Digital marketing, also called online marketing, is the promotion of brands to connect with potential customers using the internet and other forms of digital communication. This includes email, social media, web-based advertising, and text and multimedia messages as a marketing channel.
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The 4 P's of Marketing
The Four Ps of marketing are product, pricing, location, and promotion. The Four Ps constitute the basic combination required by a corporation to sell a product or service.
Product
A product is an item or goods that a company intends to sell to clients. The product should strive to fill a gap in the market or meet customer demand for more of an already existing product. Marketers must first understand the product being marketed, how it differs from rivals, if the product may be coupled with a secondary product or product line, and whether there are replacement items on the market before they can develop an effective campaign.
Price
The price of a product is determined by the firm. Companies must consider the unit cost pricing, marketing expenditures, and distribution charges when determining a price. Companies must also examine the pricing of rival items in the marketplace, as well as whether their suggested price point is adequate to provide a realistic option for consumers.
Place
The dispersion of the product is referred to as its place. Key considerations include whether the product will be sold in a physical location, online, or through both channels. What type of actual product placement does it receive when it's sold in a storefront? What type of digital product placement does it get when it's sold online?
Promotion
The integrated marketing communications campaign is the fourth P ,Promotion. Advertising, selling, sales promotions, public relations, direct marketing, sponsorship, and guerilla marketing are all examples of promotional activities.
Promotions differ based on the stage of the product's life cycle. Marketers recognise that customers equate a product's price and distribution with its quality, and they consider this while developing the entire marketing plan.