Opening Your Business Plan to Consumers

Published: 2021-06-29 06:32:43
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Category: Business

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The term "Marketing Mix" first appeared in the 50s and was a term uses by Neil Borden is his classes, but was an early idea of James Culliton that in the 40s described the Marketing Manager as a "mixer of ingredients". Later in 1960 Jerome McCarthy grouped these ingredients in the 4Ps that we know until now: Price, Product, Place and Promotion and called the "Marketing Mix". More than 50 years have passed since the 4Ps were invented, and the question is if they are still valid? What changes have occurred since that time, is the technology and consumers behavior the same?

Increasingly in time, consumers are getting more empowered, having more choices available, more options and more alternatives thanks to the advances of technology and growth of the Internet, including all their social media networks like Facebook, Linkedin, Twitter, Youtube and Blogs. Companies are discovering that consumers are having much bigger impact on each other that the companies them self by direct or mass marketing, the word of mouth and influence of recommendations from friends, relatives or coworkers in purchasing is getting highly importance than never before. By the other hand, the entry barriers for new companies are getting down; more companies can promote and sell online their products, get access to global markets, etc. Finally the effectiveness of mass Medias like TV, Press, Radio and sponsorships, or traditional one-way advertising are losing relevance and impact.

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