DIGITAL MARKETING INDIVIDUAL ASSIGNMENT Topic: How digital tools are changing the marketing mix (4Ps) Full name: Bạch Ngọc Hà Class: MKT1710 Student ID: HS173378 Lecturer: Trần Tuyết Minh Course: MKT318m Date: Spring 2023 1 Contents I. INTRODUCTION 1. Overview of changes in the digital world 2. Definition of the marketing mix 3. How digital tools are changing elements of the marketing mix (in general) II. HOW DIGITAL TOOLS ARE CHANGE MARKETING MIX (IN DETAIL) 1. Product 1.1 - Concept 1: Customer co-creation 1.2 - Concept 2: Sharing economy 2. Promotion 2.1 - Concept 1: User-generated content 2.2 - Concept 2: Doppelganger brand III. SUGGESTIONS FOR COMPANIES TO REACT TO THE CHANGING IN THE DIGITAL MARKETING ERA IV. CONCLUSION IV. REFERENCES 2 I. INTRODUCTION 1. Overview of changes in the digital world The digital revolution began in the late 1950s and 1970s as the evolution of technology from mechanical and analog conversion to digital. The advent of digital technology has also changed the way people communicate today through computers, mobile phones and the Internet. This revolution has led to the development of the information and communication age of Marketing. In the industrial era 4.0, advanced devices are specially created such as the internet, communication, 3D printing, etc. Web utilization and advanced change have had significant and startling impacts on our everyday lives. In 2018, more than a billion people in the world, about 4.5 billion people, or about 59.6% of the world's population, are using the Web. As you can see from the figures in the photo below, this is usually a huge number that says a lot about its popularity. Based on January 2021 data, some countries with total internet users: Number of web customers in some countries. With that information, it will provide support to change and enhance the marketing methods of businesses. Nowadays, you can shop online with your smartphone instead of having to do it the old-fashioned way. Through websites and online advertising, especially on social networking sites like Facebook, Instagram, Tiktok, etc., businesses can discover what buyers are asking for through visiting the website or observing online advertising. Instead of passively purchasing items, we will participate in the creation of items on the trading site. The digital world has brought us great benefits in every aspect of our lives. Especially when we have just faced one of the most dangerous pandemics, COVID-19, with the crisis between Russia and Ukraine causing a lot of difficulties for trade and development. Thanks to the great development of the internet and technology has led to the explosion of big data for sellers. With the advancement of cutting edge innovation, individuals can make many things less demanding: save time, save money, computer innovation makes a difference to progress in life in many ways. Each of them outlines how computerized tools can become effective advertising devices and change the world for the better. 3 4 2. Definition of the marketing mix Marketing is a business function that determines customer desires. It additionally distinguishes target markets and applies administrations and items to serve such markets. The rapid advancement of computerized tools has altered business promoting procedures, particularly in the promoting mix. So, what is the marketing mix? Marketing 4P, also known as marketing mix, refers to a company's use of a variety of marketing instruments to accomplish its objectives. The 4P marketing strategy consists of four fundamental elements: Product, Price, Place, and Promotion. Your degree of success in implementing the 4Ps in marketing will have a significant impact on your revenue. Nowadays, the marketing mix gradually integrates a few other Ps like Packaging, Positioning, People, and even Politics as the key mix. The market is increasingly competitive when there are too many products of the same type, requiring businesses to constantly improve their creativity, explore and upgrade new features for their products. With superior quality and competitive prices compared to competitors, the 4P strategy will have solutions to create competitive advantages for businesses in the market. Through the implementation of the 4P strategy, the products are improved with better quality, features, and competitive prices. This helps consumers access good, convenient and fast products. It moreover recognizes target markets as well as applies administrations and items to serve such markets. 4Ps are a demonstration for progressing the components of the "marketing mix" which portrays how businesses present modern items and administrations to the showcase. By distinguishing choices with respect to estimating, item, advancement, and situation, a company can tailor its item to meet the particular needs and needs of their customers. 5 3. How digital tools are changing elements of the marketing mix (in general) Within the age of innovation with the blast of the 4.0 transformation, conventional shapes of showcasing are slowly created and supplanted by Advanced Showcasing. It employs channels and methodologies that enable offices to execute and test computerized showcasing campaigns. Computerized apparatuses have made the showcasing industry make huge changes compared to the past by taking advantage of look motors, promoting apparatuses for marketers to utilize to inquire about markets, classify clients, and bring company's items to the correct gathering of people. It requires marketers to always move forward their information to keep up with the quickly changing innovation. The utilization of computerized innovations has made promoting less complex, more productive, cost-effective and time-saving, as well as coming to potential clients quicker. With human inventiveness and versatility, the computerized world is continually being investigated and created. In troublesome circumstances, computerized innovation has the adaptability to coordinate into all ranges of operation. 