The 4 C's versus the 4 P's of Marketing
4 Ps is Product, Price, Place, Promotion. 4 Cs the Customer Solution, Customer Cost, Convenience, Communication. Perspective on the relationship of the 4 Ps. -4" scholar E. J. L. Bibb in his ii etc Y of Ottoman Poetry has. Made some tine Js j1 Jul 4c .. Is there any connection between the women who inspired. Many people who have taken a marketing course have learned about the "4 P's" of marketing. Are Product, Price, Place and Promotion.
In mass marketing, the company selling a product has a tendency to view the audience as just that — a large featureless mass — with no in depth understanding of what the customer truly wants from a product. For niche marketing, it is necessary to access detailed market research to identify those markets which are not rife with competition but may prove to be lucrative.
This means that it becomes an absolutely vital activity for the marketer to spend time studying these consumer wants and needs in-depth. Only this detailed understanding will allow a company to sell with accuracy what the customer will buy. 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.
Understanding the 4C's of Marketing Mix
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. 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. 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.
Mind your Ps & Cs. What you learnt in Marketing has changed!
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. Now you must consider paid, earned and owned media.
Consumers have a lot of choices today and they will purchase products from the companies or brands that give them a positive experience.
The C's and P's of Marketing. What's the Difference?
The right mix of these media types can bring in new customersdeepen relationships with existing customers and lead to the success of your business. With this method you create content or a strategy for each different kind of media. Paid media tactics include banner ads, paid search, email lists, advertorials, sponsorships, etc. Marketers are generally able to control over their message, channels, formats and who sees their ad. Paid media generally has the highest reach and reasonably easy to control.Las 4P y 4C
However, there is expense to set-up and maintain the content on that channel and the reach is typically low unless activated in conjunction with paid or earned methods.
The hardest to control, but the most trusted, is earned media. Communication requires a give and take between the buyer and seller that's nicer. Be creative and you can make any advertising "interactive".
Use phone numbers, your web site address, etc. And listen to your customers when they are "with" you. Developing a brand takes into account these considerations. Developing a brand is developing a promise. When you take into consideration the "4 C's" noted above you begin the process of developing a brand! Custom Fit Online follows the "4 C's" approach when developing strategy for our clients.
These principles can also be applied online. How does the concept of the 4's fit into your business strategic planning? Can you also apply these to the online world Please feel free to add your comments, questions or suggestions below.