EFFECT OF CORONAVIRUS (COVID-19) PANDEMIC ON MARKETING MIX (4Ps)
Keywords:
Coronavirus pandemic, Marketing mix, Price, Place, Promotion, Product.Abstract
Considering how the coronavirus pandemic has affected business and social life of all countries of the world, it is necessary to study the extent to which this pandemic has caused damage to businesses. This article studies the effect of the coronavirus pandemic on price, product, place and promotion as these elements form the basis of any marketing mix. In this case, the study highlights how the coronavirus pandemic has caused a rise in prices of some goods termed as the necessities in the period of the pandemic due to limited supply. In addition, the selection of products has shifted to mostly groceries, household supplies, gym equipment, health supplies, sanitizers and face masks, and as a result, these products are the best-selling products during the coronavirus pandemic. Moreover, due to the requirements of social distancing, closure of retail shops and order stay-at-home recommendation to prevent the spread of the virus, consumers have been greatly engaged in online retailing as the most effective and safe means of purchasing during this period. The study also reveals that product and brand promotion is failing as consumers tend to save their money due to the uncertainty of when things are to get back to normal, and this has resulted in the act of ignoring discount coupons by consumers. E-mail marketing is also failing as consumers get bored with the bunch of e-mails they receive from brands, and the only information that seems to catch their attention is the one related to the coronavirus. Marketing agencies have resorted to animation and others for making adverts other than the usual real-life TV adverts and Still cam adverts due to the enforced social distancing requirements to prevent the spread of the virus.
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