6 II. HOW DIGITAL TOOLS ARE CHANGE MARKETING MIX (IN DETAIL) 1. Product Products are the first foundation in the marketing strategy of all business activities, the core point in meeting the needs and desires of consumers. If the product is not good, all efforts of the business will fail. Products meet all needs and expectations of customers. It can be an intangible product or an intangible service. In the traditional business model, the company plays the leading role, the creator of the product. But with Digital Marketing, consumers can combine with businesses by giving suggestions to create products. To be able to develop a good product that meets the needs of users, we should use marketing tools to develop product images to users by a number of measures. ● Concept 1: Customer Co-creation: Co-creation is a process involves working together with suppliers, customers, stakeholders, specialists, and workers to produce a new good or service. In order to increase productivity, collaborative co-creation aims to foster a culture where ideas are shared rather than kept to oneself. How to apply: - Step One: Define clear objectives Establishing specific goals for the co-creation process is important. Before the process ever gets started, certain goals need to be established. If you are unsure of your goals, you cannot communicate them. - Step Two: Participants Finding the people you wish to work on the project with is the next stage. Is your project more appropriate for a group of experts? Or perhaps using crowdsourcing to collaborate with your consumers would be a terrific idea? - Step Three: The Work The process of collaborating with your participants is the third phase. You will work in this stage to determine your clients' requirements and desires. - Step Four: Design Based on the suggestions and comments you've received, you'll create the real product in this phase. This stage is all about creation; this is when you start updating the participants on the status and events. 7 EXAMPLE: Coca-Cola is considered a global beverage giant in the beverage industry with a reputation and a worldwide presence. With global sales of $31 billion in 2018, Coca-Cola is at the top of the charts when it comes to beverages. However, it is boring to keep releasing the same products. As such, Coca-Cola has chosen to experiment with co-creation with customers to ensure its product innovation strategy reflects the true tastes of Southeast Asia. Product innovation can be a daunting task. Coca-Cola considered developing a flexible design thinking innovation protocol to identify products that would make a tangible impact on the market. Innovations no longer happen in boardrooms or on retail shelves – in Southeast Asia, they are happening in cafes, on the streets, in hawker centres and with local competitors. To find out what consumers were looking for, Coca-Cola's research and development team hired a popular local coffee shop - fondly called the "Proto Lab on Wheels" - Coke's R&D team has a ready-made "suit they can play with" while the consumer actually experiences the product. That is true co-creation in the truest sense of the word. Coca-Cola's hyper-local, people-first approach is key to its success in Southeast Asia. It is always a challenge to capture consumer attention and keep up with changing tastes, even for a FMCG giant. Co-creation pulls consumers into the process, leverages their unique insights, and as we've seen, great things come from collaborations. 8 ● Concept 2: Sharing economy: In the age of advanced technology, the digital revolution is the ability to connect people in many different ways. Most of the time when we think of connectivity, we usually think of digital tools such as phones, laptops, instant messaging or social networks... Besides, the sharing economy means a convenient connection. The sharing economy is an economic model in which the activities of purchasing, providing, or sharing access to products and services are based on a peer-to-peer network, typically offered through online platforms. community based. It is a technology-enabled platform that provides users with temporary access to resources that can be provided from the community, connecting those who have something to contribute with others who need it. For example Uber, Grab.. (Use temporary sources from cars, motorbikes...). Sharing economy is also considered as economic reconstruction, in which anonymous individuals can use idle assets and services, owned by other individuals through combined platforms on the Internet. It is a connection model so that consumers can take advantage of each other's excess resources. The characteristic of the sharing economy is a 2-way platform connecting buyers and sellers, employing many people, so it is impossible to control quality and behavior and access not ownership. The sharing economy is considered to have a positive impact on the environment by using more than