Please enable JavaScript.
Coggle requires JavaScript to display documents.
The Marketing Mix (Product (In The Future (The no. of variants expected…
The Marketing Mix
Product
-
-
-
-
-
Marketers have to ask themselves "what can I do to offer a better product to these people than my competitors?"
In The Future
-
Expectation for products to be 'connected + smart' bc of technology convergence e.g iPhone + Macbook = greater data connection on customers for Apple
-
-
Promotion
-
In The Future
-
-
But, customers will become more open to giving data access so their needs can be met more effectively
-
-
-
-
Must consider budget, target market, competitor's promotion strategy, the message you want to communicate + the best time to do so
Price
-
In The Future
-
Pricing will become dynamic w/ cost, inventory + sales data coalescing in real time
This will mobilise larger numbers of buyers which will allow the socially-disadvantaged more access to products
-
-
-
Varying pricing methods: must consider cost of production, customer perceived value + competitor's pricing
-
People
-
-
-
In The Future
-
-
'Always On' nature of the internet: allows massive amounts of data to be accessed all the time -> changes how we interact w/ each other
-
-
Place
-
-
Various distribution channels: must consider where potential clients shop + how your distribution strategy is different to competitors
In The Future
Analytics, enhanced apps, local delivery hubs + aerial drones will be the key to efficient distribution
More environmental damage from increased packaging/vehicle pollution as online delivery models will be more popular than collection
Disintermediation: all intermediaries disappear. End users will have direct contact w/ suppliers. Customers overwhelmed w/ choice
Processes
-
In The Future
-
Companies will have to become more "resource intelligent" bc of the need for increased sustainability
Customer relationship management will develop better approaches that build more post-purchase value for customers, e.g through communities
-
-
Partnerships
In The Future
-
-
-
Due to the insane size of offline + online marketplaces, it will be more cost-effective to collaborate than to build/own a full-value chain
Collaboration w/ a person or business bc they have a relationship w/ the area of the market you are looking to sell into
-