Marketing Management Discussion 1: The Death Of The 4Ps Watc

Marketing Management discussion 1 the Death Of The 4ps Watch T

MKT500: MARKETING MANAGEMENT DISCUSSION 1 "The Death of the 4Ps?" Watch the video below and then respond to the questions that follow: LINK TO VIDEO: (Describe a company that you believe represents the 4Cs well, and provide examples of why you believe they are successful at it. Describe a company that you believe does not do well putting the 4Cs into practice, and provide two (2) examples of why you believe they struggle at it. What recommendations would you give the company who needs to update their approach? Video Segment Reference: FORA.tv. (2014, May 28). Coty, Inc: The death of the four p's of marketing [Video file]. Retrieved from.

Please respond to the following: Use the Internet or Strayer Library to research a global business or an organization of your choice. Next, analyze the overall effect of global competition on the business or the organization that you researched. Suggest one (1) strategy that the business leader can use in order to improve business competition and efficiency. Provide a rationale for your response.

Paper For Above instruction

Introduction

The landscape of marketing has undergone profound transformations over the past few decades, challenging traditional frameworks such as the 4Ps—Product, Price, Place, and Promotion. This shift has prompted scholars and practitioners to consider alternative models that better align with contemporary consumer behavior and technological advancements. Among these, the 4Cs—Customer, Cost, Convenience, and Communication—have gained prominence as a more customer-centric approach. This essay explores real-world examples of companies exemplifying the 4Cs effectively and those that lag behind, along with strategic recommendations. Additionally, it examines the impact of global competition on a chosen organization and suggests strategies to enhance its competitive edge.

Companies Exemplifying the 4Cs

Amazon stands out as a quintessential example of a company that successfully embodies the 4Cs. Customer focus is evident through its personalized recommendations, responsive customer service, and a seamless online shopping experience tailored to individual preferences. Amazon’s emphasis on Convenience manifests in its fast delivery options, user-friendly website, and easy return policies. The company’s pricing strategy aligns with the 'Cost' element by offering competitive prices and cost transparency, ensuring that customers perceive high value. Communication is pervasive across multiple channels, including detailed product reviews, chat support, and proactive engagement via email and social media. These practices demonstrate Amazon’s commitment to understanding and serving customer needs, significantly contributing to its market dominance and customer loyalty.

Companies Struggling with the 4Cs

In contrast, traditional brick-and-mortar department stores like Sears have faced challenges in adopting the 4Cs effectively. Firstly, Sears struggled to prioritize Customer orientation in the digital age; its failure to adapt to e-commerce trends and digital customer engagement reduced its relevance. Secondly, its lack of emphasis on Convenience, especially with outdated store layouts and inconvenient locations, deterred customers seeking swift and easy shopping experiences. Additionally, Sears’ pricing strategies often failed to compete with online retailers offering lower prices, impacting 'Cost' perceptions negatively. Poor communication lines, limited online presence, and inadequate customer engagement further exacerbated its struggles. Overall, Sears exemplifies a company that has not aligned well with the customer-centric principles of the 4Cs, contributing to its decline.

Recommendations for Improvement

To revitalize Sears’ approach, adopting a more customer-centric strategy is essential. Investing in a robust e-commerce platform, integrating online and offline channels, and enhancing digital marketing efforts can improve Customer focus and Convenience. Pricing strategies should be revisited to ensure competitiveness, perhaps through dynamic pricing models based on market trends. Furthermore, effective and transparent communication via social media and personalized email campaigns can foster better customer engagement. These steps could reposition Sears in a competitive retail landscape by emphasizing the core principles of the 4Cs, aligning their offerings with modern consumer expectations.

Impact of Global Competition on a Chosen Organization

For analysis, I have selected Samsung Electronics, a global leader in consumer electronics. The proliferation of global competition has significantly influenced Samsung’s strategic moves. The intense rivalry with companies like Apple, Huawei, and Xiaomi has pushed Samsung to innovate continuously, maintain cost-efficient manufacturing, and expand global market presence. Global competition has led to price wars, which pressure profit margins but also motivate Samsung to improve product differentiation and brand loyalty through technological advancements and marketing strategies.

Strategy to Enhance Business Competition and Efficiency

One effective strategy Samsung can adopt is to focus on enhancing its research and development (R&D) investment to pioneer innovative products tailored to emerging consumer trends. By prioritizing innovation in areas such as foldable smartphones, IoT devices, and AI integration, Samsung can differentiate itself from competitors and command premium pricing. Additionally, forming strategic alliances with local partners can facilitate smoother entry into emerging markets, reduce operational costs, and adapt products to local preferences. This dual approach of innovation and strategic partnership can bolster Samsung’s competitive advantages, improve operational efficiency, and sustain long-term growth in a highly competitive global landscape.

Conclusion

The evolution from the traditional 4Ps to the more consumer-oriented 4Cs reflects the dynamic nature of modern marketing. Companies like Amazon exemplify how aligning with the 4Cs can lead to sustained success, while traditional retailers such as Sears exemplify the pitfalls of neglecting these principles. Simultaneously, in the context of global competition exemplified by Samsung, strategic investments in innovation and strategic alliances are vital for maintaining competitiveness. As markets continue to evolve, adopting flexible, customer-focused, and innovative strategies becomes indispensable for organizational success in a globalized economy.

References

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