Marketing Mix 4C’s

The 4Cs marketing model was developed by Robert F. Lauterborn in 1990. It is a modification of the 4Ps model. It is not a basic part of the marketing mix definition, but rather an extension. Here are the components of this marketing model:

• Cost – According to Lauterborn, price is not the only cost incurred when purchasing a product. Cost of conscience or opportunity cost is also part of the cost of product ownership.

• Consumer Wants and Needs – A company should only sell a product that addresses consumer demand. So, marketers and business researchers should carefully study the consumer wants and needs.

• Communication – According to Lauterborn, “promotion” is manipulative while communication is “cooperative”. Marketers should aim to create an open dialogue with potential clients based on their needs and wants.

• Convenience – The product should be readily available to the consumers. Marketers should strategically place the products in several visible distribution points.

Whether you are using the 4Ps, the 7Ps, or the 4Cs, your marketing mix plan plays a vital role. It is important to devise a plan that balances profit, client satisfaction, brand recognition, and product availability. It is also extremely important to consider the overall “how” aspect that will ultimately determine your success or failure.

By understanding the basic concept of the marketing mix and it’s extensions, you will be sure to achieve financial success whether it is your own business or whether you are assisting in your workplace’s business success.

The ultimate goal of business is to make profits and this is a surefire, proven way to achieve this goal.

References 

• http://kalyan-city.blogspot.in/2010/05/marketing-marketing-mix-4-ps-of.html

• http://marketingmix.co.uk/

• http://www.tutor2u.net/business/reference/marketing-mix-basic-4ps

• http://www.marketing91.com/marketing-mix-4-ps-marketing/

• http://www.marketing91.com/marketing-mix-duracell/

• https://www.thebalance.com/marketing-mix-what-is-it-and-how-to-use-it-1794425

• https://www.businessstudynotes.com/marketing/principle-of-marketing/product-classification-categories-of-products/

• https://www.toppr.com/guides/business-studies/marketing/product/

• https://www.marketing91.com/importance-marketing-mix/