4p Case Study

In order to be successful, there are specific questions that must be asked for each of the categories of the 4Ps:

Product- involves the way the product is designed. Below are some of the questions that should be answered:

What does the customer want from the product? It is important to identify key features that will appeal to the consumers. These features should be able to address the needs of the consumers.

What is it to be called? The name should be memorable, simple and easy to remember by the consumer.

Price- the end price to be paid by the consumer. Below are some of the questions to be answered:

What is the value of the product? The consumer should value the product at the same level as the company in order for the consumer to accept

How does the competition market its product?

The 4C model is more consumer focused:

Consumer- the company should spend time studying and analyzing the needs of the consumer. Doing so will ensure that the needs of the consumer is meet through the product. It can thus be said that the product is designed and created with the consumer’s needs in mind.

Cost- This cost refers to the production cost of the product or service. The production cost includes the labor, the land, time and the actual production of the good and/or service.

Communication- This allow a more cooperative relationship between the consumer and the company. The distribution channels used for the goods and services are centered around the consumer’s lifestyle. Advertising is the preferred means of communication between the consumer and the company.

Convenience- The company must be aware of the different avenues the consumers would like to purchase the goods and services. These avenues may not necessarily be favorable to the seller, but it must be convenient enough to the consumer.

The 4Cs model has some key questions that must be answered in order for the designed marketing mix to be effective.

The new product has new features and/or characteristics that are able to retain existing customers and attract new customers. The marketing mix should be able to increase the company’s sales and revenues.

In order for a marketing mix to be successful, there are a couple of steps that must be followed:

It is important for the company to build cross-functional teams within the company. The team should include: sales, operations and most importantly marketing. Having a cross-functional team promotes an interchange of ideas.

The analytics and the business model must be aligned.

The marketing mix must be part of the company’s business model in order to successful.

Let’s look at 2 examples of two companies applying the marketing mix concept:

Apple applying the 4P marketing mix:

Apple is a leader within its industry. In order to retain their current customer base and attract new ones, they have designed a marketing mix that will appeal to the market:

Product- Apple tailored the product to appeal to all.

Place- Apple diversified the distribution channels in order to reach a wider range of customers.

Price- Different prices were offered to candidates depending on the package being