Thursday, March 21, 2013
Marketing’s 4Cs and 4Ps
Can good marketing be boiled down to just eight concepts?
Let’s take a look
The four “Cs” are consumer focused and are thought to be replacements and better used since they are attentive to the consumer experience; Consumer, Cost, Communication and Convenience.
The four “Ps” have been around since 1960 and they are; Product, Price, Promotion and Place.
The Product part of the four Ps model is replaced by "Consumer", shifting the focus to satisfying the consumer needs. By defining offerings as individual capabilities that are combined and focused to a specific industry, the result is a custom solution rather than the pigeon-holing of a customer into a product.
Price is replaced by "Cost", reflecting the total cost of ownership. Many factors affect Cost, including but not limited to the customer's cost to change or implement the new product or service and the customer's cost for not selecting a competitor's product or service.
Promotion is replaced by "Communication", which represents a broader focus. Communications can include advertising, public relations, personal selling, viral advertising, and any form of communication between the organization and the consumer.
Place is replaced by "Convenience". With the rise of Internet and hybrid models of purchasing, Place is becoming less relevant. Convenience takes into account the ease of buying the product, finding the product, finding information about the product, and several other factors.
A new concept for marketing is also being called “Compass.”
The factors related to consumers can be explained by the first character of four directions marked on the compass model. These can be remembered by the cardinal directions, hence the name compass model:
N = Needs
W = Wants
S = Security
E = Education:(consumer education)
What is the simple focus here is that placing the consumers’ needs first is what will lead to more sales and ultimately a happy consumer. Happy consumers come back again and again.
You can start by contacting MI Printing for help with you next business flyer or brochure. Just give us a call at 623.582.1302.
MI Printing, LLC