conclude that 4Ps and 5Cs framework would help me understand how to go about creating my brand or my company
275-word comments on peer post below–
The 4P’s model of framework is a concept that basically summarizes the 4 p. They are the Product, which is what you sell, the Price, which is how much you charge for your service, the Place, which is where you will be promoting your service and finally the Promotion, which is how the customer can and will know about you.
Product: it’s important to know exactly about the product you are selling or the service you are offering. Having a perfect understanding about the product will facilitate its selling. Whether the product is physical or digital.
Price. The price will be set from the sellers and he has the total control of it. Obviously the seller is looking to make a profit but he also has to understand that the price that he will set is going to be the main concern for most clients. When thinking about the price, the seller must think about the perception. He needs to be worried about how his product will be perceived because of the price of it.
Place. The place is the location where the product is being sold but can also be where the product can be found whether its online or in a physical place. The market place is really important as it will affect the kind of customers that will be seeing the product.
Promotion. Promotion is one of the key part of the 4p framework. How to advertise and find a strategy to sell the product is one of the most important step in marketing. Having a good strategy of promotion will impact greatly the sales.
These framework has been made in order to show the way to be successful in marketing. Following this model should help in getting as much sales as possible. The 4ps model is a really old model that is still quite used but not as it used to be. This model should help you set apart your product and show what makes your product so unique for customers. It also facilitate marketing. The 4ps framework make everything easier to be understand and manage.
On the other hand, the 4ps framework can be critiqued. The marketing mix does not really care about client’s behavior, which is a big component in marketing. The client is really not involve in the strategy and is not seen as a partner but just as a buyer. Creating a relationship with the buyer has become instrumental in marketing.
This framework is really easy and simple to use and to manage but lack a lot of things. It would also be possible to add a few things to it but the main problem in my opinion is that this frame is really product focused but not really consider the client. Nowadays, the relationship with the client is as important as anything else in marketing. To start a business, 4ps is more than likely the easiest model to follow and to use but not necessarily the most valuable. I would probably use it if I wasn’t really experienced in selling and marketing but to touch a larger customer base, 4ps is probably not the best model to use.
The 5cs framework is way more develop and more suited for newer business. It is more detailed, it touches more subject and is also more complex in a sense where everything is being explained. It helps you keep a better track of the development of your marketing along with knowing what areas of your business is lacking and need developing. The customer is in the center of the model and as I said earlier, nowadays the client should be as important as the product. But this model of framework also worries about the climate. We all know with the new rules and regulations in place it is important to fit these laws. The collaborators are also a part of the marketing not only because they participate financially but also because their image and who they are can have a big impact in the marketing.
In conclusion, the 4ps framework is easier to understand and to manage but do not involve the relationship with the customer enough. It is too product centered. The 5Cs framework is more develop and more complete. It is more expensive though and more complex to put in place and to manage. It demands more ressources, more knowledge but in the long run will be more efficient than the 4Ps. I see the 4Ps as a short term solution unlike the 5Cs. I also think that it depends on the product and the market. A more simple product in a small market maybe does not need to be using a 5Cs framework. I therefore conclude that 4Ps and 5Cs framework would help me understand how to go about creating my brand or my company but that I would not use them for the same purpose.