Question

You have been appointed the new Business Development Manager of a retail company that is struggling to effectively achieve the sales targets and gain the market competitive advantage. Using the 4Ps and 4Cs discuss how you would introduce the new marketing strategy in pursuit of the firm's objective in a given target market.

Answer 1

4Ps and 4Cs to a new marketing strategy to achieve the firm’s objectives:

4Ps refer to Product, Price, Place, and Promotion, while 4Cs refer to the Connections, Choice, Convenience, and Conversation.

4Ps:

1. Product: The retail company should focus the products according to customer demands, and preferences. For a retail store, the company would need to focus on having a variety of products and adequate stocks of the products on shelves. This would increase the number of customers who visit the store.

2. Price: As the customers buy the products where they find it at lower prices, so the company should offer a lower price compared to the nearby competitors. This would increase the number of customers and their average purchasing amount.

3. Place: The retail store must have an online presence, so the customers can buy the products using a Smartphone. Apart from this, the stores must be nearby the residential area, so the company can attract more customers.

4. Promotion: The retail store can promote the store using online marketing and paid advertisements on social media. Using social media, the company will be able to analyze the efficacy of promotion. The customers are not much interested in in-house promotions, as they find information online.

4Cs:

1. Connections: The retail store should identify the ways to connect with the customers every time. The company can develop its Application that can be run on a Smartphone.

2. Choice: Due to globalization and access to the information, customers need the products from different countries also. So the retail store should increase the products on the virtual shelf through online selling.

3. Convenience: The customers now have preferences to get the goods. Most customers like that the goods should be delivered to home. The retail store can use the home delivery option to make shopping more convenient.

4. Conversation: The customers search about the product reviews and rely on the recommendation of friends and relatives. So the company should focus on extending the presence in social media by promoting the company's brand on social media.