Rebuilt Marketing Machine
Rebuilt Marketing Machine
Per the article The Rebuilt Marketing Machine by Victoria L. Crittenden, the additional 4C’s of strategic marketing are customer centrality, competitive capabilities, company collaborations and cynical connections. Starting with customer centrality, studying what the customer needs and wants are. Creating solutions for all of the different customers wants instead of forcing the customer into a product. Consumers are all about the customer and the customer experience, ensuring the best service. Competitive capabilities open the door with worldwide web allowing most business to have an opportunity to portray themselves as worldwide leaders. Competition leads many businesses to strive for success and beyond. Therefore competitive capabilities allow business to think of ways to improve their businesses.
The third C, company collaboration, is an advantage to companies where you can take superior business and combine business to provide customers the best of both worlds. Company collaboration allows marketing to interfere with other departments to ensure high quality of services. The last C in strategic marketing, cyclical connections are vital to the business world through its strategic planning, great marketing skills will be proved through the outcome of business. In order for a company to succeed, a strong formula must be implemented. Although the 4Ps still remain popular in marketing, the matrix needs to be rebuilt due to it no longer being successful for businesses. Business men all know the 4Ps marketing mix framework, due to its common sense there are no longer any advantages. In today’s world, marketing is the key to success and finding ways to better concepts for business success all around the world since marketing is always changing. The gist to marketing is implementing new ideas for business success, using the aged idea of the 4Ps is no longer comparative to the advancement of the business world today.
Comparing the 4Cs to 3Cs, Porter’s 5 Forces, SWOT analysis, BCG Matrix is important since they all support different ideas. Starting with SWOT analysis, finding out what the strength and weaknesses for business allows better strategy for business growth. SWOT analysis defines the pros and cons of the business where as the 4Cs finds ways to improve the weaknesses. SWOT analysis bring consistency to a business, however if combined with 4Cs it would allow great marketing strategy. Porters 5 forces focus on competition and striving for the top name in leading business. This strategic plan uses the strength and weaknesses of other companies through their own annual reports, financial statements, and mysterious shoppers, etc, to find ways to better business.
Whereas company collaboration in the 4Cs, focuses on marketing function in conjunction with other areas in the organization. This allows companies to make decisions on ideas as a whole and not just one team making a decision. The BCG Matrix only focuses on two items the SBU market growth rate and the SBU relative market share, this matrix is based on assumptions and is biased. Due to this the 4Cs implements greater ideas since the BCG focuses on profitability and market share and does not support other marketing ideas. The 3Cs is somewhat similar to the 4Cs however the 4Cs are more thorough in the idea of marketing. The 3Cs provides types of questions to ask yourself when opening a business which are common sense. However, the 4Cs are in depth details of important marketing strategies for building a successful business.
In my opinion the marketing mix framework is consumers oriented and fits better in the movement for mass marketing to niche marketing. However, it is out dated and needs to be revised with careful consideration of what the customer wants and needs are. Adding new elements to the framework to ensure better marketing techniques, such as adding another “P” for customers (people) because without business from the customers, companies will not grow. Also, finding ways to better the customer experience so that customer will be a returning customer and not only focus on making money. The customer will be using social media to rate businesses, speak to family and friends about that customer service experience and are the key for business success.
University/College: University of California
Type of paper: Thesis/Dissertation Chapter
Date: 10 January 2017
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