Product Life Cycle- 4p's vs 4c's
Why do 4ps now being changed to 4cs?
Marketing always was known with the Marketing mix or 4Ps which are:
* Product - It includes your entire product or service related activities. Like product design, product development, variety, quality and branding etc. * Price - You have to set the price of the products for customers considering discounts and credit - debit policy. * Place - It includes activities related with the distribution of your product or services like your various distribution channels and inventory etc. * Promotion - It includes promotion related activities that advertising, personal selling and public relations etc.
But since the traditional outbound marketing is shifting to inbound marketing with the increase of social media the 4Ps are turning or shifting to the 4Cs.
Consumer - It is about the Consumer and not really the product anymore. A product should be innovative to meet various needs within a single product.
We don't sell products or services but we sell solutions to certain problems/needs our customers have. As such, it is of the utmost importance to know how much the customer values your solution.
Cost - Cost to match the consumers needs. Price is merely an aspect of this C. Additional factors could be the cost of coming to the store, and possibly even a cost of conscience.
Convenience - Convenience of place to buy like on the internet. The question is not where to place your store, but "how" your different customer-types would like to buy. This could be a physical store in the street, but it could be an e-shop too. Moreover, within this choice of Place, there are different factors such as: is the buying process easy and straightforward enough? Which process appeals to your audience?
Communication - Communication to engage the customer and build relationships rather than pushing a message. The latter sounded a bit like one way traffic, while the emphasis these days is clearly on interaction. I mean, look
Marketing always was known with the Marketing mix or 4Ps which are:
* Product - It includes your entire product or service related activities. Like product design, product development, variety, quality and branding etc. * Price - You have to set the price of the products for customers considering discounts and credit - debit policy. * Place - It includes activities related with the distribution of your product or services like your various distribution channels and inventory etc. * Promotion - It includes promotion related activities that advertising, personal selling and public relations etc.
But since the traditional outbound marketing is shifting to inbound marketing with the increase of social media the 4Ps are turning or shifting to the 4Cs.
Consumer - It is about the Consumer and not really the product anymore. A product should be innovative to meet various needs within a single product.
We don't sell products or services but we sell solutions to certain problems/needs our customers have. As such, it is of the utmost importance to know how much the customer values your solution.
Cost - Cost to match the consumers needs. Price is merely an aspect of this C. Additional factors could be the cost of coming to the store, and possibly even a cost of conscience.
Convenience - Convenience of place to buy like on the internet. The question is not where to place your store, but "how" your different customer-types would like to buy. This could be a physical store in the street, but it could be an e-shop too. Moreover, within this choice of Place, there are different factors such as: is the buying process easy and straightforward enough? Which process appeals to your audience?
Communication - Communication to engage the customer and build relationships rather than pushing a message. The latter sounded a bit like one way traffic, while the emphasis these days is clearly on interaction. I mean, look