Marketing is a broad word which not only contains advertisements and attracting new customers but also you need to give the right idea at the right time and to the right people in order to be effective and reach your marketing goals. Together, all of these factors define Marketing Mix which improves your business. In 1960, 4Ps of marketing was introduced. Generally, marketing mix or 4Ps of marketing is customer-oriented and focuses on the benefits of businesses. In 1990, 4Cs of marketing was introduced and it aims to improve the customer experience.
4P Marketing4P marketing
4Ps of marketing includes product, price, promotion, and place. 4Ps of marketing has a comprehensive view of business growth.
Product
Product refers to a good or service that you offer to the customers. Before developing a product or service, you need to understand the lifecycle of a product and market demand in the present and the future. You need to understand what the customer needs are and when and where they will use your products. You need to figure out the key factors that make your products unique and specific. Do not forget to update your products and optimize the quality and quantity of them based on market demands.
Price
Price is an important component of the marketing plan as it determines your business success. Moreover, there are several factors to consider when it comes to price: Market research, audience persona, organization strategies, reasonable price matched with the product quality, brand popularity, brand positioning, competitors pricing, final price and profit, desirable return on investment (ROI) and flexible pricing strategies.
Place
The product distribution location depends on the field of your business. Additionally, you should know which of the distribution channels are more optimized and generates value-added. For example, do you only consider in-store shopping to introduce your products? Are department stores and shopping malls appropriate for products? Do you have any plans for online shopping?
Promotion
Now, its time to advertise and promote the products. Furthermore, you should use various ways to promote your products, services, and brand depending on the organization’s advertising strategies, audience persona, and budget of the company. Your advertisements can be either online or offline. Out-of-Home advertising, brand activation campaigns, events execution, TVC and radio ads, newspapers and magazines are some examples of offline advertising. Moreover, digital marketing is one of the most important strategies in businesses. Website design, search engine optimization(SEO), content marketing, inbound marketing, social media marketing, in-app advertising and online public relation (PR) are some examples of online advertising.
4Cs of marketing mix
4Cs of marketing introduced many years after 4Ps of marketing, due to the increase in competition in the market place. The focus in 4Cs is on communicating with the target audience instead of merely selling the products. The goal of 4Cs of marketing is to improve the customer experience. 4Cs include customer needs and wants, cost, convenience and communication.
Customer needs and wants Vs. Product
In today`s market place, if you do not pay attention to the customer wants, your business will fail. Understanding the audience persona rather than focusing on product features is easier in digital platforms. Digital marketing allows you to reach your target audience, be aware of competitors’ comments and use creative ideas to improve customer experience.
Cost Vs. Price
Cost not only includes the price of an item but it includes things such as the time it takes for the customer to get to your location to buy the product, or the cost of gas that it takes to get there, or their concerns about the product`s quality. Moreover, you should provide some facilities for your customers in order to reduce their costs. For instance, providing online shopping with free delivery, detailed information about a product, secured payment gateway, money-back guarantee and after-sale services and other various processes make your customers sure and satisfied with their purchase.
Convenience Vs. Place
By optimizing sales and marketing processes, marketers should make it easier for customers to buy the products. Here are some examples that you can simplify the buying process for your customers: placing the products in a location that is accessible for customers, providing free parking lot for physical locations, creating positive user experience by designing websites or applications, a comprehensive content in order to introduce the products or services, supporting online payments, simplifying registration on the website and a powerful customer relationship management (CRM).
Communication Vs. Promotion
You are not just a promote however, marketing requires interaction between you and your customers. Digital marketing is a tool to simplify this interaction and communication. Inbound marketing, appealing content creation, getting customer`s feedbacks, social media activities, engaging the audience and using strategies to make customers loyal are some of the customer-oriented approaches.
Ultimately, knowing your target audience is a critical part of the marketing mix. Rely on Macan digital marketing agency to help you find the ways to reach your target audience
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