Marketing – from “4 P’s” to “4 C’s” to “4 V’s”
85Marketing - from "4 P's" to "4 C's" to "4 V's"
While I was studying marketing in the university, the "4 P's" of marketing approach was the core of the subject. Later, Bob Lauterborn, professor of advertising at the University of North Carolina discovered the "4 P's" has some major flaws that result in many product launching failures. He proposed a new set of "4 C's" marketing principle to replace the traditional "4 P's".
In our fast moving age of internet time, the "4 C's" is also facing with some dilemma and a new marketing tool of "4 V's" is being contemplated for application.
Product vs. Consumer vs. Validity.
The old Product approach is to develop and produce a product as good as possible to market and make sales. The Consumer approach is to study consumer wants and needs, and to manufacture products in response to those needs. Validity discover that product with great consumer needs may not be valid and need to be addressed. We have recently cases of product with great consumer demand such as toys and foods from China that needed to be moved out from the shelves due to high risk nature of the products.
Marketing should not only consider the wants and needs of the consumers, but also other product factors of safety, environment, and social issues, viz. Validity. Many internet products may be of great demand to consumers but should not be marketed due to age inappropriateness, to cite an example.
Price vs. Cost vs. Value
Price charged to consumer is no longer a sufficient marketing parameter for it is only one part of consumer cost. If we sell product on e-bay, for example, we have to consider the cost of currency exchange lost and exchange risk to the client. Hence, a co-net work of Paypal was created to lower consumer buying cost. Or driving to eat a bowl of noodles would incur additional driving cost, etc.
Value marketing go one step further to advocate that lowest price and considerate cost are not sufficient in today's marketing solution. As more people are getting higher up in their standard of living, people are more value conscience of what they eat, what they wear, what they drive, etc. Also, as population age distribution is shifting from the young to the old where product value is emphasised, marketing should look more to value than just the price and cost.
Place vs. Convenience vs. Venue
The whole Thai centuries old retail market is almost totally wiped out in a short time span of 3-4 years because of the shift of marketing from Place to Convenience. A distribution channel of providing just a place to buy is no longer competitive. The convenience stores such as the ubiquitous 7-Eleven or giant super stores like Tesco, Big-C, have seized the retails sale by providing conveniences of all kind to customers.
Convenience needs to take one step higher up to the Venue level. Venue is not only providing place for clients to come, it is sales to your home. You can really shop while having your pajamas on. Pizza home delivery has snatched up a big portion of food sales all over the world. Food is just at your finger tips. How about internet sales, internet banking, or what have you? May be we should provide our customers with a buying venue of electronic gadget of some kind instead of a place with conveniences.
Promotion vs. Communication vs. Vogue
Lauterborn advocated communication instead of promotion. Promotion is one way street advertisement in telling what you think is best in the promoting product. Communication, however, applies two ways traffics between the buyer and seller to advertisement. It is an "interactive" program using phone, web site, etc. to get response from advertisement.
Vogue requires more than just getting a message across and 2 ways communications. It is saying that to make an advertisement successful, it must have vogue or in trend. It must be popular, acceptable, and has great public favor. Like fashion, advertisement has a popular fashion trend. This must be applied to squeeze out the best of promotion.
Personally, I see the three marketing sets of "4 P's" to "4 C's" to "4 V's" are just the same old wine ‘Ps' in a new bottle ‘C' and newer bottle "V'. How well the different tool performs not really of the tool by itself but the person who uses it. So which ever tool you choose, you should learn it thoroughly and apply it wisely.
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Thanks your comment.
it is an excellent article..i m pursuing MBA from iipm nd i really appreciate such articles...
do u know C-10 theory of marketing? contact me at gupta_ripu2000@yahoo.com
i am a budding mba student.through a distance learning program.
this was really hepfull to me as i was looking for an answer.
thank you so much!!
marketing 4Ps 4Cs 4Vs
Good article
no clear idea about cost in 4C's
thanks
Lauterborn was one of my favorite professors at UNC-Chapel Hill. I definitely learned a lot from him.
Thanks sir,this is helpful for my exams.
thank sir it is good matter
Thanks sir, This a great and helpful in my job in marketing world
splendid , you stun me.......thank you boss
dear sir this is a great article . i would like to know are you a professor or a Marketing professional.
4c's and 4p's it's help me succesful in my businese
thenx alot 4 that article it wil help me in my seminar paper am student atKEMU
excellent..it is really an informative article...
this is great article, one should not stop thinking about other p 0r c,v of marketing you can develop your own alphabet. it never ending process.
MARKETING FUNDAMENTALS
4 Ps, 4 Cs, 4Vs and now 4 Ms
Today the businesses are moving from designations like CEO (Chief Executive Officer) & COO (Chief Operating Officer) to CMO (Chief Meaning Officer).His role is to walk on tangible ways to create intangible values for the organization.
This leads to a new concept of 4 Ms in addition to well known 4Ps,4Cs & 4Vs
4 PS 4 CS 4 Vs 4 Ms
1.PRODUCT CONSUMER VALIDATION MEANINGFUL
2.PRICE TOTAL COST VALUE MARGINAL
3.PLACE CONVENIENCE VENUE MAGICAL
4.PROMOTION COMMUNICATION VOGUE MUSICAL
MARKETING FUNDAMENTALS
4 Ps, 4 Cs, 4Vs and now 4 Ms
Today the businesses are moving from designations like CEO (Chief Executive Officer) & COO (Chief Operating Officer) to CMO (Chief Meaning Officer).His role is to walk on tangible ways to create intangible values for the organization.
This leads to a new concept of 4 Ms in addition to well known 4Ps,4Cs & 4Vs
4 Ps 4 Cs 4 Vs 4 Ms
1.Product Consumer Validation Meaningful
2.Price Total cost Value Marginal
3.Place Convenience Venue Magical
4.Promotion Communication Vogue Musical
1.Product should also have meaning with respect to ecological balance and environment protection. No packing should be done in plastic & paper must be used which can be recycled.
2.The meaning should be so important that cost could be considered as marginal. A by pass surgery is being carried out in Mumbai-India and on line expert doctor in USA/UK is advising through video, the cost is just marginal.
3.In today’s technological world, using “Skype” technology a grandfather in India can see and talk to his grandson in London. Is it not magical?
4.Further to vogue, the promotions should be rhythmic to make it musical which is soothing.
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Great, now it gets more and more complex, let's use the 4Ps, 4Cs, 4Vs, 4Ms, 4Fs, 4Ys, 4Zs, 4Ss... there's always something to add in order to reach fame, 4Ps are more than enough for me, anything else is already included.
I always wonder why they all have to start with the same letter. Speakers always use this but I can't say it easier to remember than other things.
I agree with the last comment. However, I also agree that we should continue to change with the times for the need of the clearest communication. I like learning all the Ps Cs Vs and Ms, because as we progress through all of the phases we are learning better how to serve.
Very helpful for my mba marketing class, thank you
excellent article in marketting
thank you seur very muche
great concept!!!
bluewings 3 years ago
Excellent Hub! I am not into product development , but into marketing and I find myself using those 4 Cs and a few Vs as well. I agree that the evolution from P->V->C retains a lot of the basic marketing principles , however, I feel most merchants are increasingly aggressively shifting to "Venue" as they realize the great influence of internet on world commerce.Thanks for sharing this very informative hub!