How To Apply The ‘Marketing Mix' in the Online Business World

How To Apply The Marketing Mix' in the Online Business World

Marketing Mix History

In 1960 (the year I was born long before the 'Online Business World') Jerome McCarthy broke down Neil Borden's famous phrase into what later became known as the four P's of marketing:

1. Product

2. Price

3. Place

4. Promotion

At that time it might have taken semesters of study to fully grasp the fundamentals of several different business operations responsible for the ultimate outcome of producing and selling.

History also shows how specialized each business operation has become and how a single operation now contains scores of specialized career fields.

The Four P's In The New World

Fast forward 50 years and we find entrepreneurs with unique business ideas who are able to outline an entire online marketing funnel during a single consulting session with an internet marketer.

Whether the product is a physical commodity, an idea or a service every aspect of the marketing mix is contained within the Online Business World.'

The product can be comparably priced with similar items found on the internet. It is most certainly promoted and sold online either via E-commerce or contracted service.

Applying The Marketing Mix Online

The breakdown is also quick and easy after a few specific questions are answered regarding the product.

How popular is the product within a well defined niche? Is the competition doing a good job or have they left enough room to leverage the benefits you intend to highlight?

Is there any clear representation of what the price point should be? Is there disparity between low cost and high quality?

Since we're focused on selling online, is anything similar available offline? Other than convenience, why is the online option more enticing?

Can this product benefit best from visual, audio, social, viral, casual, comparative or descriptive promotion?

Let's face it, DRTV (direct response television) is more effective online than on certain allotted time slots on obscure cable channels. Every imaginable medium ever invented for promotion is part of the online business world and available to anyone with a cell phone.

Where Does Your Business Fit In The Mix?

If you run a local business, a home business or you're ready to start a business there are many ways to educate yourself and research exactly how to apply the marketing mix to the online business world.

More fortune 50 companies are expanding their businesses by entering the virtual world completely amazed at how fast everything can be implemented. They have the advantage of hiring someone who knows enough about web design or internet marketing to take advantage of the business structure currently in place.

It's like hiring a tour guide to show you how your business can grow on the internet.

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