1. 8 Ps of Marketing The Secret Mix for E-commerce Competitive Advantage Inverse Design Experience the Difference...

2. The Marketing Mix Strategy is a tool that helps organizations meet long-term objectives and gain a competitive advantage Inverse Design Experience the Difference

3. Actually, 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: Yet, the marketing mix in itself can indeed be considered a strategy, as Inverse Design Experience the Difference

4. Many neglect to include marketing mix as a component of their marketing strategy as 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 doing Inverse Design Experience the Difference

5. For example, a commonly used approach to marketing that leaves out marketing mix generally goes something like this: 1. Have some sort of an idea about how to make some profits. 2. Maybe Set a few goals, Like X amount of profits or X number of customers/sales. 3. Carry out some promotional tactics, such as place an ad, write a blog, tweet, etc. and HOPE for results Hmmnow WHY isnt THAT effective?

6. 1. Find a product to promote. 1. Do a bit of research, (mainly keyword research). 2. 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-

7. Large corporations are more likely to take a more educated approach, as the marketing mix is 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

8. 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 Difference

9. One 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?

10. 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 goods Inverse Design Experience the Difference

11. Introduced by Christopher Lovelock and Jochen Wirtz in Services Marketing: People, Technology, and Strategy (2007), the 8 P service marketing mix is as follows: 1. Product * 2. Price* 3. Promotion* 4. Place* 5. People 6.Process 7. Productivity (or performance) 8. Physical Evidence ( or philosophy) * An element of the original 4 Ps.

12. 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 Difference

13. So, 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 Difference

14. 1. Product The Product must Satisfy Consumer Demands Inverse Design Experience the Difference... Online: The internet provides consumers with greater ease of access to a wider range of options. Customization and uniqueness is the name of the game.

15. 2. Price How much a consumer must pay for the product affects Demand, sales volume, and profit margins Inverse Design Experience the Difference... Online: 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.

16. 3. Promotion Increasing brand awareness and loyalty while generating sales Inverse Design Experience the Difference... Online: 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.

17. 4. Place How and where the product is made available to potential consumers Inverse Design Experience the Difference... Online: 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.

18. 5. People The attitude, passion, level of knowledge, and experience of the professional or team Inverse Design Experience the Difference... Online: 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.

19. 6. Process The procedure followed for producing and delivering the product Inverse Design Experience the Difference... Online: 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.

20. 7. Performance the Competitiveness of the product and whether financial goals are being met Inverse Design Experience the Difference... Online: 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.

21. 8. Philosophy The companys position within its industry and how it stands apart from its competitors Inverse Design Experience the Difference... Online: 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.

22. Call Now 1-877-518-1669 info@InverseDesign.com 1918 BOUL.SAINT-REGIS DORVAL, QC, H9P 1H6 Canada Want to Read MORE Insightful Content? Check out http://inversedesign.com/blog Inverse Design Experience the Difference

23. 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=16 Inverse Design Experience the Difference