Marketing Versus The Value Approach

In conclusion, this essay has outlined the six key elements of the marketing process: (i) situational analysis; (ii) market research; (iii) establishing marketing objectives; (iv) identifying target markets; (v) developing marketing strategies; and (vi) implementation,

The process of marketing involves the action of advertising and promoting a company, product or service. This includes everything the customer encounters in relation to the company, from advertisements to customer service experiences. Marketing is often broken down into four sections, known as ‘the four P’s of marketing’.

In addition, select an organization with which you are familiar and describe how each one of the four elements of the marketing mix affects the development of the organization’s marketing strategy and tactics.

In this assignment I will be looking at how product and services are marketed and look at how a marketing mix is developed using the four P 's: Product, Price, Place, and Promotion.

So, the seven tactics are the means that managers have at their disposal to execute the company’s marketing strategy and create value for the target market. The relationships among the individual marketing tactics can be represented as a process of designing, communicating, and delivering value. Appendix 10 reflects the scheme where product, service, brand, price, and incentives compose the value design aspect of the offering; communication captures the value-communication aspect; and distribution reflects the value-delivery aspect of the

Marketing has become more and more important, especially as the purposes of marketing expanded into performing marketing researches. Through marketing researches, it is asserted that marketing starts with a real customer need. Classic marketing, has, nonetheless, focused on making the need that will draw customers, and this stresses the advertising power of marketing (Woodall 2007, p.1284). This is also called the sales concept of marketing (Woodall 2007, p.1285). An example is how advertising lures people into buying a brand, because of the

These ‘4ps’ are four decision areas and form a major aspect of marketing and these principles are controllable variables, which have to be carefully managed and must meet the needs of the defined target group. How these variables connect to the target market is demonstrated in Figure 1. The ‘4ps’ are often extended to the ‘7ps’ that incorporates, physical evidence, people and process.

As per Ian Ruskin Brown and Greg Clark “ Marketing mix is the term used explaining the different elements comprising the offer that the different companies makes to their customers”. (Brown and Clarke, 2000:44). E.Jerome McCarthy in early 1960s came up with the four Ps in the marketing mix. According to him these 4ps are “ Product, price, place and promotion”.( McCarthy and Shapiro 1975: 35). Refer Appendix I for the pictorial representation. But the view of Richard Sandhusen is that the four marketing mixes should be ‘price, product, promotion and distribution’ (Sadhusen, 2000:319). According to Steven Stralser ‘in order to create a marketing strategy and plan that touch all the areas of marketing to position a product, maximise revenue etc a few more components have to be considered which are, Marketing segmentation, Marketing Strategy, Marketing research , Pricing, placement and value chain.’(Stralser,

Product, Price, Place and Promotion also commonly known as the 4P’s are the major factors or tools with which a firm or an organisation operates in the market by offering a superior value proposition to its clients and customers and thus earning value back from them in return to achieve the objectives of its shareholders. These 4P’s are combined together to form the marketing mix of a firm.

Mariotti & Glackin (2013) provide that development of marketing strategy and competitive advantage is from the "Four P's". The "Four P's" include product, price, promotion, and place. This paper further outlines each of the "Four P's". Mariotti& Glackin (2013) recommend continually referring to the mission statement and vision statement while developing the marketing strategy. This reference helps to build the marketing strategy and form the core competency for the business. The first part of the business plan, the mission and vision statements, are stated below:

Q#1 Marketing has been described as being both an "art" and a "science." Discuss the differences and similarities between these two marketing thrusts. Provide your theoretical response and a "real-life" example where you have seen both processes work effectively at creating customer value and loyalty

Marketing is a management function which involves creating, communicating and delivering value for an organisation’s customers (Kotler, Brown, Burton, Deans & Armstrong (2010). Although many earlier academics define marketing as merely a process of satisfying customer needs in order to gain profits, more recent developments of the definition include its inherent connection with delivering superior value to customers in order to maintain ongoing relationships (Webster, 1992).

This report aims to find out the relationship between customer value and marketing. In particular, it focuses on the necessity of marketing and the composition of customer value, research on the connection between these two concepts. In particular, it indicates four elements of a market, which are price, place, products, and promotion (4Ps). The other vital part of a market is customer value, it has been divided into instrumental value, hedonic value, expressive value and cost value. Customer value and marketing connect to each other through the supplier help people do better- buying decision and improve products through the customer value.

The four P’s of a marketing mix are as follows, product, price, place, and promotion. Each of these offers a marketing parameter for the management and company team to control. With each marketing tool there are decisions that should be met as far as the business is concerned. Therefore, there is a list for each one that should be analyzed to meet the business standards.

The 4 P’s of marketing will be evaluated during this stage. The marketing plan and promotional mix allows the business to build a strategy for the delivering packaging, pricing, promotion, and communication vehicles to provide the best value to the consumer. A sound marketing plan is vital in winning in the market place.