Introduction to the Marketing Mix (4P/4C). Easy-to-understand explanation with practical examples
Posted: Tue Dec 03, 2024 5:47 am
table of contents
What is the marketing mix (4P/4C)?
Basic Concept of "4P and 4C"
Combining the 4Ps and 4Cs to think about tactics
Marketing Mix (4P/4C) Practice Examples
summary
In Japan, where new products and services appear on the market one after another and competition between companies is fierce,
・Even though we are particular about design and sell at a lower price than our competitors, our sales are not increasing.
・Even though our product functions are superior to those of other companies, we are unable to gain market share
There are many south africa business email listcompanies that face challenges such as these.
A framework called the " Marketing Mix (4P/4C) " is used to solve these problems .
This is an important analytical method for formulating or reviewing marketing tactics based on four multifaceted perspectives.
In this article, we will explain the basics of the "marketing mix (4P/4C)" as well as specific ways to put it into practice in an easy-to-understand manner, even for those new to marketing.
Please read to the end.
Other analysis methods such as "3C analysis" and "STP analysis" are explained in detail in the following articles. Please take a look at these as well.
>> What is 3C analysis? A clear explanation of the purpose and specific methods
>> What is STP analysis? Explaining specific methods to improve the quality of your marketing strategy
What is the marketing mix (4P/4C)?
The "marketing mix (4P/4C)" is positioned as a framework for formulating "tactics" and "measures" within the marketing process and deciding what to execute.
If we divide the entire marketing activity into four processes as shown below, this corresponds to the third step.
1. Environmental analysis: 3C analysis, SWOT analysis, etc.
Gain a bird's-eye view of the current business environment and formulate an appropriate marketing strategy.
↓
2. Basic strategy: STP analysis
We effectively target our customers in a market with a diverse mix of needs and establish the position of our brands and products.
↓
3. Execution strategy: Marketing mix (4P/4C)
Rationally formulate specific tactics for selling products and services by dividing them into four elements.
↓
4. Implementing measures and evaluating/improving them
Basic Concept of "4P and 4C"
In addition, the marketing mix analyzes and evaluates the four elements, " 4P " and " 4C ," from two perspectives to determine tactics for carrying out measures rationally.
From here, we will provide an easy-to-understand explanation of the "4Ps" and "4Cs," which are the basic concepts of the marketing mix.
4P is the determination of the four elements of marketing from a "company perspective"
The 4 Ps refer to the process of determining the following elements:
Product : What are you selling?
Price : How much will it sell for?
Place : Where will it be offered?
Promotion : How do you want people to know about it?
I'll explain each one in detail.
Product : Product
Product is the element that determines what kind of product or service a company will offer to the market.
This includes not only physical aspects such as functionality, quality, durability, and design, but also intangible elements such as brand name, concept, after-sales support, and warranties.
In order to maximize the value that can be provided to customers, it is important to consider factors such as what functions and design the product should have, and what kind of services and support customers are looking for.
Price: Price
The price section determines the price at which you offer your product or service.
The key to deciding the price is to take into consideration many factors, such as manufacturing costs, competitors' selling prices, the supply and demand balance in the market, and customer needs and value perception.
An appropriate pricing strategy not only improves profitability but also increases competitiveness in the market, so it is important to make a decision from a multifaceted perspective.
Place: Distribution
Place primarily refers to distribution and determines how your product or service gets to your customers.
If the product is a tangible item, this involves warehouse locations, inventory management, logistics methods, and selection of sales stores.
The right distribution strategy is the key to "reach customers quickly and at low cost" and increase a company's market share and profitability.
Promotion: Advertising and promotional activities
Promotion involves deciding on advertising and promotional activities to make a product or service known to a large number of potential targets and encourage customers to purchase it.
In the digital domain, we use a wide range of media such as social media, digital advertising, websites, social media, external media, and email newsletters, while in the analog domain, we use a wide range of media such as TV commercials, flyers, indoor and outdoor billboard advertising, and transit advertising, and we decide which media to use to best convey the appeal of the product to the target audience.
By optimizing your promotional tactics, you can quickly increase product awareness, pique customer interest and purchasing intent, and improve the cost-effectiveness of your advertising and promotional activities.
4C is the evaluation of the four elements of marketing from the "customer's perspective"
The 4 Cs refer to the process of defining :
Customer Value : What is the value of the product to the customer?
Customer Cost : What is the total cost for a customer to acquire your product?
Convenience : How easy is the product to buy and use?
Communication : Is the exchange of information between the company and its customers effective?
We will now explain each of the four Cs in detail.
Customer Value: Value to the customer
Customer value defines the intrinsic value of a product or service as perceived by customers.
This goes beyond the basic features and functionality of the product, but is also influenced by brand reputation and other unique factors. Products with high customer value are more likely to receive continued support from customers and generate long-term sales.
Customer Cost: The cost borne by the customer
It defines the overall cost a customer incurs in acquiring and using a product or service.
This doesn't just include the money you pay at the time of purchase, but also the effort and time it takes to acquire the product, as well as the costs of maintaining it.
