What is technology's role in marketing?

Technology has influenced marketing mix in the following ways;


Product


With the IoT (Internet of everything), many products are being integrated into devices that could be accessed online. This has encouraged the development of products that can be accessed through apps on smartphones to perform all sorts of task aside from communication.


Price


Demand for services can now be estimated real-time, enabling dynamic pricing on services using complex algorithms and big data. This is most prevalent in air travel, where price of tickets change daily according to the demand and availability of seats.


Place


Online shopping has become very popular lately, more so during the COVID-19 pandemic. This has caused many retail outlets that do not offer online purchasing options lose market share, as small businesses leverage on online shopping platforms such as Shopify, AliBaba, Amazon, Shopee and Lazada to reach an increasing pool of consumers. It is also much cheaper to sell online than to set up a physical store.


Promotion


The use of social media for promotion has been a growing trend in the last few years, as large firms frequently engage influencers to endorse and promote their product on their social media pages. While many firms are seeing more online traffic from social media advertising and promotion campaign.


RELATED CONCEPTS


  1. Marketing Mix