existing resources but on the other hand, the sharing economy has been criticized for paying low-wage providers and doesn't have many benefits. How to apply - First, as the sharing economy flourishes, the concept of data-driven marketing collaboration has never been more relevant. The most pressing challenge facing brands today is the ability to recognize the same customer at every touchpoint and understand their needs in the moment. - Second: Share but still require trust With data sharing comes responsibilities. Before exchanging their hard-earned customer data, marketers will require security and privacy compliance. In the sharing economy, the key to success is to come up with a fiduciary model that makes everyone feel safe. In digital marketing, stakeholders include brands and their customers, and both groups will expect transparency and fair value in exchange for shared data. - Third, Build a utility website: Convenience and accessibility are two important things of the sharing economy. So, easy access to the products and services on your website is a must. To do this, it is necessary to optimize the website for different devices. 9 2. Promotion The second of the four P's is promotion. Promotion can be understood as communication and marketing. Promotion is a communication method that marketers use to provide information about products and services to customers. This is a way to promote products to consumers. Along with that is the planning of advertising, sales promotion, public relations and direct marketing to raise awareness to customers. In the Promotion section, you need to pay attention to the following issues: - When and where can you deliver your marketing message to your target audience? - Can you communicate with your customers? with newspaper advertisements? On TV? Radio? What do you mean by billboards and catalogs? Are you using email? Via public relations? Or should I utilize the internet? - When is the most effective time to market a product? What are the market's particular seasons or occasions? Is there anything influencing the date of the product's introduction or the next step of its promotion? - What marketing strategies are rivals employing? Do those metrics have an impact on the marketing you've chosen? ● Concept 1: User Generated Content - UGC simply understands that user-generated content is any brand-driven content created by users. GC can be considered a form of Worth-of-mouth Marketing. Born in the era of extremely developed social networks, UGC appearing everywhere, from personal pages to comment sections, can become a space for users to "create" content. In recent times, user-generated content has become a great way for businesses to achieve marketing goals like using advertising or creating content without much investment. User-generated content is created in many forms through a variety of channels. - UGC is a low-cost form of advertising. In particular, it is easier to win the trust of consumers than other types of advertising. It also helps the company to make their website and pages more interesting and unique. - In general, UGC is all user-generated content, for example: comments, shares, participation in minigames, giveaways, reviews, reviews... 10 How to apply - Select the objective for your UGC campaign: The type of UGC you plan to gather and how you use it will determine how it affects your business. - Establish a method to gather user-generated content: In contrast, finding ownership of photographs and postings on social media for a branded hashtag can be a little more challenging. Companies can be sure that UGC they collect through an app or portal can be utilized in official advertising efforts without running afoul of the law. - Be clear about what you want and what you are willing to offer: If you run a campaign to collect UGC, make sure that the rules are clearly stated for your audience and that you offer rewards commensurate with the effort involved in creating the content. - Consult legal experts: The rules are often complex depending on the location and means of collection - as well as the rights to any user-generated content. You should consult with legal professionals before using any UGC in your marketing. - Learn from the negative UGC, but show the positive: UGC allows consumers to have a more authentic buying experience, but in the end, you're still a marketer. Content that criticizes or attacks your brand should be considered, but not widely circulated. Keep a close eye on the content you submit and select only the best pieces of user-generated content to include in your company's marketing campaigns. 11 EXAMPLE: The Coca-Cola brand has been very successful with a campaign called “Share a Coke”. This is a good example of a UGC campaign. In just one night, this campaign received a response from many users around the globe. The idea of "Share a Coke" came from a small campaign by Coca-Cola in the Australian market in 2011, when the company decided to print 150 of the most popular names on its Coke bottles and urged people to " share that can of Coke” with loved ones. Coke bottles are made with the username on the label and are put into the sales cycle in various cities. Customers can then participate in the campaign by sharing pictures of their personalized Coke bottles on social media platforms - you can even create personalized Coke bottles on the website. Not only can you find these limited edition products in stores, but you can