4 P's transforming to 4 C's

The 4P's of marketing that are still being taught in B- Schools may not be valid for today's Marketing exercise. The need to market product is changing because consumers are changing, their needs are changing, their concept of convenience is changing and most importantly their media touch points are changing. This is not the first time anyone is talking about 4C's but I want to define it my way and it is open for debate :-

• Product is changing to Consumer : The phase has passed when companies used to bring in new products in the market and it was something new for the people to buy. Now the companies don't have time to do research to bring out new products and help the consumers identify the needs. Except for few companies like Apple, most of them have nearly similar offerings. So, consumers have more choices and thus they are more demanding.

• Price has become cost : Due to the globalisation, the market is more competitive. So, the marketers have changed their strategy. Instead of raising the price to save the bottomline, they are concentrating on reducing the cost. Competitive pricing is very important to survive in the market. And it relates to my first point, i.e. consumers are smarter and more demanding than before. They have several choices with similar offerings so now theyare looking for value for money. More value at lesser price. It is a different conversion that how customers perceive "Value"

• Place is becoming Convenience: In the world of Iphones, smart phones and on top of it growing m-commerce, I doubt that in coming future there would be any real stores. All the stores will be virtual and all the orders will be placed with one click. Thats what consumers want and need today. Lives have become complicated and everyone seems to be racing against time. In this scenario, the only thing people care about is how easily product is availabe and at what price. So, relating to my second point, along with price, the next thing consumers care would be the ease with which it is available.

• Promotion has become communication: Everyone out there is making a noise about their products. Consumers have been bombarded with various messages and they reach a point where they stop listening. They overlook your ad and your promotion fails. In this scenario, it is important to relate to the consumers. One has to hear and understand them. So, it is important for marketers to communicate rather than promote. It is no wonder that Facebook and Twitter are getting such heavy attention. They are providing a platform where people think they can be heard. This is a clear indication of how consumers are changing. They are craving for more attention and care and advertisers can't ignore them.