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 competitivr advantage. using 4Ps and 4Cs discuss how you eould introduce the marketing strategy in pursuit of the firm’s objectives in a guven target market.

Answer 1

Marketing mix(4p and 4c):

• Customer and Product:The final product offered should be such that which can satisfy the need of the customer.Development of new products to fulfill all market needs and the catalog of products should remain dynamic so as to improve the product as per the changing technology to stay relevant in current market conditions.Feedback from customer and appreciation offers to customers should be a way to improve customer value and relationship.
• Cost and Pricing:Pricing of the product should be value based so as to provide as much as value for money product.Later the company should launch premium priced products for niche market.Pricing should be competitive within the market.
• Communication and Promotion:This element of the marketing mix is also known as the marketing communications mix.The company will depend upon various promotion activities to establish Brand Image among the consumers.This will also help to interact with the consumer at various level using various promotional activities such as:Advertising,Personal selling,Direct marketing,Sales promotions.
• Convenience and Place:These days, people decide in favor of buying based on convenience.So place of selling should be within the range of target market such as retails stores.Also setting up online stores will further attract customers who are looking for easy, simple, and fast buying process.