For every business owner, it is crucial to understand the target market and figure out what the customers actually want. If they fail to do so, then it is certain for their business to inevitably fail. Similarly, for every marketing student, it is essential to have in-depth knowledge of all the concepts of the marketing mix. If they don’t know what 4Ps and 4Cs of marketing are, then they will never be able to score high grades in their marketing assignments.
Being one of the renowned marketing assignment help provider in the UK, Instant Assignment Help here with the important concepts of the marketing mix that every student must know if he wants to write impressive assignments. The 4Ps and 4Cs of the marketing mix are explained here by our experts who have been writing marketing assignments for students for the last many years. We’ll start with the definition of marketing mix first.
What Is Marketing Mix?
Coined by Neil Borden, marketing mix are the elements that combine to capture and promote a product or brand’s unique selling points which stand out from its competitors. In other words, it is about putting the right combination or a product in the right place, at the right price, and at the right time.
In the 1960s, a marketing expert named E. Jerome McCarthy redefined the ideas behind Borden’s marketing model and reduced them to four elements which are known as “The Four Ps.” Let’s understand the 4Ps model in detail below.
The Four Ps Marketing Model
1.Product: It is first of the Four Ps of marketing which can be defined as a tangible good or an intangible service that satisfies the needs of a customer. In order to successfully market a product, a marketer must have a clear idea of what the product is, what sets it apart from the competitor’s products, and whether it has a demand in the target market.
2.Price: It an amount that a customer pays in order to buy a product or a service. Price is a crucial concept of the marketing mix as it determines a business’ profit margin, supply, demand, marketing strategy, and survival in the market. When deciding the price of a product, the perceived value that the product offers should be considered. Market Penetration Pricing, Market Skimming Pricing, and Neutral Pricing and three major pricing strategies that most of the marketers use.
3.Place: To convert potential clients into actual clients, it is imperative to position and distribute the product in a place that is accessible to them. It is also important to understand your potential buyers inside out in order to discover the best positioning and distributing channels. Some of the prominent distribution strategies are Intensive Distribution, Exclusive Distribution, Selective Distribution, and Franchising.
4.Promotion: It is an essential component of the marketing mix since it can boost the sales and recognition of a brand. It comprises various elements like advertising, sales organization, public relations, sales promotion, social media marketing, search engine marketing, video marketing, email marketing, and more. It is important to choose the right marketing strategy because only then a marketer will be able to communicate the right message to the customers.
The 4Ps model was modified by Robert F. Lauterborn in 1990 as 4Cs marketing model suggesting that the 4Ps model is dead and the modern age marketers need to address the real issues. All the components of 4Cs marketing model are explained below.
The Four Cs Marketing Model
1.Cost: Lauterborn believed that the price is not the only cost that is incurred when buying a product. Cost of conscience, cost of changes, and the time spent in acquiring the product also play a crucial part in the cost of product ownership.
2.Consumer Wants & Needs: According to this component of marketing, a company should only sell a product that the customers want to buy. So, marketers and business researchers should conduct a study on the wants and needs of consumers.
3.Communication: Robert F. Lauterborn suggested that “promotion” is manipulative while communication is “cooperative.” so, in spite of just promoting the product, the marketers should create an open dialogue with potential customers based on their wants and needs.
4.Convenience: Positioning and distributing the product in a place that is accessible for customers is just not enough. The marketers should make sure that the product is placed in several visible distribution points so that it is readily available to the consumers.
So, this was all about the 4Ps and 4Cs model of the marketing mix. Every student doing specialization in marketing management should be well-versed with these concepts since the knowledge of them is required when working on a marketing assignment on any topic.
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