Which Marketing Mix Model Is Best For Your Business?
It used to be that the marketing mix that people applied to their business’ marketing evaluation followed the guidelines of just the four Ps: product, price, promotion and place. These four Ps were known as the product oriented model of the marketing mix. Now, however there’s another model to follow, the four Cs, which are a consumer-oriented model of the marketing mix. When doing a marketing evaluation for your business, you should first determine which model is best for your company, the four Ps or the four Cs. Since the four Cs are newer to the marketing industry we’ll go through them with you. The four Cs are quite similar to the four Ps and tie into them quite nicely.
The first C is Consumer; by changing the first portion of the model from product (as it is in the four Ps) to consumer, it changes the entire scape of the marketing mix. Now, the focus is on the consumer instead of the product. Price has been replaced by Cost, in relation to the cost of ownership to the customer. For example, what’s it going to cost them to use your product or service? The third C is Communication whereas in the four Ps it’s promotion. Now the focus is on communicating between your business and the consumer. It’s no longer focused on just promoting the product. The fourth C is Convenience. How easy is it for the consumer to find out information about your product or purchase it? If you want to ensure a successful business and an expanding customer base, convenience to your accessing your product is key. Thanks to the internet, this is much easier to do so long as the correct content and information is easy to find online.
Which model you follow, the four Ps or the four Cs, really depends on the industry that your business belongs to. Many people believe that the four Cs are now the model to adhere to, but this isn’t always the case. Carefully consider which type of marketing mix is best for you when doing a marketing evaluation for your company and everything should fall into place just fine.
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