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A company will only sell what the customer specifically wants to buy and values. i.e. how does a customer value us, our services and products? What is the lifetime value of a customer?

Price is only a part of the total cost to satisfy a want or a need. The total cost will consider for example the cost of time in acquiring a good or a service, a cost of conscience by consuming that or even a cost of guilt “for not treating the kids”.It reflects the total cost of ownership. Many factors affect cost, including but not limited to the customer’s cost to change or implement the new product or service and the customer’s cost for not selecting a competitor’s product or service. What is the customer’s actual contribution? And based upon that, how can we deliver a differentiated service?

In the era of Internet, catalogues, credit cards and smartphones, consumers neither need to go anywhere to satisfy a want or a need nor are they limited to a few places to satisfy them. Marketers should know how the target market prefers to buy, how to be there and be ubiquitous, in order to guarantee convenience to buy. With the rise of Internet and hybrid models of purchasing, Place is becoming less relevant. Convenience takes into account the ease of buying the product, finding the product, finding information about the product, and several other factors.

While promotion is “manipulative” and from the seller, communication is “cooperative” and from the buyer with the aim to create a dialogue with the potential customers based on their needs and lifestyles. By the way good communication starts with good listening; listening across different channels and listening to the behavior of customers so that, as a company, we can effectively react upon that knowledge.