Transcript of "Marketing mix 4 ps, 5 cs, 5 ts and 5 es"
Marketing Mix: 4 Ps, 5 Cs, 5 Ts and 5 EsMarketing Mix Marketing mix models can be used to decide how to take a new product or service to market orused to test existing marketing strategy. Many marketing mix models been developed over years such as4 Ps, 5Cs, 5 Ts and 5 Es, which will be discussed in the following chapter.4 Ps 4 Ps refer to a set of controllable variables (price, product, place and promotion (advertising)company uses to influence buyer’s response. Recently, 4 Ps are thought of in a different way than theway they were originally written about. Place refers to channels, locations, logistics and inventory transportation. It encompassesmanagement of a range of processes involved in bringing products to end consumer.Placement refers tochannels and locations for distributing product, related information and support services. Place may notbe a store, but a ranking on a page. Price considers customer cost, exchange criteria, payment periods, credit terms, discounts,financial services and pricing strategy. Charge enough for proper profit to company but low enough tomotivate consumers to make a purchase. Free is still a strategy that some companies utilize. There are3rd party sites that list prices. Many companies are forced to let raw market forces determine price ofproducts. Product is a customer solution, quality, features, brand, service, durability, variety, design,packaging and warranty. A consumer/customer considers total package of benefits available fromproduct and takes a decision to purchase product. Promotion may consist of advertising, personal selling, merchandising, sales promotion, directmarketing and public relations. These activities are useful for establishing rapport with consumers. Inrecent years, there are many companies that do not do any advertising. Promotion is becoming more
relationship-based and network-based. Companies and certain customers will, more often, collaborateon jointly promoting Product or Service.5 Cs 5Cs presents elements of marketing mix (consumers, context, convenience, convergence andcommunity) from buyers, rather than sellers, perspective. Channels. What are companys distribution channels? Does it rely on a direct sales force todeliver products / services to customers or does it rely on indirect sales / channel partners? Can salesand revenue grow, if company crafts and executes effective Internet strategy? Community.Consumers are individuals. Social creatures who aggregate in business and socialgroups. Nurture a sustainable and engaged group of people by sparking conversations and adding valueto experience with brand by sharing relevant information, stories and opportunity to connect withcommunity members. Competition.Determine who competes with company (active competitor or a potential threat),their products, strengths and weaknesses, core competencies and core rigidities, strategic advantages,executives and leadership / management style. Consumers. Consumers can search, shop, compare and buy. This has led to mass customization. Context. Determine if are any limitations due to political issues, legal problems, traderegulations, taxation and labor laws, economic concerns, growth rate, labor costs and business cyclestage, social impacts, demographics, education and culture and technological developments impact oncost structures. Convenience.Consumers seek convenience. Convergence. Consumers want to access at all times everywhere. Customer. Determine what needs from which clients you’re trying to satisfy.
5 Ts 5 Ts of marketing operations include total strategy, techniques and processes, tracking andpredictive modeling, technology and talent.5 Es 5 Es include experience, everywhere exchange, engagement and evangelism.Questions to Ask Yourself Are there any substitutes for products? Do you to sell to individuals or to re-sellers? Does it meet customer’s needs? How can company segment customer base to target products at specific segments? How do competitors do promotions? How is quality of competitor’s product/service? How will price compare with competitors? Is there a need for a sales force (to attend trade fairs or make online submissions or send samples to catalogue companies)? What are emerging problems / needs? What are preferences for companys product quality / availability / reliability / performance? What are production and inventory capacities? What are strengths and weaknesses? What does customer want from product/service? What needs does it satisfy? What is bargaining power of customers? What is value of product or service to buyer? What size(s), color(s) and so on, should it be? Who are primary competitors?Strategies Be clear, creative, effective and measurable. Be willing to accept differing points of view. Communication creates value with clients and prospects. Create content. Determine how customers are using content (using Five Cs). Distribute free samples or discount coupons. Do not work to push message on others. Deliver it conversationally. Leave a lasting impression about area of expertise.
Proofread. Take in account medium and message.Definitions4 Ps - price, product, place, promotion (advertising)5 Cs - consumers, context, convenience, convergence and community5 Es - experience, everywhere exchange, engagement and evangelism.5 Ts - include total strategy, techniques and processes, tracking and predictive modeling, technology andtalent.Marketing Mix - mixture of controllable marketing variables firm uses to pursue sought level of sales intarget market.
