How brands can use all elements of the 8ps of service marketing to create an e-commerce competitive advantage, ruling the market in their industry online.
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8 Ps of Marketing: The Secret Mix for E-Commerce Competitive Advantage
1. 8 Ps of
Marketing
The Secret Mix for
E-commerce Competitive
Advantage
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2. The Marketing Mix Strategy is a
tool that helps organizations meet
long-term objectives and gain a
competitive advantage…
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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…
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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 it’s something the competition has
neglected to do, or is already doing… Inverse Design
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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
Hmm…now WHY isn’t 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.
It’s 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 doesn’t 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?
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9. One of the most common debates over the
marketing mix isn’t whether or not it’s 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…
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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 P’s of services marketing relevant to all
types of businesses online.
No online business can afford to ignore social media
and the effect it’s had on consumer expectations.
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13. So, just how can the 8 Ps of service
marketing be applied to online business
in order to foster growth and overall
success?...
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14. 1. Product
The Product must Satisfy
Consumer Demands
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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
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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
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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
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Online:
A focus must be placed on website user
experience, and search engine visibility,
meanwhile seeking to connect with potential
customers where and when they’ll be more
likely to buy.
18. 5. People
The attitude, passion,
level of knowledge, and
experience of the
professional or team
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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
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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
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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 company’s position
within its industry and
how it stands apart
from its competitors
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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
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info@InverseDesign.com 1918 BOUL.SAINT-REGIS DORVAL, QC, H9P 1H6 Canada
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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
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