4Cs of marketing mix includes customer, cost, convenience, and communication. With 4Cs of marketing, the business becomes customer oriented. The difference between 4Cs of marketing and 4Ps of marketing is in a way that companies focusing 4Ps are more concerned with their business whereas 4Cs of marketing focuses on Customers.
Explaining-4Cs of Marketing by Philip Kotler
Customers: This C states that customers’ value must be the top priority for any company offering its products/services to customers. A business should first understand customers’ need and wants and then develop its products accordingly to deliver value to the customers for which they are paying.
Companies must keep in mind the following points to deliver value to the customers:
- Understanding customers’ needs and wants and try to minimize the cost of products being offered to them at their best.
- A business should try to increase the efficiency of delivering products/ services to the customers
- Loyal customers must always be appreciated by the company
- Customers must be encouraged to provide feedback and company should listen well to the feedback so that changes can be done for improvement
- A business should try to give their customers more: Firstly it may offer same quantity or quality of service or product at a lower price. Secondly, it can improve the quality or increase the quantity of product/service but keep the price same. Thirdly it may increase the quantity or improve the quality of product/service and lower the price at the same time.
Cost: Cost is the amount which customers are willing to pay for availing the product/service from the company. In this C, the company thinks from customers’ perspective. There are three types of customers: First ones are those who are willing to pay any amount for availing the product/service just to maintain their status. Second ones are those who are willing to pay for the product./service if they find that convenient. Third ones are those who will pay for the product/service if that amount is in their budget.
Convenience: Nowadays customers look for their convenience in buying product/service. Companies have started making their presence online so that customers can buy product/service at their ease. Companies should focus on this “C” among the other 4Cs of marketing if they want to provide convenience to their customers:
- Companies should try their best to simplify the process customers undergo while doing business with them
- Business should give rewards to loyal customers
- Companies must always find out new ways of connecting with their customers well.
Communication: Companies must first of all try to communicate with the customers about their offerings and afterward promote themselves through advertising, sales promotions etc.The following points should be kept in mind by the companies for interactive communication with their customers
- Try to communicate with customers personally through their preferred mode
- Companies should utilize search engines to reach their targeted customers. Web sites should be made customer friendly.
- Business must also utilize social media to interact with their customers.
Today companies need to focus more on their customers rather than their business. So companies are nowadays following 4Cs of marketing rather than 4Ps of marketing.