Terrance
The networked economy has changed marketing in a numerous amount of ways. One very important change it has made is toward the four P’s, which are product, place promotion, and promotions.
For one, the Product hasn’t really changed as much as the other three P’s have. The main change that I see has come about from networked economy about product is the fact that more products are able to come about due to the network. For example facebook and myspace are networks that have become products and they have made a lot of money from being social networks. Another way the product has changed is by the information people get about your products. People can now view blogs or message boards about products before they decide to purchase them, and this can either increase or decrease the chances of a product being chosen.
Promotions have changed very drastically. It seems as if promotions are everywhere ad anywhere now. You can still get your average promotions from the radio and TV commercials but the promotions have moved to broader sections. Ad campaigns are now on the internet more than ever. You can find sales promotions in your emails, and your daily websites have pop up ads and promotion tools bars. So for me promotions have changed in a bad way because they are over whelming consumers more than they should be.
The place has also changed very much. The place doesn’t just pertain to states and stores and other locations where you can purchase products and information physically. The place has now turned into easier purchase ability but less efficient product satisfaction. You can now purchase things that you want online on the internet just like you can in the stores. In some situations you can only find products online because they aren’t sold in stores. For the most part the place has changed in a good way but sometimes when your purchase online you don’t really know that the product you are getting is going to be as good as it looks.
Price is also changed by the networked economy. For one the internet has given consumers the advantage on product information over businesses therefore the price of products has to come down some. And also prices are already cheaper when you buy them off the internet instead of in the stores for the most part. Another way it has changed is by middle me being cut out of the equation because the internet provides an almost direct transport from producer to consumer.
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