New mix: 4P — 4Es — 4C. Evolution of the Marketing Mix
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Technologies similar to Cookies
Similar technologies are technics or tools, using certain characteristics to identify devices so that visits to a website can be analyzed. It includes, for example, HTML5 local storage, local Shared objects, fingerprinting techniques, tracking pixels and plugins.
For ease of reference, cookies and similar technologies are referred as "Cookies".
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Cookies enable us to provide users with certain features and supply us with information about website visits.
We also make use of cookies to make our site more user-friendly, to better understand our existing and prospective customers, including associating a user with different devices and browsers that they may use for online targeting and advertising purposes.
As technology evolves and consumer habits change, the legendary ‘4Ps’ marketing mix has evolved to adapt to new realities. Digitalisation, artificial intelligence and the explosion in popularity of social media are having a significant impact on marketing strategies.
The concept that summarises the four core principles of any marketing strategy is over 60 years old. Since then, many products have shifted from shop shelves to website pages, and digital billboards and banners have migrated online and become common promotional tools. Businesses have adapted to the digital present and are struggling to keep up with rapidly changing trends. This process is sometimes painful.
The four R's: necessary but not sufficient?
Everything you do as part of an advertising campaign, any contact with the target audience, is part of the marketing mix, said marketers at Fincraft Capital Czech Republic. It is a set of specific actions. The classic marketing mix consists of four P's - Product (what you sell), Price (at what price you sell it), Place (where you sell and promote it) and Promotion (how you promote it).
Product. This is what brands sell in terms of quality, packaging, design, branding and innovation.
Price. The right price is the balance between sales volume and profit. How do you calculate selling prices? Do you include discounts, payment plans and credit terms in your calculations.
Place. It matters not only how, but where you promote your product or service. Where do your customers find information about your industry? If you are not in the places (online and offline) where your potential customer goes, they will never hear about you, see your adverts, visit your shop or website.
Promotion. This is how customers find out about you. Which channels for advertising are most effective for you? How do you get the word out? What strategies do you use and are they effective? When you focus your efforts on promoting to your audience, you can increase your profits and improve your return on investment (ROI).
The marketing mix has stood the test of time, but technology is changing the world, and with it, the concept of the ‘4Ps’ is changing. We've been ‘living’ online for a long time. We wake up with the internet, with gadgets in our hands and fall asleep. Business is also moving smoothly or abruptly into the network. It is no longer possible to imagine even a small salon, shop or workshop without its own ‘corner’ on the Internet.
The concept that summarises the four core principles of any marketing strategy is over 60 years old. Since then, many products have shifted from shop shelves to website pages, and digital billboards and banners have migrated online and become common promotional tools. Businesses have adapted to the digital present and are struggling to keep up with rapidly changing trends. This process is sometimes painful.
The four R's: necessary but not sufficient?
Everything you do as part of an advertising campaign, any contact with the target audience, is part of the marketing mix, said marketers at Fincraft Capital Czech Republic. It is a set of specific actions. The classic marketing mix consists of four P's - Product (what you sell), Price (at what price you sell it), Place (where you sell and promote it) and Promotion (how you promote it).
Product. This is what brands sell in terms of quality, packaging, design, branding and innovation.
Price. The right price is the balance between sales volume and profit. How do you calculate selling prices? Do you include discounts, payment plans and credit terms in your calculations.
Place. It matters not only how, but where you promote your product or service. Where do your customers find information about your industry? If you are not in the places (online and offline) where your potential customer goes, they will never hear about you, see your adverts, visit your shop or website.
Promotion. This is how customers find out about you. Which channels for advertising are most effective for you? How do you get the word out? What strategies do you use and are they effective? When you focus your efforts on promoting to your audience, you can increase your profits and improve your return on investment (ROI).
The marketing mix has stood the test of time, but technology is changing the world, and with it, the concept of the ‘4Ps’ is changing. We've been ‘living’ online for a long time. We wake up with the internet, with gadgets in our hands and fall asleep. Business is also moving smoothly or abruptly into the network. It is no longer possible to imagine even a small salon, shop or workshop without its own ‘corner’ on the Internet.
The new 4 Es mix: focus on the customer journey
In the past, to find the right product, compare prices and choose the best, a customer had to go round dozens of shops looking for adverts, buy newspapers and magazines, spend time looking for the right information. Today, all this can be done in a few clicks, without leaving home. The focus of the marketing mix is changing. The trend demands more emphasis on the customer, his desires and choices.
