4 Ps and Cs Flashcards
What is the marketing mix
the four key decisions that must be taken
in the effective marketing of a product.
What are the 4 Ps’?
Price
Product
Place
Promotion
What are the 4 Cs’?
Customer solution
Cost to customer
Communication with customer
Convenience to customer
What is Customer Relation ship management (CRM)?
using marketing activities to establish successful customer relationships so that existing customer loyalty can be maintained
How are the 4 Ps’ and Cs’ related?
Product- Customer solution
Price- Cost to customer
Promotion- Communication with customer
Place- Convenience to customer
What does it mean by product?
Consumers require the right product. Firms must account for existing or newly developed products
What does it mean by price?
Products need to be priced right. Too high and no one will buy too low and you loose money and people might perceive it as low quality
What does it mean by promotion?
Informing consumers on the product
What does it mean by place?
Distribution of the product
What does it mean by customer solution?
Firms figuring how to meet the needs and wants of consumers
What does it mean by cost to customer?
Total cost of the product such as delivery charges or guarantees
What does it mean by communication with customer?
Providing B2C (business to customer) communication
What does it mean by convenience to customer?
providing easily accessible pre-sales information and demonstrations and convenient locations for buying the product
Why was the 4c’s developed?
4 p’s were too product orientated