Reducing costs to customers is one factor that makes a product more attractive.
What is the marketing mix (4P/4C)?
Basic Concept of "4P and 4C"
Combining the 4Ps and 4Cs to think about tactics
Marketing Mix (4P/4C) Practice Examples
summary
In Japan, where new products and services appear on the market one after another and competition between companies is fierce,
・Even though we are particular about design and sell at a lower price than our competitors, our sales are not increasing.
・Even though our product functions are superior to those of other companies, we are unable to gain market share
There are many south africa business email listcompanies that face challenges such as these.
A framework called the " Marketing Mix (4P/4C) " is used to solve these problems .
This is an important analytical method for formulating or reviewing marketing tactics based on four multifaceted perspectives.
In this article, we will explain the basics of the "marketing mix (4P/4C)" as well as specific ways to put it into practice in an easy-to-understand manner, even for those new to marketing.
Please read to the end.
Other analysis methods such as "3C analysis" and "STP analysis" are explained in detail in the following articles. Please take a look at these as well.
>> What is 3C analysis? A clear explanation of the purpose and specific methods
>> What is STP analysis? Explaining specific methods to improve the quality of your marketing strategy
What is the marketing mix (4P/4C)?
The "marketing mix (4P/4C)" is positioned as a framework for formulating "tactics" and "measures" within the marketing process and deciding what to execute.
If we divide the entire marketing activity into four processes as shown below, this corresponds to the third step.
1. Environmental analysis: 3C analysis, SWOT analysis, etc.
Gain a bird's-eye view of the current business environment and formulate an appropriate marketing strategy.
↓
2. Basic strategy: STP analysis
We effectively target our customers in a market with a diverse mix of needs and establish the position of our brands and products.
↓
3. Execution strategy: Marketing mix (4P/4C)
Rationally formulate specific tactics for selling products and services by dividing them into four elements.
↓
4. Implementing measures and evaluating/improving them
Basic Concept of "4P and 4C"
In addition, the marketing mix analyzes and evaluates the four elements, " 4P " and " 4C ," from two perspectives to determine tactics for carrying out measures rationally.
From here, we will provide an easy-to-understand explanation of the "4Ps" and "4Cs," which are the basic concepts of the marketing mix.
4P is the determination of the four elements of marketing from a "company perspective"
The 4 Ps refer to the process of determining the following elements:
Product : What are you selling?
Price : How much will it sell for?
Place : Where will it be offered?
Promotion : How do you want people to know about it?
I'll explain each one in detail.
Product : Product
Product is the element that determines what kind of product or service a company will offer to the market.
This includes not only physical aspects such as functionality, quality, durability, and design, but also intangible elements such as brand name, concept, after-sales support, and warranties.
In order to maximize the value that can be provided to customers, it is important to consider factors such as what functions and design the product should have, and what kind of services and support customers are looking for.
Price: Price
The price section determines the price at which you offer your product or service.
The key to deciding the price is to take into consideration many factors, such as manufacturing costs, competitors' selling prices, the supply and demand balance in the market, and customer needs and value perception.
An appropriate pricing strategy not only improves profitability but also increases competitiveness in the market, so it is important to make a decision from a multifaceted perspective.
Place: Distribution
Place primarily refers to distribution and determines how your product or service gets to your customers.
If the product is a tangible item, this involves warehouse locations, inventory management, logistics methods, and selection of sales stores.
The right distribution strategy is the key to "reach customers quickly and at low cost" and increase a company's market share and profitability.
Promotion: Advertising and promotional activities
Promotion involves deciding on advertising and promotional activities to make a product or service known to a large number of potential targets and encourage customers to purchase it.
In the digital domain, we use a wide range of media such as social media, digital advertising, websites, social media, external media, and email newsletters, while in the analog domain, we use a wide range of media such as TV commercials, flyers, indoor and outdoor billboard advertising, and transit advertising, and we decide which media to use to best convey the appeal of the product to the target audience.
By optimizing your promotional tactics, you can quickly increase product awareness, pique customer interest and purchasing intent, and improve the cost-effectiveness of your advertising and promotional activities.
4C is the evaluation of the four elements of marketing from the "customer's perspective"
The 4 Cs refer to the process of defining :
Customer Value : What is the value of the product to the customer?
Customer Cost : What is the total cost for a customer to acquire your product?
Convenience : How easy is the product to buy and use?
Communication : Is the exchange of information between the company and its customers effective?
We will now explain each of the four Cs in detail.
Customer Value: Value to the customer
Customer value defines the intrinsic value of a product or service as perceived by customers.
This goes beyond the basic features and functionality of the product, but is also influenced by brand reputation and other unique factors. Products with high customer value are more likely to receive continued support from customers and generate long-term sales.
Customer Cost: The cost borne by the customer
It defines the overall cost a customer incurs in acquiring and using a product or service.
This doesn't just include the money you pay at the time of purchase, but also the effort and time it takes to acquire the product, as well as the costs of maintaining it.
Reducing costs to customers is one factor that makes a product more attractive.