Marketing Mix–The 4Ps and 4Cs | Marketing Portfolio
The picture below demonstrates a customer-centric view (“YOU” in the middle) and the correlation, or replacement, of each P with a C. 4cs. The 4P's and 4C's can be taken as two sides of the same coin, with one . Communication will work toward creating a meaningful relationship. Understanding Marketing Mix: 4P's and 4C's direct marketing, Public relationships, Price promotions, Trade shows and special events.
At the core of any marketing effort is the product itself. This however, is just one piece of the puzzle. The product must be something that the customer finds desirable and there must be something unique about it that sets it apart from all the rest of the competition.
The most effective way to achieve this is to first find the right untapped market, and then develop the product instead of trying to fit a ready-made product into a market. Product testing, therefore, becomes a key element of both the product variable and the customer variable.
The understanding should be of what the product can give the customer both in the eyes of the manufacturer and in the eyes of the consumer. A good way to understand the difference in price and cost is given here. Price is the amount of money that a consumer will be willing to pay to acquire a good or service. On the other hand, cost is the amount that goes into the production of a good or service.
This is the sum of the value of all inputs to production such as land, labor, capital and enterprise.
Marketing Mix – The 4P’S & 4C’S
Within the total cost to satisfy a customer need, price becomes one of the many factors. Other factors may include the cost of time to acquire the product, the cost of conscience when it comes to consuming the product, the total cost of ownership, the cost to change to a new product and the cost of not selecting an alternative. There is a common misconception among marketing professionals that the main motivation for a product purchase is the price.
Though price based positioning may provide some initial success, in the long term, this turns out to be a less successful move. If the product is given a price that undercuts cost to gain the market, then the company will be at a disadvantage. If the product is priced at a premium without understanding its value to a customer, it will never be purchased. Instead, a focus on cost to satisfaction will mean that there is more important information being taken into account than just the purchase price.
Marketing Mix 4C’s
Instead, he viewed communication as a more cooperative activity and driven more by the consumer of a product.
A traditional marketing mix uses promotion as a tool to put information about the product in front of the customer. Promotion and its methods continue to evolve with new avenues and means to reach the consumer. Though these methods of promotion remain effective, a niche marketing focus needs a bit more. Communication will work toward creating a meaningful relationship with the customer with a focus on what they need and what their lifestyle is.
The focus is wider and more inclusive of the different forms communication can take. There is more of a give and take between buyer and seller. Looking at advertising as this form of communication can help a marketer understand their market better and increase sales and customer loyalty. A customer is not bound to actually go to a physical location to meet a need and there is an endless variety of places online to do so.
This means that a marketer needs to be aware of how a particular customer group likes to make their purchases in order to make it convenient for them to buy. And get regular tips and tricks on topics such as marketing, financing, strategy, and management, so you can start and grow your company more successful.
This model can also help a small business take on bigger and more established competitors. You provide them everything they need to buy from your business. Thus, it is important to: Simplify the process your customers have to go through in doing business with you. Make your customers feel good about complying with your business process. Consider rewarding your customers for complying with your business process and for their loyalty to your business.
This will prevent your customers from seeking convenient solutions elsewhere, especially from the competition. You do not just make your target audience aware of your business; you build rapport and relationship with them. Make your communication more personal.4 P's of Marketing- Marketing Mix -Philip Kotler -Product-Price-Place-Promotion- Hindi
Take advantage of the power of the search engines to reach your target market. Make your site search-engine and user-friendly. Find out what social media sites your consumers are hanging out often. Join the social networking site s.
Marketing Mix 4C's - Marketing Mix
Familiarize yourself with the culture and language of the social networking sites you are joining or have joined. Upload optimized content that allows you to 1 attract your target audience, 2 build rapport with them, and 3 engage your audience.
Increase the engagement of your audience and maintain your interactive communication with them. Google When you approach a new marketing project, how do you most efficiently focus your efforts?
The 4 C's versus the 4 P's of Marketing
How do you divide the task in front of you into manageable pieces? Determining your marketing mix is critical in this planning phase, and there are two traditional ways to do this. Traditionally, marketing managers have reached to E. It must be something desirable, and you must understand its relationship to the market. What makes it superior to — or at least different from — the competition?
Study the needs and wants of your consumer, and fill them. Partly this is due to economics classes which focus only on numerical quantities.