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When e-digital marketing came into the limelight, many knew it was the future of buying, selling and promoting goods and services. Digital marketing is using technology to market goods and services to a larger mass.
We are buying a PlayStation device, the latest PS4 device in the market to my little nephew. In considering where to buy, there are various consideration to be put into effect including the 4Ps marketing mix and principle (Chaffey & Ellis-Chadwick, 2012)..
They called it "Theory 4P" or "Marketing Mix". Based on this theory, success can be achieved by focusing its activities on 4P: Product, Price, Promotion, Place. If in Russian, then if you produce the right product at the right price, selling it in the right place with competent advertising support, then there will be no end customers.
It seeks to answer the question how good is the PS4 device verses the distinction. PS4 competes against other competitors such as google products, Nintendo, X-Box and many other numerous computer games. PS4 can be compared to any other electronic game but its visuals are much better than the other competitors.
It is however cheaper than the x box and Nintendo. It is a worldwide game loved by many kids and is very good to kids. On launching, the PS4 outsells all of its competitors (Leeflang & Freundt, 2014).
The price for the product is $ 4000, which is quite cheap compared to its competitors
The 4P concept is known in marketing. Product, Price, Place, Promotion - these are the four elements of the marketing strategy, the competent study of which ensures successful promotion of the product in the consumer market. However, despite the good knowledge of this theory, it is not easy to reduce knowledge and put it together in the main (Paul & Bhowmick, 2018).
Products and Brand. What we sell or the formation of the product range.
Before creating a new product, you should categorize products that are already delivered to the market. You can split the goods into categories in several ways. Here are some of them:
In value for the client: emotional or functional.
When the product line is formed and for each product it is clear how the consumer extracts value from it, it becomes obvious which market segments are not yet closed. Therefore, you can create a product with special value, especially for this segment. So there are product lines - luxury product options, mass product variants, products that have special properties (for example, fitness-versions of food, etc.).
By the degree of involvement in the choice: strong involvement, habit or spontaneous purchase.
Consumers choose different goods in different ways, and this must also be taken into account. There are products, for example, software, for choosing which you need to put a lot of intellectual and emotional efforts, and there are goods that are bought immediately and spontaneously (Stephen, 2016).
The division of goods into categories, depending on at what stage of maturity is the market. The global trend indicates that the company is thinking about the release of a new product, when the market enters a stage of growth. The company can sell existing products to existing customers. Additional details, accessories to existing products, loyalty programs and promotions to new purchases are being implemented.
Sale of existing products to new customers. This is an access to new geographical markets, or an easy modification of the product and the seizure of segments of the market competitors and substitute products.
What specific needs of the target customer will the new product satisfy? Considering that the benefits that the consumer of this product will receive must be higher than the casualties for which he is compelled to go in the process of selecting the product and acquiring it.
What else should a Australian entrepreneur take into account is that our people are not yet accustomed to using electronic payments and making purchases via the Internet, so it is worthwhile to focus on promoting their products offline. Everyone prefers to act "in the old fashion" - to come, see, touch, and only then, if you like, buy (Tiago & Veríssimo, 2014).
What happens when a company creates a new product? Who needs to create a new product and for which industries is this critical?
When the market provides customers with more and more new services - online policy making, application for a loan for 1 hour, delivery on the day of the order and others - the company needs to enter similar products and services to meet the market requirements, as well as create their own novelties (Ryan, 2016).
Chaffey, D., & Ellis-Chadwick, F. (2012). Digital marketing: strategy, implementation and practice (Vol. 5). Harlow: Pearson.
Leeflang, P. S., Verhoef, P. C., Dahlström, P., & Freundt, T. (2014). Challenges and solutions for marketing in a digital era. European management journal, 32(1), 1-12.
Paul, P., Bhuimali, A., Aithal, P. S., & Bhowmick, S. (2018). Business Information Sciences emphasizing Digital Marketing as an emerging field of Business & IT: A Study of Indian Private Universities.
Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.
Stephen, A. T. (2016). The role of digital and social media marketing in consumer behavior. Current Opinion in Psychology, 10, 17-21.
Tiago, M. T. P. M. B., & Veríssimo, J. M. C. (2014). Digital marketing and social media: Why bother?. Business Horizons, 57(6), 703-708.
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