Marketing Versus The Value Approach

1052 WordsJun 23, 20165 Pages
Prepare an essay comparing and contrasting a 4-P (price, product, place and promotion) approach to marketing versus the value approach (creating, communicating, and delivering value). What would you expect to be the same and what would you expect to be different between two companies who apply one or the other approach? In The cutting edge world of marketing dated back in the late 1950s, the four Ps were called the marketing mix, meaning that a marketing plan is a mix of four components. A company who has adopted 4P approach focuses on product, whereas company who has adopted the value approach focuses on value to the consumer. One of other marketing mix is the Value approach. This approach concentrates on delivering value to the consumers or customers, the 4Ps approach is evidently concentrated not on customers, but on the product itself. These are the 4 P’s approach 1. Product. Goods and services (creating offerings). 2. Promotion. Communication. 3. Place. Getting the product to a point where the customer can purchase it (delivering). 4. Price. The monetary amount charged for the product (exchange). The four Ps approach to marketing has been captured as the traditional approach to marketing. Marketing is defined by the American Marketing Association as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” The different between the
Open Document