Understanding the 4C's of Marketing Mix
he 4P's of marketing have replaced by the 4C's. Product by CONSUMER needs and Inspiring quote about how marketing is changing from "what" to "why". mephistolessiveur.info . to sell the product to a mass market, to quote the film, Field of Dreams, “build it and they will come”. their trust and loyalty and building meaningful relationships which add value to both parties. Perspective on the relationship of the 4 Ps 4 Cs. Product -> Customer Solution to create different products up to respond to the needs of our customers, so in.
He listed the variables he felt were necessary instead. 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.
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.
Marketing Mix 4C's - Marketing Mix
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.
The evolution Of the 4P Of the Marketing Mix - Valentina Lorusso
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.
The evolution Of the 4P Of the Marketing Mix
This model can also help a small business take on bigger and more established competitors. The key point, repeated often, is to remember to identify and understand target consumers as well as their needs and wants. The next step is to offer tailored products and services that are meaningful to the customer and can lead to increased sales.
A very easy way to use the model for an entrepreneur is given below.
Understanding the 4C’s of the Marketing Mix
There is a simple template that can be used as well as a few key questions to ask. In the next column, a benchmark organization can be used to compare. This can be a top competitor for the organization and one it aspires to beat. The last column can be used to highlight actions that can be taken to reach the desired position in the market.
Customer What is the competitive advantage? What are their needs and wants?The 4 C's Of marketing
What is the product or service worth to the consumer? Thus, you have to know what type of customers you wish to target. For your ready reference, here are the three common types of consumers: Status-conscious — These consumers want first-rate products or services and are willing to pay for the cost of the item s. Convenience-conscious — These consumers will pay for the cost of the product s or services s if they find them convenient.
They are willing to pay extra as long as their purchase means convenience. Budget- conscious — These consumers buy products or services that fit their budget. They are the people who want more value for their money. Thus, they are always on the lookout for lower-cost product s or service s.
Convenience These days, people decide in favor of buying based on convenience. Thus, you will notice that practically all businesses have started to create their online presence. Using the marketing mix 4c's, convenience means that you make it easy, simple, and fast for your customers to avail of your product s or service s. 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. 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.