Introduction You will read in the paper the differences between the 4P’s and the 4C’s. I will outline their different approaches in the world of marketing, how they are related to each other and how they are applied within organizations. I will also outline the different impact they have on businesses and which works better together and on its own. After carefully comparing and contrasting the 4P’s and the value approach. I believe from my analysis that the following information outline below works well or hand in hand with each other. Expect to be the same Price and creating: You need to firstly know what the needs of customers are first and foremost before you can start creating and pricing a product you want to sell in the market. After …show more content…
It’s important to need to undergo a market research, which tells you all the pros and cons on the best approach to take. For example, it’s no point to open a brick and mutter store for a product that will make more sales, get widely recognized and popular Online. So by conducting a market research, you will know whether to start with an online presence or high street brick and mutter store. It’s also important to consider the type of system to use and how lucrative it would be for your business. Any business with a quick and reliable delivery service will always have a competitive edge over its competitors because consumers are impatient and want it now. So regardless of the type of business you have, the time it takes for consumers to receive their orders will popularise that company and increase business revenue because providing excellent customer service will any company a mile ahead and over its competitors. Promotion and communicating: It’s important to have a good communication with your customers, especially over the phone, which is the first point of contact for online business. It is said that it’s a give a take, because listening to what your customers have to say can help the company increase their product quality and help provide exactly what consumers are demanding in
In a recent five-year study researchers have found that the “4 P’s” undercut the B2B marketers. The author states, “The “4 P’s” causes the marketing team to stress about product technology and quality even though these are no longer differentiators but are simply the cost of entry. It underemphasizes the need to build a robust case for the superior value of their solutions. And it distracts them from leveraging their advantage as a trusted source of diagnostics, advice, and problem solving.”. This new method is more customer focused because if they have a good overall experience with your company, it is more likely they stay with your company (Ettenson, Conrado, & Knowles,
As we learned from Chapter 12, price must be carefully determined and match with firm’s product, distribution, and communication strategies. (Hutt & Speh, 2012, p. 300) Therefore, there should be a strong market perspective in pricing. In order to build an effective pricing policy, marketers should focus on the value a customer places on a product or service. One of the most effective ways to do so is differentiating through value creation.
Sheth, J., & Sisodia, R. (2012). The 4 A's of Marketing: Creating Value for Customer, Company and Society. Routledge.
Perhaps the most versatile of the marketing Ps is promotion. It covers all phases of communication between the seller and the potential customer. It is versatile because a change in budget, media or target audience can be made quickly. Promotions also can be effectively changed for specific market segment efforts. Major promotional concerns include the following:
Chapters are made in short format, they are intended to convey one point and free of jargon. The author summarizes the point in one sentence in boldface italics. Hints and tips cover the conventional four P’s of marketing, which are product, place, price and promotion, in an irreverent and iconoclastic manner, nothing is sacrosanct.
Promotion is advertising to potential customers in and effort to create an awareness of your business. It is reasonable to believe that without the ability to advertise a company would have a difficult time generating new customers.
It basically constitutes 4P’s of marketing mix such as price, place, product and promotion. All these 4P’s have similar repercussion for the promotion of products in various organizations. These justifiable elements of marketing mix can be utilized by a business organization to increase its marketing efficiency. With the marketing mix, a company can have access to marketing information so as to determine the outcomes of the marketing activities on its total sales. The company can evaluate the extent of efficiency of its marketing activities using the information gathered from the marketing mix.
Communication is the first medium for dealing with the customers and is the most important one. Communication styles
On Figure 1 below we can see its presence, as a one of the four pieces (4Ps) of Marketing Mix Model and even often are considered as synonymous. If companies aim to achieve their targets, then all the four elements (product, price, place and promotion) should be planned carefully in advance and in line with overall marketing strategy (Kotler et all,
...inesses succeed on online marketing. One of the "laws" is "The law of Listening ' this is when you as a business start to listen more to the customer more than talk about your product, as a business they would need to do what the customer thinks is best. (Gunelius, Susan) It helps create bonds to customers by listening to them about the products and taking the customers opinion into consideration.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
Feedback is one of the most important elements to a businesses success. No matter what the business, all have to deal with two constants, customers and customer satisfaction. These two things lay the groundwork for a successful business. The customers come from various types of media strategies such as advertising, mail-order publications, public relations, retailing and merchandising, sales, market research, and prices of goods. In order for a business to be competitive in its market the business must know what the customer wants, what price the customer is willing to pay, why the customer would buy one brand over another and other feelings that customers need met that would make them buy your product or service. Great customer service is the difference that makes the difference, whether your customers deal repeatedly with one representative of your company or with a different person each time they call, whether you do business face-to-face or electronically.
In all reality, all businesses will, in some way shape or form, complete all of the marketing activities, even if completing these activities is not their main goal. (Dlabay 2006.) These marketing activities are product, place, price, and promotion. A business tool called that marketing mix takes all of these activities and puts them together in a way that can be used to help improve a business’s marketing strategy. Product is what the company is selling; Place is where the consumer will obtain this product; Price is what the consumer will pay for the product; Promotion is any type of communication that is intended to remind, inform, or persuade. (Dlabay 2006.) The marketing mix and the four P’s describe very well what business marketing is all about.
Price plan: Price planning is a main thing for product and grow up business. Price depends mainly product quality. Customer will assume a higher quality product.
The marketing mix can be synthesized in the expression of “the 4 P’s”, standing for Product, Price, Place and Promotion.