In: Economics
Define each of the four Cs of marketing
The four C's of marketing are the following-
Consumers needs and wants, Cost to satisfy, Convenience to buy; and communication.
i) first C , consume wants and needs says that marketing should be done according to the wants and needs to consumers. What consumers need and want should be sold and marketed.
ii) Second C, cost to satisfy says that price is not the only cost the consumers pay for the product. There are other kinds of costs also involved like cost of traveling to buy the product, cost of conscience of buying the product,etc. The seller has to take these all cost incurred by consumers into account.
iii) Third C is the convenience to buy. Marketer should make it convenient for the consumers to buy the product. 24*7 buying facility over internet, places near to consumers' place, etc also should be taken care of.
iv) the fourth C is the communication. The seller should be well aware that communication should not be just one sided, i.e. sellers communicating their products, but should be two sided, i.e. consumers should also have the platform to give their reviews.