From 7 P's to 7 C's of Marketing

From 7 P's to 7 C's of Marketing

Anyone who has taken a marketing course learned about the 4Ps and later 7Ps of Marketing. They are Place, Price, Promotion, Product. Later People, Physical Evidence and Process were added.
However, there is no doubt that recently the marketplace has changed from an industrial-driven one to knowledge-based one; from just as a place for buying and selling to one of conversation and collaboration; and from a product-based economy to market-based economy.
Internet, digitalization, competition and globalization have changed the entire market space and have caused the above changes (Jobber and Ellis-Chadwick, 2013).

As a result, in the present marketspace, customers are now king and a key determinant of which way and how the market goes (Fill, 2011). Customers are now better informed and very selective, they seek personalization and want value from the market (Miles, 2012).

Consequently, the known 7 Ps of marketing are changed to 7 Cs to reflect these new market realities that place a premium on customer’s needs and wants (Miles, 2012). The seven marketing Cs are:

1. Product ⇒ CUSTOMER: Product changed to Customer given that businesses have to consider and reflect the aspirations and wants of customers a lot more than before when producing products.
2. Price ⇒ COST: Price has now been replaced by the Cost to satisfy the customer.
3. Place ⇒ CONVENIENCE: Convenience which denotes easy to buying has replaced the P of Place.
4. Promotion ⇒ COMMUNICATION: Communication has replaced Promotion, as businesses are fast learning to transact, dialogue, engage and collaborate with consumers on their needs and wants before customizing or producing such need.
5. Physical Evidence ⇒ CREDIBILITY: Physical Evidence has been replaced with Credibility as present market demands ‘Doing what you say you will do when you say you will do it’. Customer trust has to be earned.
6. Process ⇒ CONNECTION: Present businesses engage and empower customers to generate brand loyalty. Connection replaced the Process.
7. People ⇒ CUSTOMER SERVICE: Build strategic relationship with customers rather than just focusing on your People.

Sources:
Fill, C. (2011) Essentials of Marketing Communications, England, Pearson Education Ltd.
Jobber, D., Ellis-Chadwick, F. (2013), Principles and Practice of Marketing, 7th edn, Berkshire, McGraw-Hill Education.
Miles, J.A. (2012) Management and Organization Theory: A Jossey-Bass Reader, San Francisco, Wiley Imprint.

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