Marketing Versus The Value Approach

933 WordsJun 21, 20164 Pages
It is so important for a company to decide what type of approach they want to take when they are marketing their product/services. It is first important to understand the different approaches that make up the 4-P approach to marketing versus the value approach. When using the 4-P style the company will most likely be concerned with the price, product, promotion, and place. The price will be a major focus point because it is important that you can compete with any competition that may be selling the same type of product you are offering. Likewise, it is important to know whether if in the future a price hike may be needed, will your product survive the inflation, or will customers choose a different brand. When thinking of promoting your product, where is the best venue is going to be the key question. Is the product geared towards teens/young adult or middle aged individuals are common questions? If it is for teens and younger adults where do they like to spend their time? Areas such as skate parks, movie theaters, or advertising on television during programs geared towards this age range would be appropriate venues. Alternately advertising for the middle aged demographic could be during sporting events such as hockey or football, or places like popular restaurants. The product aspect of the 4-P approach deals with the physical product or service you are providing. This is a similar aspect for both companies that use 4-P style and also with companies that take the
Open Document