4 R's of Marketing
This article covers meaning & importance of 4 R's of Marketing from marketing perspective.
What is 4 R's of Marketing?
The four R's of marketing can be defined simply as Recognition, Relevance, Reward, Relationship. 4 R's of marketing are fundamental marketing strategies which every organization can use to build good relations with customers and thereby focus on growth.
Importance of 4 R's of Marketing
The detailed explanation of four R's of marketing , which are recognition, relevance, reward & relationship, are explained as below
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.
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.
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.
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.
The above image shows the 4 R's of Marketing.
Difference Between 4 R's & 4 P's of Marketing
The classic 4 P’s of marketing (Product, Price, Place, Promotion) are becoming less impactful alone to apply in real world due to the proliferation of marketing channels, shift in consumer behavior, overlapping marketing strategies etc. Hence, 4 R’s of marketing strategy is devised to retain the basic concepts of marketing and applying it in real world problems. Both of these strategies can help a business grow as it is critical for any business to evaluate themselves based on these parameters.
Hence, this concludes the definition of 4 R's of Marketing along with its overview.
Browse the definition and meaning of more similar terms. The Management Dictionary covers over 1800 business concepts from 5 categories.
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