The Four P's And The Value Approach

In this modern society, marketers have a desire to build a customer driven marketing strategy, in a view to creating lasting customer relationships, to do this they can use one of the five marketing management philosophies which consist of production, product, selling, marketing and societal, and finally marketing concept. The suitableness of these philosophies depends on the nature of the business and its target market. This report will discuss each of these philosophies for a particular product, with comparisons.

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

The focus of our project aims towards formulating strategies with an aim to meet customer needs and developing long-term and profitable relationships with those customers through the company’s products and services. The process followed while taking up this project was following the conventional methodology wherein the initial research was done to figure out the internal and external factors well to gain a clear understanding of the current situation by using various marketing frameworks. The information so obtained and consolidated was duly evaluated and analysed to figure out what marketing strategies would be best suited to the needs of the company in the current scenario.

Companies not only need to focus on the quality of the products and services, but also the marketing strategies. In addition to the 4Ps marketing, which is product, price, place and promotion with additional 3Ps which is physical evidence, people and process is added together to form 7Ps marketing (Kotler, 2003).

“Marketing strategies can have a broad impact on the business in terms of instilling a marketing orientation among all those in the firm: the way of thinking or philosophy of the whole organization. However, marketing strategies can alternatively be seen as dealing only with the development of competitive advantages directly associated with the marketing function such as customer loyalty and distribution channel control. In the latter case, the domain is sometimes even further restricted by sole attention to the various element of the marketing mix rather than the more general issues of customer and channel relationships. There are two key

As an entrepreneur, you determine how to use these variables to achieve your profit potential. This publication introduces the four P’s of marketing and includes worksheets that will help you determine the most effective marketing mix for your business (James E Canales, 2011).

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

The four P’s are essential for any company wanting to implement the marketing concept, unfortunately these tools only concern the operational side of an organisation (they identify the wants and needs of a customer and then present them as a product). If a company wants to succeed and survive in the future they must focus on marketing planning, this concept concentrates on where the company currently is both internally and externally and the best way for long term progression.

* To cover the 4 p’s of marketing such as product development, branding, pricing, promotion, and distribution.

The main variables through which a firm carries out its marketing strategy, often known as the four P's.

A good marketing strategy considers each of the four key elements of the marketing program which include product, price, distribution, and promotion rather than fully emphasizing on a single element (Ferrell & Hartline, 2014, p. 149). Another important aspect to this strategy is that a company can significantly lack if they develop a standout product

Before taking this course of marketing strategies I believe marketing was less complicated and easy to formulate in order to help companies reach their goals. Many concepts introduced in this course and the assignments completed on the previous milestones have developed my understanding and knowledge about marking strategies. At the beginning of this course, I thought the flyer design was the biggest concern about catching customer attention; however, the last ten weeks, I realized that there is something else behind its logistics; a research of different aspects needs to be done in order to formulate the right strategies that fits the companies goals and the circumstances which it operates. I learned that external forces are the most challenging aspect that needs to be analyzed and overcome if we want marketing strategies to work as planned. We live in a society that constantly changes their preferences, wants, needs and duties. So, economic, demographic, psychological, and legal forces shape the way marketing works; what works today for your company, may not work tomorrow. For this reason is very important to be informed about what is happening around your customers and how they can affect your relationship with them. Communication plays an important role to keep track and monitor changes in the marketing environment where a company operates. In order to grow any business, a product or service is needed. It could be the best in the market, but if the

To succeed, a strong business will need an excellent, well-coordinated marketing effort. To generate the sales that make business owners sleep well at night, a business will need a good marketing strategy that takes into account the components of the marketing mix. Though similar, with room for overlap, the marketing strategy is different from the marketing mix. One is composed

Corporations need efficient strategy planning to carry on in our aggressive markets. This does not call for the company to come up with a strategy, but to figure out which strategy is best for them given the objectives and resources. They must also consider the strengths and weaknesses of the company as well as opportunities and threats. To enhance the aptitude of the companies, a marketing strategy is introduced. The marketing strategy will create lucrative marketing mixes for defined target markets.

HOW A PRODUCT OR SERVICE CAN DELIVER VALUE TO CUSTOMERS THROUGH THE 4P’S OF MARKETING