It's time to rethink the marketing mix and make it more reflective of today's digital reality. ‘The Four P's’ must now evolve into the “Four Es” - Experience, Exchange, Everyplace and Evangelism, noted Fincraft Capital dropshipping experts.
Experience
In modern marketing, the emphasis is on creating a unique customer experience. Products and services should not just fulfil customer needs, but also bring positive emotions and impressions. Brands strive to create an emotional connection with consumers by offering personalised and memorable interactions.
Exchange
The traditional concept of price is transformed into the concept of exchange. The interaction between buyer and seller is seen as an exchange of value, where buyers are willing to pay not only money, but also to give their attention, share personal data or favour a brand in exchange for the value they receive in return.
The transaction between seller and consumer is no longer just about price and product. Customers are interested in discounts, rewards, relevant experiences and more - tailored to their interests.
Everyplace
The point of sale is no longer limited to the walls of the shop. Virtual storefronts, mobile apps and social media are becoming the new venues to engage with consumers. Advertising and promoting products, delivering information to the customer, can now be done anytime and anywhere.
Today, customers can build their own path to purchase through multiple touchpoints. Therefore, it is important to identify the channels most frequented by your target audience. By understanding behavioural patterns, it is possible to identify the sequence of audience movement.
Evangelism
Evangelism in marketing is the commitment and loyalty of customers who don't just buy a product, but become active supporters of it. They recommend the product and brand, leave reviews and actively participate in its promotion.
Social media and digital platforms make it easier for brands to find and maintain these ‘evangelists’. You can only attract these customers by forming a connection with them, but not with specific products and their brand or vendor. To do this, it is important not just to offer a product, but to accompany the customer step-by-step.
A new mix: the ‘4Ps’-‘4Es’-"4Cs’
Fincraft Capital adapts traditional marketing methods to current trends, providing unique customer experiences through digital channels and social media. In addition to the ‘4Es’ marketing mix, we use the ‘4Cs’ concept: Consumer, Cost, Convenience, Communication and focus on external processes that influence customer behaviour. Fincraft Capital's specialists help partners of the trading floor to select goods by analysing data on the interests and preferences of their customers.
In the past, to find the right product, compare prices and choose the best, a customer had to go round dozens of shops looking for adverts, buy newspapers and magazines, spend time looking for the right information. Today, all this can be done in a few clicks, without leaving home. The focus of the marketing mix is changing. The trend demands more emphasis on the customer, his desires and choices.
It's time to rethink the marketing mix and make it more reflective of today's digital reality. ‘The Four P's’ must now evolve into the “Four Es” - Experience, Exchange, Everyplace and Evangelism, noted Fincraft Capital dropshipping experts.
Experience
In modern marketing, the emphasis is on creating a unique customer experience. Products and services should not just fulfil customer needs, but also bring positive emotions and impressions. Brands strive to create an emotional connection with consumers by offering personalised and memorable interactions.
Exchange
The traditional concept of price is transformed into the concept of exchange. The interaction between buyer and seller is seen as an exchange of value, where buyers are willing to pay not only money, but also to give their attention, share personal data or favour a brand in exchange for the value they receive in return.
The transaction between seller and consumer is no longer just about price and product. Customers are interested in discounts, rewards, relevant experiences and more - tailored to their interests.
Everyplace
The point of sale is no longer limited to the walls of the shop. Virtual storefronts, mobile apps and social media are becoming the new venues to engage with consumers. Advertising and promoting products, delivering information to the customer, can now be done anytime and anywhere.
Today, customers can build their own path to purchase through multiple touchpoints. Therefore, it is important to identify the channels most frequented by your target audience. By understanding behavioural patterns, it is possible to identify the sequence of audience movement.
Evangelism
Evangelism in marketing is the commitment and loyalty of customers who don't just buy a product, but become active supporters of it. They recommend the product and brand, leave reviews and actively participate in its promotion.
Social media and digital platforms make it easier for brands to find and maintain these ‘evangelists’. You can only attract these customers by forming a connection with them, but not with specific products and their brand or vendor. To do this, it is important not just to offer a product, but to accompany the customer step-by-step.
A new mix: the ‘4Ps’-‘4Es’-"4Cs’
Fincraft Capital adapts traditional marketing methods to current trends, providing unique customer experiences through digital channels and social media. In addition to the ‘4Es’ marketing mix, we use the ‘4Cs’ concept: Consumer, Cost, Convenience, Communication and focus on external processes that influence customer behaviour. Fincraft Capital's specialists help partners of the trading floor to select goods by analysing data on the interests and preferences of their customers.