A New Concept of Marketing Mix in the Consumer's Mind

Abstract

          Marketing mix (marketing mix) is a marketing tool used in businesses. It is used to stimulate consumer demands in the business field. It consists of the product, price, place and promotion of marketing mix. This is what we called traditional marketing 4P's which is a concept that started in the post-World War 2. It was the golden age of the plant and its products and services. This is under the notion that the market is the basis that “the production of goods and services into the market should have the resource materials and technology and under the expertise of the manufacturer.”  4P's marketing concept focuses on the importance of manufacturing of the goods to be produced. You must consider what the customer is looking for. Alternatively, products may not be available to meet the needs and preferences of the customers. Pricing the cost of the product should be taken into account rather than focusing on the profit. The use of traditional distribution channels is aimed at retail sales in general. Promotion is used to convey the messages to consumers about the production process and where the consumers can get the product. This is frequently done by using advertising tools. Promotion stimulates the purchase decision of the consumers. These are all parts of a marketing strategy where consumers have no bargaining power.

          But now the concept has changed. A growing number of manufacturers and consumers have a choice in the products and services of the same type or a replacement of a product. Since there is severe competition in the market place, business organizations are trying to find strategies to triumph in the competition. The main strategy is how to produce a product that meets the needs of the customers.  As a result, the 4C's of marketing mix which is based on the view of the customer/consumer. The fourth element of the 4C's marketing mix is the demand of consumers (Consumer Wants and Needs) cost of food (Consumer Cost to Satisfy) with customer acquisition (Convenience of Consumer) and communication. Communication is a concept that focuses on what the customers need.