The 4 P’S
Marketing evolved over decades consistent with competition intensity. In 70s, marketers dwelt with variables like 4 Ps :
Product: Products features like TV with remote control, flat screen TV etc
Price: Affordable price to attract mass buyers or premium price to target high end market
Place (Physical distribution): Make product available in market place
Promotion(advertising): Mass advertising to inform customers
4P’s of Marketing – Philip Kotler
The 4C’s
As the competition grew, 4 Ps were replaced by 4 Cs:
Customer value: Even if product features added, whether the customer sees value in it. If plastic folders (for filing papers) replaced by unbreakable steel folders, customers don’t see any value addition consistent with price escalation
Cost to customers: What is the ultimate cost customers made to pay, consistent with benefits?
Convenience: The cost or convenience in acquiring product – Home delivery Vs physical pain to acquire the product?
Communication: Be it product positioning or product benefit, which is the best means to reach out to customers
4C’s of Marketing
The 4R’s
21st century is marked by digitization, & time constraint with customers apart from further competition intensity as a result 4Cs got replaced by 4 Rs:
Relevance: Essentially value addition/need fulfilment.. For example, regular supplier of uniform to a refinery lost order because competition supplied uniform with fire resistance coating. As the consumers are time starved, any product or service that is relatively maintenance free shall be relevant.
Returns: Which product/brand shall fetch better resale value, be it auto-mobile, consumer durable or property (locational advantage)? Or for that matter investment?
Relationship: Relationship depends on trust based on post sales experience of product/service such as promptness, cost & quality.
Response: Response establishes credibility, be it interpersonal relationship (between friends/relatives/acquiescence) or product/service quality/warranty. No amount of communication with regard to product/service positioning shall help without credibility
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