If you are in charge of marketing at a company, you will often hear basic terms such as “marketing mix (MM)”, “4P”, and “4C” as strategies.
The marketing mix
is a framework for marketing activities that creates what users want, and is the “elements to be considered” in order to achieve preset goals. 4P is literally a collection of four initials “P” and is the basis of the elements to be considered. The important role of marketers is to combine the elements of these four P’s and create optimal measures. Similarly, 4C is a framework based on the four initials “C”.
This book provides an easy-to-understand explanation of the meaning of the 4Ps and 4Cs in the marketing mix, how to incorporate them, and the differences between them, for beginners and those learning marketing.
Reference source:
What is the difference between marketing mix strategy 4P and 4C? Easy explanation using examples! [For beginner marketers]
4P analysis method
4P analysis
is a representative element of the framework. The “4Ps” marketing mix is a method and process for bringing together and implementing the elements of “product, price, distribution, and sales promotion”. This process is the basis for considering specific measures for target users identified through STP analysis (market segmentation, market determination, and clarification of positioning).
“Product” is the value of your company’s services and products. It is also important to check whether you are able to differentiate yourself from other companies, including in terms of quality and functionality. “Price” is a setting that takes cost and profit into account, “Place” is a setting that takes into account the sales channel (sales route) and its efficiency until it reaches the user, and “Promotion” is a setting that takes into account the cost and profit. It becomes a means of appeal.
Starbucks achieved corporate growth by successfully combining the above factors. The management plans he has put together through a thorough strategic analysis of the 4Ps are attracting attention from a variety of companies. Let’s introduce some examples below.
Starbucks success story
Starbucks, which has made great strides in a short period of time, accurately identified its target demographic and implemented the 4P marketing mix.
For “Product,” we consider the size and customer service for each country, and for “Price,” we set an exquisite setting that exactly matches the target group. For “Place”, we proceeded with opening stores in locations that would not damage the brand image, and for “Promotion”, we intentionally avoided flashy promotions and instead used word-of-mouth advertising strategies.
By doing these things consistently, the company has probably succeeded in gaining support from users, increasing its corporate value, and improving its business performance.
Incorporating the customer perspective with the 4Cs
In addition to the basic 4Ps, there are other elements to incorporate as well: the 4Cs.
The 4Ps are marketing analysis seen from the perspective of a company doing business, while the 4Cs are basic elements considered from the consumer’s perspective.
“Customer value” is the benefit of a service or product. It means the value when you get them. “Cost (customer expenses)” refers to the amount borne by the user, including time and psychological factors, and “Convenience” refers to the selection of channels and the most convenient acquisition route. ), service aspects such as how useful it is to users and whether user feedback is reflected will also be considered.
By incorporating 4C analysis in addition to the 4Ps, it will be possible to align the values of the company and the users, and provide optimal services and products.
summary
The 4Ps and 4Cs in the marketing mix are the basic processes that companies must implement in order to succeed. No matter how good your company’s services and products are, if you ignore the 4Ps and 4Cs, it will be difficult to achieve the desired results. It would be a good idea to periodically review your company’s marketing mix to see if there are any issues with its balance, and if it is optimal.
Reference source:
What is the difference between marketing mix strategy 4P and 4C? Easy explanation using examples! [For beginner marketers]