs etc.
Price also includes the pricing strategy, the price flexibility, the volume discounts and wholesale pricing, the bundling, the repackaging, the suggested retail price and the pricing strategy. Pricing strategy has to do with the overall internet marketing strategy we have. For instance a marketing penetration strategy is followed by lower prices or no prices at all!
The place is simply the distribution of the product to the end-user. In internet marketing this means to provide access to the final user to our product or services. The attraction marketing has to do with attracting the customer to us and giving him access to our information sources mainly. We pull the customer to us instead of pushing him.
Logistics has been updated since the old times and the electronic distribution system has made a lot o f products and services obsolete in their previous physical type. Books now are eBooks, Videos and marketing went viral and many other innovations will compress more the distribution costs. Many other products found new substitute products and a needs now are being covered with new free services.
Some examples of distribution decisions include:
- Distribution channels
- Specific channel members with member sites
- Inventory management
- Distribution centers
- Order processing
Some marketing professionals advocate extending the 4p’s of marketing to include People, as human resources of the business and Process. Process is not just the process of making the product but the experience using it.
As a conclusion, l would like to say that the model of marketing is almost the same, but it is easier with the new internet business to communicate with the customer, to improve relationships and customer satisfaction. l consider Internet Marketing my true love and l would like to give you this basic concept to you just to see what are the basics of marketing on the web.
To Your Success
Category: Internet Marketing