Marketing Mix, E-Marketing Mix & E-Branding

Marketing mix

The marketing mix refers to the set of tools that a company uses to promote and sell its products or services. It consists of seven elements, known as the “7 Ps”:

1. Product: This refers to the goods or services that a company offers to customers.
2. Price: This is the amount of money that a customer must pay to purchase a product or service.
3. Place: This refers to the location or distribution channels through which a product or service is sold.
4. Promotion: This is the marketing communication used to promote a product or service, such as advertising, sales promotions, and public relations.
5. People: This refers to the people who are involved in the marketing and sales of a product or service, including employees, customers, and stakeholders.
6. Process: This refers to the way in which a product or service is delivered to customers.
7. Physical evidence: This refers to the material aspects of a product or service, such as packaging and branding, which can influence customers’ perceptions of the product or service.

E-marketing mix

The “6 Is” refer to the six elements of an e-marketing mix:

1. Information: This refers to the information about products and services that is available online.
2. Interactivity: This refers to the ability of customers to interact with a company or its products and services online, such as through social media or online reviews.
3. Integration: This refers to the integration of online marketing efforts with offline marketing efforts, such as through the use of omnichannel marketing strategies.
4. Individualisation: This refers to the ability to customise or personalise marketing efforts to individual customers or groups of customers.
5. Internationalisation: This refers to the ability to reach customers in different countries or regions through the use of global e-marketing strategies.
6. Improvement: This refers to the ongoing process of improving the effectiveness of e-marketing efforts through the use of analytics and testing.

E-branding

E-branding refers to the use of digital marketing techniques to establish and promote the brand of a company or product online. This can involve activities such as creating a strong online presence through a website and social media channels, as well as using online advertising and content marketing to reach potential customers.

Potential e-branding strategies include:

1. Building a strong website that clearly communicates the brand’s value proposition and unique selling points.
2. Establishing a presence on social media platforms, such as Facebook, Instagram, and Twitter, and actively engaging with customers on these platforms.
3. Using search engine optimisation (SEO) to improve the visibility of the brand’s website in search results.
4. Creating and distributing valuable, relevant, and consistent content that helps to establish the brand as an industry thought leader.
5. Using online advertising, such as pay-per-click (PPC) and display ads, to reach targeted audiences.

E-branding vs traditional branding

E-branding is different from traditional branding in that it relies heavily on digital channels and technologies to reach and engage with customers. In contrast, traditional branding may involve more offline activities, such as television and radio advertising, print advertising, and in-store marketing.

Marketing can be used in e-businesses to both acquire and manage customers in a number of ways. Some strategies that may be used to acquire customers include:

1. Offering incentives, such as discounts and promotions, to encourage new customers to try the product or service.
2. Using paid online advertising, such as PPC and social media ads, to reach targeted audiences.
3. Utilising SEO and content marketing to improve the visibility of the e-business in search results and attract organic traffic.
4. Leveraging word-of-mouth marketing and customer referrals to attract new customers.

To manage customers, e-businesses can use strategies such as:

1. Providing excellent customer service and support through channels such as live chat, email, and phone.
2. Using customer relationship management (CRM) tools to track and analyse customer interactions and preferences.
3. Sending personalised communications, such as newsletters and promotional emails, to keep customers engaged and informed.
4. Leveraging customer feedback and reviews to improve the product or service offering and strengthen the brand.

This content can be used as part of the Strategic Business Leader (SBL) module for the Association of Chartered & Certified Accountants (ACCA) examination.

Click here to read more tips & content covered in the Strategic Business Leader module.