Marketing and Consumers Essay

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To Understand The 4 Ps Versus The 4 Rs of Marketing Tasks: Take home assignment

Question 1- Describe the 4Rs.
1-Reveal: Take the information you already have about your customers and allow them to reveal why they are loyal to your product. These revealing will help you learn how to attract new customers.
2-Reward: It is a good idea to give customers and consumers something for revealing valuable information. When you collect valuable information you need to offer something valuable back such as free shipping, coupon or loyal card.
3-Respect: It is about honouring your customer’s time and engaging campaign over time will build respect for your product .Listen to them, give the costumers what they want.
4-Retain: The idea is to keep consumers engaged. It is about knowing their behaviour and interests of the consumers to create an ongoing dialog that is beneficial to the consumers.
Question 2-How are they different than 4Ps?
The 4Ps( Product, Price ,Place, Promotion) of the marketing mix is about to determine differentiate, create a new product and sell the product, the 4Rs is consumer-centric marketing. Today is no longer about companies just tell their stories and push consumers to buy; today marketing is about creating conversations and communicating a brand’s message to consumers. Consumers are listing to each other and then they decide what to purchase.
Question 3- How are they the same?
4Ps still play an important role in marketing strategy, although the environment is changed.
Marketing is transforming from the 4Ps to the 4Rs it does not mean 4Ps are gone. A marketer is creating a product that customers need, for setting the price, for promoting the product via advertising to help consumers understand the product’s benefit, and for making the product available for purchase in easily places. Without 4Ps there is no marketing.4Ps is a machine and 4Rs is an engine of the machine in marketing. They need each other to work properly.
Question4- Provide and describe one example of how using the 4Rs approach could benefit marketing Financial Services.
I think, Expedia (global online travel brand) is an example for our case. Expedia website starts with analysis of the numbers of visitors. Website data provides information about price ranges, hotels, tickets
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