4 C of Marketing

What are the 4 Cs of Marketing?

In today’s world, when daily new inventions are taking place, consumer preferences are changing day to day. So, mass marketing is not very common now. Companies are shifting towards “Niche marketing”. So, the 4 Ps of marketing, which mainly focuses on mass marketing, is not that relevant today. For Niche markets, a new marketing model, the 4 C of Marketing, has been derived. The model shifts the focus from the producer to the consumer. It is worldwide accepted that the more we know about the customer, the better our targeting strategies would be, and the higher could be the conversion rate. The 4C’s of Marketing Mix is the following:

·   Consumer – Consumer replaces the product from 4 Ps. This model states that we should Forget product, & study consumer wants. Today the market is full of great products which can satisfy the ‘needs’ of consumers. So, they look for their ‘want’ satisfaction. So, consumer behavior needs to be studied thoroughly.

Note: a ‘Need’ is physical while a ‘Want’ is psychological, e.g. If you are thirsty, you have a need. But, if you are searching specifically for Bisleri water, then it’s a want.

·    Cost – Cost replaces price of 4 Ps. This model says that we should Forget price and Understand consumer’s cost to satisfy their wants. Cost also includes the inconveniences for consumers in using the product and the corresponding benefits of using it.

·     Convenience - Convenience replaces place of 4 Ps. This model says we should Forget place and think convenience for consumers to buy the product. It is also a differentiating factor in the successful sales of a product. It is very important if the product is a daily used one.

Communication – Communication replaces promotion of 4 Ps. This model says we should Forget promotion and focus on communication. It is strongly argued that promotion is manipulative and is forced to the consumers, communication is cooperative and is approved by both the producer and the consumer.

Comments

Post a Comment

Popular posts from this blog

STP Analysis (Segmentation, Targeting, Positioning)

Image
How and whom to Communicate to about a product/service? When we start selling a product, we cannot communicate it individually to every single person on earth. Also, one product cannot cater to the needs of all the consumers. For example, youngsters prefer soft-drinks more but elderly rely more on fresh juices. So, we must have a particular target market to which we look to communicate the product. For this problem, marketers use STP Modelling. STP is the process through which marketers get to know “where” & “how” the product must be communicated in order to get maximum sales. STP is the second most popular model (First is SWOT analysis) which is used in marketing. STP is useful as it helps in identifying the most valuable types of customers, and then develop marketing messages that ideally suit them. It allows a marketer to engage with each group better, personalize the messages, and increase the sales. Marketers need to cater to each group differently. We can take
Read more

Types of Pricing Methods

What are the different types of pricing methods? Pricing is one of the most difficult tasks for a marketer to decide. With a lower price the marketer needs to compromise with profit and with a higher price, he/she has to compromise with sales. There are some common pricing techniques which help in both marketing and selling of the product. These are the following: Premium Pricing: A high price set by companies if their product’s quality is much better than other products in their category, e.g. Raymond, iPhone, 5-star hotels, etc. Economy Pricing: A low price set by marketers when they’re looking to sell the maximum volume of the product. They do so by cutting off the marketing costs and keeping the production cost minimum. Price sensitive people buy these products generally. It works best at the time of recession. Some examples are generic medicines, local food items, un-branded clothes, etc. Penetration Pricing: When the marketers try to sell the product where ma
Read more

B2B, B2C, C2C, C2B

What is the difference between B2B, B2C, C2C and C2B? B2B: Business to Business . In this business model, an organization sells its products or services to another organization, which either uses it or adds value to it to sell further to consumers. These organizations need not advertise to the general public. They generally do their marketing to only specific businesses. Ex – Automobile manufacturing companies like Bosch Ltd, B2C: Business to Consumer . In this business model, companies sell directly to the consumers. These are the companies which advertise themselves to the general public. Ex- Coca-Cola, Pepsi, Dell, Amazon, etc. C2C: Consumer to Consumer . Nowadays consumers sell to other consumers directly through multiple platforms such as OLX & Quikr. C2B: Consumer to Business . Nowadays this form is also getting very famous. In this model, consumers sell their products to the companies (generally used products) and these companies either add some value or re
Read more