also customize and order your own bottles on their website. They even partnered with Shazam to bring live music to their products and showrooms. Consumers can scan lyrics printed on Coke products or store signs through the Shazam app and record lip-syncing videos to share on social media with the hashtag #ShareaCoke. This gives Coca-Cola another means of collecting user-generated content and allows consumers to decide for themselves how they want to interact with Coke products and express their creativity. The campaign was then deployed in each country in turn based on the cultural characteristics, customs and history of each country, receiving the love of people everywhere. Photos of Coca Cola bottles with the name printed on the bottle were shared and the campaign went viral at breakneck speed, not only in Australia but in more than 80 countries around the world. This has helped Coca Cola attract more audiences and promote their brand through user-generated material. 12 ● Concept 2: Doppelganger Brand The term Doppelganger is based on the belief that people have an ego like them but nature is bad and that if they face a double, bad things will happen. Likewise, a dual brand will be the surrogate ego of a brand with a negative nature. User-generated content doesn't always benefit businesses. Sometimes it will create a negative for the business. User-generated content that negatively affects business is known as DoppelGanger. Doppelganger brand image (DBI) is the user's creation of content that has a bad image about a business. This usually happens with big and famous brands. Because these brands have a strong influence on users and it affects many people. People who create bad images about brands often use personal Blogs, Twitter accounts, Facebook,... How to apply Businesses use digital to monitor their brand posts for greater control. • Identify and track your branded consumers. Instead of being passive to DBI, we will observe and analyze to determine the cause and have optimal solutions. • Developing and testing a new story, once DBI is defined, even in the early stages, brand managers should look to create a new story to address DBI. • Protect your brand from the threat of a DBI: we need DBI validation and after validation there will be viral marketing strategies that provide authentic brand information. 13 III. SUGGESTIONS FOR COMPANIES TO REACT TO THE CHANGING IN THE DIGITAL MARKETING ERA In the era of rapidly developing 4.0 technology, companies must also conduct research, review, and develop with regard to product, pricing, place, and promotion tactics if they want to adapt to the quickly changing digital marketing landscape of today. The business's SWOT analysis will aid in developing more precise and effective 4Ps strategies. Businesses must promptly adopt, seize, and inherit technical breakthroughs and apply them to all phases of production, analysis, and post-purchase customer evaluation. Using technology facilitates and streamlines work, enhancing the company's reputation with clients. Respect and care for customers' creativity. Every business depends heavily on its customers, thus it is necessary to treat them with respect and care. Customers become devoted and devoted customers of businesses when they develop trust with them. Consumers should receive extra attention since they may refer other clients to the company's goods and services. Using measurement tools will assist the business in reaching customers and efficiently ascertaining their wants. To take full advantage of what digital tools have to offer, the organization will need keen, innovative employees. Constantly encourage employees to continue their education, keeping up with the ever-changing digital landscape of the world. Put up yearly training events for various departments. As an illustration of the value of digital marketing, Google recently provided every US corporation with a free $100,000 technology training session. Learning permeates all aspects of life and is not limited to books or to a particular degree. Don't allow yourself to fall behind because there are plenty of free resources and courses available on social media networks. Application of digital marketing is a crucial and delicate component for firms. Enterprises need to analyze and select to come up with suitable and successful strategies. In addition, we cannot deny the positive things that digital marketing brings us. 14 IV. CONCLUSION Using the advancements of science and technology as well as the fourth industrial revolution, businesses are rapidly streamlining their labor and production processes to reach customers as quickly as possible. With the rapid advancement of technology, the marketing sector will experience numerous unanticipated developments in the near future. Customers must adapt to change just as much as businesses do. Digital technologies, in particular for the marketing sector, have evolved into essential resources for every company creating goods for the public. Also, when used in practice, digital tools have an impact on the marketing mix strategy to enable more flexible modifications. 15 IV. REFERENCES 1. Truong Mai. DIGITAL TRANSFORMATION IN MARKETING: DEFINITION, EXAMPLES AND TIPS DIGITAL TRANSFORMATION IN MARKETING: DEFINITION, EXAMPLES AND TIPS. 20 June 2022. [Viewed 18 February 2023]. Available from: https://magenest.com/en/digital-transformation-in-marketing/. 2. 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