Further Reading:2qsolutions (2012).5 Cs of Communication.http://2qsolutions.net/_blog/small-business- marketing/post/5_cs_communication/4Ps in marketing – revisited. http://value-basedservicesystem.blogspot.com/2011/12/4ps-in- marketing.htmlAkrani, Gaurav (2010). Marketing Mix and 4 Ps of Marketing.Kalyan City Life.http://kalyan- city.blogspot.com/2010/05/marketing-marketing-mix-4-ps-of.htmlCareer Tips (2009).5 Cs of a Powerful Marketing Message.http://www.jhacareers.com/The5Cs.htmCMB (2010). 5 C’s of Market Segmentation. http://blog.cmbinfo.com/bid/34764/The-5-C-s-of-Great- Market-SegmentationDrypen (2012). Marketing mix: Product,Price, Place, Promotion 4ps of Marketing. http://drypen.in/marketing/marketing-mix-productprice-place-promotion-the-4ps-of- marketing.htmlEggleston, Chris (2011). 4Ps and 4Cs of marketing mix…. Eggleston Business Development.http://eggbizdev.com/2011/04/the-4ps-and-4cs-of-your-marketing-mix/Firepole Marketing (2011). A New 4Ps of Marketing.http://www.firepolemarketing.com/blog/2011/06/24/4ps-of-marketing/Gonzales, Melissa (2012). Succeed at Search Engine Marketing with 5 Cs. http://blog.theberrycompany.com/blog/digital-marketing-10/succeed-at-search-engine- marketing-with-the-5-csKabani, Shama (2009). 5 Cs of Expertise: And Why I Do not Shy Away from Term. http://www.marketingzen.com/the-5-cs-of-expertise-and-why-i-dont-shy-away-from-the-term/Liebo, Sherri (2012). 5Cs of Content Marketing at Cisco.Cisco Services.http://www.itsma.com/ezine/the- 5cs-of-content-marketing-at-cisco/Lowe, Susan (2012). Do 4Ps Work in B2B World?.http://marketingviewpoint.wordpress.com/2012/04/17/do-the-4ps-work-in-the-b2b- world/Manktelow, James, ACarlson (2012). How to use 4Ps. http://www.mindtools.com/pages/article/newSTR_94.htmMiranda, David (2011). New 5 Cs For Successful Marketing. http://recognitionmarketing.blogspot.com/2007/07/new-5-cs-for-successful-marketing.htmlMishra, Sam (2012). Five Cs.http://www.franteractive.net/Five-Cs.htmlMoreno, Angelica (2012). How to market product using 4Ps. http://mwpub.com/?p=435RC Business Master (2012). 4Ps of Marketing.http://www.rc-businessmaster.com/tag/4ps-of-marketing/Strategizing With 4 PS. http://www.cleaningalliance.com/fourps.aspx4Ps. http://businesscasestudies.co.uk/mcdonalds-restaurants/the-marketing-process/the-4ps.html5 C’s and Marketing Mix in Social Media Era.http://www.eyeflow.com/the-5-c%E2%80%99s-and-the- marketing-mix-in-the-social-media-era/5 C’s and Strategic Marketing Basics.http://www.masterclassmanagement.com/ManagementCourse- 5CsAndStrategicMarketing.html5 C’s of Social Media. http://www.6smarketing.com/5-cs-of-social-media-marketing/5 C’s of Successful Marketing Communication. http://thedesigndepot.com/the-5-cs-of-successful- marketing-communication/5 Cs.http://www.globalteachinglearning.com/standards/5cs.shtmlLike a Marketer—Use 4 Ps. https://www.ncjrs.gov/ccdo/toolkit/marketing/4Ps.html
VerticalResponse (2012). 5 Cs EStartup Needs to Succeed. http://blog.verticalresponse.com/verticalresponse_blog/2012/08/5-cs-every-startup-needs-to- succeed.htmlVolusion (2012). Situation Analysis Continued – 5 C’s. http://onlinebusiness.volusion.com/articles/situation-analysis-the-5-cs/Why Do B-Schools Still TFamed 4P’s Of Marketing, When Three Are Dead? - http://www.grandbrands.com.au/grand-words/pr-grand-words/does-pr-really-work-or- applying-the-seven-ps-of-marketing-with-special-thanks-to-alan-kohler/