The 4C’s of the marketing mix, a more recent and contemporary version of the marketing mix, have been develop. Customer, cost, convenience, and communication are all included in this model.
Customer: The Heart of Marketing
The CUSTOMER is the first C 😂 in the marketing mix. This component is the target market at which the marketing campaign is direct. Any effective marketing strategy starts with a thorough understanding of the target market.
The needs, desires, and preferences of the consumer must be thoroughly understood by the marketer. Customer feedback and interactions, as well as research into and analysis of demographic data, are all possible ways to gather this data.
As soon as a marketer has a thorough understanding of the client. They can then design a marketing campaign that is specifically catered to the wants and preferences of the customer. The likelihood that the marketing campaign will succeed will rise as a result.
Cost: Balancing Value and Affordability
Cost is the second C in the marketing mix. This component deals with the cost of the good or service that is being provided. A product or service’s marketability will be significantly impacted by its price.
The cost of the product or service and the value it offers to the customer must be carefully weighed by marketers. A price that is too high might affect customers from buying. On the other hand, customers may assume that a product or service is of low quality if the price is too low.
Marketers need to consider the cost of production, the spending power of their target audience. And the level of competition in their industry in order to strike the right balance.
Convenience: Making Life Easier
The third C of the marketing mix is convenience. This component deals with how simple it is for a customer to use a product or service.
In today’s fast-paced society, where people seek out ways to save time. And simplify their lives, convenience is becoming more and more important. Because of this, marketers need to think about how to make their product or service more convenient for the consumer.
This could involve in supply online ordering and delivery options, offering customer support around the clock, or streamlining the purchasing procedure. Marketers can improve their campaign’s chances of success by making the product or service more convenient for the customer.
Communication: Building Strong Relationships
The final C of the marketing mix is communication. This element refers to the various channels that are use to communicate with the customer, such as advertising, sales promotions, public relations, and personal selling.
Effective communication is critical to building strong relationships with the customer. So it helps to establish trust and credibility. And also can be use to educate the customer about the product or service being offered.
Marketers must carefully consider the channels they use to communicate with the customer. And also ensure that they align with the customer’s needs and preferences. They must also ensure that the messaging is consistent.
Relationship between 4P’s and 4C’s of Marketing Mix
The 4Ps (product, price, place, promotion) and 4Cs (consumer, cost, convenience, communication) are two models of the marketing mix. These are use to structure marketing strategies. Both of these models contain the key elements involved in the marketing of a product or service. And both will aim to provide a complete model for developing and executing effective marketing strategies.
The 4Ps model focuses on the elements of the marketing mix from the ‘perspective of the seller‘. This model consists of four key elements: product, price, place, and promotion, that a seller must consider when selling their product or service to their customers.
But on the other side, the 4Cs model focuses on those elements of the marketing mix from the ‘perspective of buyer’. This model replaces three of the elements of the 4Ps with customer-focused alternatives: consumer (instead of product), cost (instead of price), and communication (instead of promotion). The fourth element, place, remains unchanged.
In essence, the 4Cs model provides a customer-centric perspective on the marketing mix, whereas the 4Ps model provides a seller-centric perspective. Both models are provide different but equally important perspectives of marketing mix.
Example
Here is an example of a company that is marketing a new smartphone.
From the 4Ps perspective, the company would consider the following elements:
- Product: the company would consider the features, design, and functionality of the smartphone to ensure that it appeals to its target market.
- Price: the company would determine the price of the smartphone based on factors such as its features, production costs, and competition.
- Place: the company would consider the distribution/supply channels through which the smartphone will be sold, such as online or through retail stores.
- Promotion: the company would develop a promotional strategy to raise awareness of the smartphone, such as advertising, PR, and event marketing.
From the 4Cs perspective, the company would consider the following elements:
- Consumer: the company would focus on satisfying/fulfilling the needs and wants of the target customer by understanding their preferences and motivations.
- Cost: the company would consider the total cost to the customer, including not just the purchase price but also the ongoing costs of using the smartphone, such as service and repair costs.
- Convenience: the company would make sure that the smartphone is easily available and convenient for purchase and use, both online and in-store also.
- Communication: the company would communicate the benefits of the smartphone to the target customer through a variety of channels, such as advertisements, social media, and product demonstrations.
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