The Major Elements Of Marketing

856 Words4 Pages
The four Ps approach to marketing has been widely regarded as the traditional approach to marketing. While the value approach concentrates on delivering value to the consumers or customers, the 4Ps approach is evidently concentrated not on customers, but on the product itself. The major elements of the four Ps approach of marketing are product, price, place, and promotion; by that, the four Ps elevate product in the marketing plan while the value approach components are creating, communicating, delivering, and exchanging offerings. In the 4Ps approach of marketing, a product which may rival or even better than that of competitors is uniquely created for the customers. In other words, the 4Ps concentrate on the uniqueness of a product to market itself because of its uniqueness. In comparing the 4Ps product to value approach of creating offering, they are both similar because it shows that a product is being created at this level. However, while in 4Ps, only a product is created, but the value approach involves creating an offering that gives value to the customer, and might not be just a product, but adding services to the product offering. This is the contrasting aspect of a product and creating offering. The 4Ps approach of marketing uses price as an advantage in marketing. The advantage of using price in marketing is necessitated when the product is not as unique as to warrant a high price tag. If that is the case, a potential price reduction could be used as a strategy
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