ABSTRACT
This chapter introduces several important models of marketing, applicable to both marketing and communication. First the Marketing Mix is introduced as the foundation of the discipline with a focus on the 4 main Ps and an explanation of the supplemental 3Ps.
Branding is introduced and explained in the context of the “P” for Product.
In terms of the “P” for Promotion the communication tools and the Integrated Marketing Communications plan are explained, including mass-marketing and target marketing.
The chapter introduced a ground-breaking New Marketing Mix which changes the 4Ps to 4Ds and is aligned with the needs of brands in the twenty-first century.
The twenty-first century calls for a new Marketing Mix where the 4Ps are replaced by 4Ds. What are those 4Ds?
Diversity replacing Place: Companies need to think globally, because they are trading to diverse regions and cultures. China and India are said to supersede the American market in the near future (Euromonitor) so all companies should consider how they could sell to new markets and hire knowledgeable staff. The marketplace is now virtually everywhere.
Digitalization replacing Promotion: All digital channels are important and this is where your promotion takes place. When you add digital technology in the brick-and-mortar store, like Burberry did, you can use it to promote your product at the POS.
Design replacing Product: There are new technologies revolutionizing the way we design products. Nanotechnology, smart textiles and 3D or 4D printing is going to change the product from conception to production.
Desire replacing Price: With Neuroscience revealing mysteries of the consumer’s brain, we realize what makes people tick. Although price is still important, more important is the creation of desire within the consumer’s mind. If a brand has a great story, promotes itself through the right channels and creates a brand identity which is unique, the consumer will long for this brand and agree to the price. It is said that the new great consumer group called Generation Y (or Millennials) is more concerned with a brand’s image than the price or even the quality.
Finally, the chapter closes with an interview with Sharon Hughes, a fashion marketing professional and educator; specializing in digital and social media strategy for fashion business. She speaks about working for her brand Donna Sharp and how she implemented the Marketing Mix and principles of marketing.
