Traditionally, the marketing mix consists of four principal marketing decisions for achieving business goals into a specified target market. The marketing mix consists of Product, Price, Place, and Promotion, which are also referred to as the four P’s.
However, the extended marketing mix is referred to as the 8 P’s, which adds people, process, performance and physical evidence to the original 4 P’s. This extended marketing mix is more suitable for services marketing and online business.
In an online marketing mix, it is imperative that the product or service has to be 100% online, which means that the product has no physical features. The the online product should be scalable in nature, as also the processes which revolve around the product, such as the creation, management, pricing and distribution of the product
In the online marketing mix, Price is what your customer will pay for your product. Factors included in determining the price include what actually is the customer’s perceived value of your online product and what is the time span in which your product will reach the customer..
In the online marketing mix, Place refers where and how online will you provide your customers access for seeing and buying your products. In online marketing, there are many options for you to sell on a wide range of platforms and methods, such as social media platforms like Facebook Shop and Instagram Shopping, dedicated online store on e-commerce platforms like WooCommerce and Shopify, and e-store on online marketplaces like Amazon and Flipkart.
Promotion in the online marketing mix refers to the use of specialised online marketing communication tools to reach your specific target audience sets without any communication wastage. Promotion includes the use of online advertising on different models, direct communication in the form of e-mail, digital PR through public relations, and sales promotions through dynamic offers for triggering impulse purchases..
Deploying the right People in the online marketing mix is extremely crucial. Great online products and businesses certainly require skilled and talented people to be involved in the online distribution of products and services, as also trained personnel who front end the business with customers.
Process in the online marketing mix clearly defines the required procedures and their perfect optimization for seamlessly delivering online products, and also includes the experience of doing the same. Process includes all those tasks that are necessary for a product to provide its core online experience for its users.
Physical Evidence (Online Evidence)
In the extended online marketing mix, physical evidence actually refers to the different elements of the entire service experience and such as facilities, interior designs, livery, and post-purchase artefacts (souvenirs).
Online evidence includes the number of visitors on your corporate website and content destination, number of followers on your company’s social media handles, likes on the posts and updates, views on the videos on your company’s video platform and other similar metrics and analytics..
When you include the 7 P’s of online marketing into you company’s marketing decisions, you will certainly develop a better and more comprehensive marketing strategy for your business.