Marketing Flashcards
What are the 4Ps of marketing?
Product, Price, Place, Promotion
These elements represent the traditional marketing mix.
What does ‘Product’ refer to in the 4Ps?
The goods or services offered to meet customer needs and wants, including design, features, quality, and branding.
Product is a core element of the marketing mix.
What is ‘Price’ in the context of the 4Ps?
The amount customers are willing to pay for the product, including strategies like discounts and promotions.
Price is crucial for determining market competitiveness.
Define ‘Place’ as one of the 4Ps.
The distribution channels and locations where the product is available, such as physical stores or online platforms.
Place affects product accessibility.
What does ‘Promotion’ encompass in the 4Ps?
The strategies used to advertise and communicate with customers, including social media campaigns and sales promotions.
Promotion is essential for raising awareness.
What are the 4Cs of marketing?
Customer, Cost, Convenience, Communication
The 4Cs focus on customer-centered marketing.
Explain ‘Customer’ in the 4Cs.
Focusing on the needs and desires of the target audience to create products that solve their problems.
Customer orientation is key to success.
What does ‘Cost’ mean in the 4Cs?
The total cost a customer pays, including money, time, and effort.
Cost considers a broader perspective than just monetary price.
Define ‘Convenience’ in the context of the 4Cs.
How easily and efficiently customers can access the product or service, including delivery options and store locations.
Convenience enhances customer experience.
What is the role of ‘Communication’ in the 4Cs?
Building relationships with customers through effective messaging, feedback, and customer service.
Communication fosters customer loyalty.
How does ‘Product’ in the 4Ps relate to ‘Customer’ in the 4Cs?
Product is designed to meet the needs and wants of the customer.
Understanding customers is essential for effective product development.
Why is ‘Cost’ in the 4Cs different from ‘Price’ in the 4Ps?
‘Cost’ includes total expenses incurred by the customer, while ‘Price’ refers only to the monetary value of the product.
This distinction highlights the customer perspective.
How can businesses improve ‘Convenience’ for customers?
By enhancing delivery options and optimizing store locations.
Convenience can significantly impact customer satisfaction.
Give an example of a promotional strategy used in marketing.
Social media campaigns, ads, or sales promotions.
These strategies are aimed at increasing product visibility.
How do the 4Cs focus more on customer satisfaction compared to the 4Ps?
The 4Cs prioritize understanding and meeting customer needs, costs, convenience, and communication.
This customer-centric approach is essential for modern marketing.
