Best of Marketing Genius: 4 C's of Marketing
More Marketing Basics: The Four C's of Marketing
[First appeared on Marketing Genius February 2006]
We've all heard about the four P's of marketing. Now, let's take a look at another categorization system--the Four Cs. This system is newer, and in my opinion, is applicable to a wider range of marketing challenges.
The old system of four P's was created before the service/information economies were born--and thus it is best applied to the marketing of products, especially mass retail products. Now, for the 4 C's:
C - Customer
Who is your customer - or prospective customer? What are their needs? Where do they live; where do they work; and what do they do for fun? Where do they get information?
C - Competition
What competitors exist in the market space in question? And what are their strengths, weaknesses and positions?
C - Cost
What will your product (or service) cost? How does this compare? What effect will the cost of your product have on it's perceived value (or position) in the competitive marketplace? And most importantly, what are customers willing to pay?
C - Communication
How will you communicate your offering to customers? What modes of communication are available to you (or your client)? Which will be most effective ... and what will be the strategic mix of communications?
*C - Collaboration (We've added a fifth C)
Can you identify allies or partners who might be willing to help you promote your product or service? Can you share a reciprocal Website link? Is it possible to negotiate a cooperative marketing allowance or program with an organization (or company) that has complementary needs and objectives?
The 4 Ps ... the 4 Cs ... what use is all of this? These are purely and simply tools for analysis and planning. Yes, we really use them ... really think about them. And I encourage you to refer to the four C's or the four P's when you are planning your next marketing program or campaign.