4 R’s of Marketing - Definition & Meaning
What is 4 R’s of Marketing?
A lot of similar terms are floating across the internet claiming to be 4 R’s of Marketing but those are similar in meaning. Hence, 4 R’s of marketing is defined here in the simplest terms as:
i. Recognition
ii. Relevance
iii. Reward
iv. Relationship
How it is different from 4 P’s of Marketing: The classic 4 P’s of marketing (Product, Price, Place, Promotion) are becoming more impractical to apply in real world due to the proliferation of marketing channels, shift in consumer behavior, marketing strategy etc. Hence, 4 R’s of marketing is devised to retain the basic concepts of marketing and applying it in real world problems.
Explanation:
i. Recognition: The objective of a product that it is easily recognizable among other competitors. This is the first step in the marketing. Customer should recognize your product, should be aware of its features and clearly identifiable by the target group.
ii. Relevance: Your target group should find your product something which they can actually use. Your product should provide some kind of benefit to the user. If the user is not able to relate your product in its daily life. Then, your product will not be able to position itself in the mind of customer.
iii. Reward: There should be some kind of reward for the customer for purchasing your product. The reward may be physical or psychological. It is important to distinguish your product from that of your competitors. Customers attracts where they perceive maximum benefit. If there are similar products, then it is required to give users something extra.
iv. Relationship: Next and perhaps the most important to win a competition is the relationship. How a customer relates with the product is the key to the long term survival of the product. There should be a connection between the product and customer so that the customer makes repeat purchase and perceive the maximum benefit out of it.
Hence, this concludes the definition of 4 R’s of Marketing along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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