The impact of technology on the marketing mix
Technological advances create many opportunities for businesses. This means that a businessâ promotional mixThe combination of promotional activities used to build customer awareness of a product to increase sales. may need to change to enable it to interact with its customers through increasingly popular technologies (such as online messaging and digital advertising).
The use of social media Social media is an interactive computer based technology that allows the user to create and to share information and ideas through virtual communities and networks. has changed how much many businesses spend on traditional promotional activities (eg TV advertising) and on advertising in other media types (eg newspapers). sponsorshipMoney or equipment given to support an event, team, activity or person. and influencerIndividuals on social media who have large numbers of followers and who can influence others to purchase products through their recommendations and social media posts. on social media are commonly used as a means of promoting products and services.
E-commerce and digital communication
Examples of ways businesses may adapt to advances and trends in technology include:
- increasing use of e-commerceE-commerce is any transaction that takes place through the internet. and m-commerce M-commerce is any business transaction that takes place through a mobile device such as a phone or tablet. in businesses
- use of digital media to promote products and maintain consumer interest
- changes to a productâs design to incorporate new technologies
- reduction of prices because of more efficient production methods
- introduction of more competitive pricing because of easy access to price comparisons across retailers