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8 Ps of Marketing Experience the Difference...Inverse DesignThe Secret Mix for E-commerce Competitive AdvantageThe Marketing Mix Strategy is a tool that helps organizations meet long-term objectives and gain a competitive advantageInverse Design

Experience the DifferenceActually, the marketing mix is one component of two that make up the marketing strategy.

Target market selection is the other component. The formula looks like this:

Marketing Mix + Target Market Selection = Marketing Strategy

Yet, the marketing mix in itself can indeed be considered a strategy, asInverse Design

Experience the DifferenceMany neglect to include marketing mix as a component of their marketing strategyas odd as that may seem. This has transformed use of the marketing mix into a powerful strategy - especially when its something the competition has neglected to do, or is already doingInverse Design

Experience the DifferenceFor example, a commonly used approach to marketing that leaves out marketing mix generally goes something like this:

Have some sort of an idea about how to make some profits.Maybe Set a few goals, Like X amount of profits or X number of customers/sales.Carry out some promotional tactics, such as place an ad, write a blog, tweet, etc.

and HOPE for results

Hmmnow WHY isnt THAT effective?

Find a product to promote.

Do a bit of research, (mainly keyword research).

Start blogging, placing ads, and nagging people on social media.

Its a problem that heavily plagues the internet marketing community especially. Too often do those seeking to make money online follow such a flimsy approach.

Even stranger is that many well-established bricks and mortar small business owners take a similar approach to marketing when seeing to build a profitable online presence

Internet Marketing Strategy 101:10%/F-Large corporations are more likely to take a more educated approach, as the marketing mix is one of the basics taught in college-level business and marking courses.

Not every person seeking to establish an online business presence has taken these courses, or actually apply what they learned in these courses, or even graduated college at all.

but That doesnt make the marketing mix principle any less valid, helpful, relevant, and/or effective.

It just means Implementing the Marketing mix Strategy Could Instantly Give your business a Competitive Edge.

Inverse Design

Therefore, the marketing mix strategy is a strategy indeed.

Strategy: a. The science and art of using all the forces of a nation [or business] to execute approved plans as effectively as possible during peace or war [i.e. always]. The American Heritage Dictionary (2000).

Q: Is your business at peace, or at war?Inverse Design

Experience the DifferenceOne of the most common debates over the marketing mix isnt whether or not its a strategy, but what the mix should consist of.

4 Ps, 5 Ps 7 Ps, 8 Ps, 9Ps, 4 Es, 4Cs, 4Ss, ??

A through Z, 4-44

Can it get any more confusing?Especially when conducting business online, the 8 Ps of service marketing is the best one to go by, even though there is such as thing as a web marketing mix (WMM).

Although originally intended just for services businesses without regard to the internet, the 8 Ps can help bring your business a competitive advantage online, whether you offer services, tangible goods, or intangible goodsInverse Design

Experience the DifferenceIntroduced by Christopher Lovelock and Jochen Wirtz in Services Marketing: People, Technology, and Strategy (2007), the 8 P service marketing mix is as follows:

Product *Price*Promotion*Place*PeopleProcessProductivity (or performance)Physical Evidence ( or philosophy)

* An element of the original 4 Ps.When it comes to customer service, social media has raised the bar, making superior service the prerequisite of true and lasting business success, and making the 8 Ps of services marketing relevant to all types of businesses online.

No online business can afford to ignore social media and the effect its had on consumer expectations. Inverse Design

Experience the DifferenceSo, just how can the 8 Ps of service marketing be applied to online business in order to foster growth and overall success?...Inverse Design

Experience the Difference1. Product Experience the Difference...Inverse DesignThe Product must Satisfy Consumer DemandsOnline:The internet provides consumers with greater ease of access to a wider range of options. Customization and uniqueness is the name of the game.

2. Price Experience the Difference...Inverse DesignHow much a consumer must pay for the product affects Demand, sales volume, and profit marginsOnline: Lowest Price wars run rampant in many industries, often making it even tougher to compete on the internet than in the traditional marketplace. If at all possible, businesses that would avoid these hassles must stand apart through providing superior quality and value.

3. Promotion Experience the Difference...Inverse DesignIncreasing brand awareness and loyalty while generating salesOnline:Promotion can be done at a lower cost. It becomes easier for consumers to assist in the promotion of a brand, and brand uniqueness is especially important. Heavy emphasis must be placed on social media marketing.

4. Place Experience the Difference...Inverse DesignHow and where the product is made available to potential consumersOnline:A focus must be placed on website user experience, and search engine visibility, meanwhile seeking to connect with potential customers where and when theyll be more likely to buy.

5. People Experience the Difference...Inverse DesignThe attitude, passion, level of knowledge, and experience of the professional or teamOnline: Consumers have higher expectations for response times and customer service. Current and potential customers connect with business owners and team members on a more intimate level through social media. Even for business offering only goods, fostering relationships with the target market is paramount.

6. Process Experience the Difference...Inverse DesignThe procedure followed for producing and delivering the productOnline:Innovative digital solutions help business streamline operations and boost efficiency, often resulting in faster, better service, and higher product quality. Online consumers are less patient in waiting for product delivery.

7. Performance Experience the Difference...Inverse Designthe Competitiveness of the product and whether financial goals are being metOnline:Sales productivity is enhanced through the expansion of sales enablement. This means, for example, attracting potential customers through useful, engaging, relevant content a prerequisite to exceptional SEO.

8. Philosophy Experience the Difference...Inverse DesignThe companys position within its industry and how it stands apart from its competitorsOnline: Developing a strong brand identity through social media is vital. The company must have a distinctive brand personality to which the target market can befriend and relate.

Let Inverse Design help you take your online business presence to the next level.Call Now1-877-518-1669 to schedule a free consultation. Want to Read MORE Insightful Content? Check out http://inversedesign.com/bloginfo@InverseDesign.com 1918 BOUL.SAINT-REGIS DORVAL, QC, H9P 1H6 CanadaInverse DesignExperience the Difference

Thank You References

Lovelock, C. and Wirtz, J. (2007). Services Marketing: People, Technology, and Strategy, 6th ed., Pearson Prentice Hall., New Jersey.

Strategy. 2014 in AHDictionary.com. Retrieved August 8, 2014, from https://www.ahdictionary.com/word/search.html?q=strategy&submit.x=31&submit.y=16Inverse DesignExperience the Difference