Thursday, June 14, 2012

4Ps vs 4Cs

4Ps - When marketing their products firms need to create a successful mix of:

  • Product - the right product for example: a good, idea, method, information, object or services that can be sold.
  • Price - sold at the right prices or how much the customer pays for the product.
  • Place - in the right place or how the product to be distributed to the customers.
  • Promotion - using the most suitable promotion, how the customer is found and persuaded to buy the product.

4Cs - The principle of four C’s of marketing states that your customer should be your prime focus.

  • Customer solution - a solution to customer needs (corresponds to the Product in 4P). Everything begins and ends with your customer and you exist to serve their needs.
  • Customer cost - costs incurred to the customer (corresponds to the Price in 4P). Cost is a very important consideration during consumer decision making, instead of thinking of price as something you charge, think of cost as something customers pay.
  • Convenience - solution availability (corresponds to the Place in 4P). Your customers today are governed by purchase when, where and how it is convenient to them. You will not buy the product as you wont be ready to pick up the machine and install it yourself. Thinking about convenience not only allows you to open up to newer ways of connecting with customers and distributing products, but helps you shift into the mindset of providing an optimum overall experience for customers.
  • Communication - (corresponds to the Promotion in 4P).The final new market mix definition replaces the traditional notion of “Promotion” with Communication. Instead of virtuous pronouncement about how good your product or service is, customers today seek to be engaged and have meaningful interactions with you. You must therefore strive for two-way communication and building relationships.

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