The new digital era has enabled brands to selectively target their customers that may potentially be interested in their brand or based on previous browsing interests. Businesses can now use social media to select the age range, location, gender and interests of whom they would like their targeted post to be seen by. Furthermore, based on a customer's recent search history they can be ‘followed’ on the internet so they see advertisements from similar brands, products and services,[48] This allows businesses to target the specific customers that they know and feel will most benefit from their product or service, something that had limited capabilities up until the digital era.
This refers to how the product gets to the customer; the distribution channels and intermediaries such as wholesalers and retailers who enable customers to access products or services in a convenient manner. This third P has also sometimes been called Place or Placement, referring to the channel by which a product or service is sold (e.g. online vs. retail), which geographic region or industry, to which segment (young adults, families, business people), etc. also referring to how the environment in which the product is sold in can affect sales. [44] 4 Principles of Marketing Strategy | Brian Tracy
Strategic analysis is designed to address the first strategic question, "Where are we now?" [12] Traditional market research is less useful for strategic marketing because the analyst is not seeking insights about customer attitudes and preferences. Instead strategic analysts are seeking insights about the firm's operating environment with a view to identifying possible future scenarios, opportunities and threats.
A generation ago, consumers were at the mercy of advertisers who spoon-fed them marketing messages across a few media channels: print, billboards, television, radio. These advertisers created markets, defining and reinforcing consumer stereotypes. In the 1950s, advertising was primarily a one-way conversation with a captive audience. TV advertising grew and matured into a viable marketing medium. Experts were the style makers.
Key Ideas: Each business is unique and that there can be no formula for achieving competitive advantage; firms should adopt a flexible planning and review process that aims to cope with strategic surprises and rapidly developing threats; management's focus is on how to deliver superior customer value; highlights the key role of marketing as the link between customers and the organisation.
With offline marketing, it's very difficult to tell how people are interacting with your brand before they have an interaction with a salesperson or make a purchase. With digital marketing, you can identify trends and patterns in people's behavior before they've reached the final stage in their buyer's journey, meaning you can make more informed decisions about how to attract them to your website right at the top of the marketing funnel.
This refers to how the product gets to the customer; the distribution channels and intermediaries such as wholesalers and retailers who enable customers to access products or services in a convenient manner. This third P has also sometimes been called Place or Placement, referring to the channel by which a product or service is sold (e.g. online vs. retail), which geographic region or industry, to which segment (young adults, families, business people), etc. also referring to how the environment in which the product is sold in can affect sales. [44] 5 Digital Marketing Skills to Master for 2020 & Beyond
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