Bus 2201-01 Principles Of Marketing Paper
University of the People
BUS 2201-01 Principals of Marketing - AY2023-T4
Week 1: Written Assignment
Comparison and contraction of traditional marketing and the value approach
According to the textbook (Tanner & Raymond, 2016), marketing can be defined as the process of creating and delivering products or services that have value to the customers. In traditional marketing, companies used the 4-ps approach: product, promotion, place, price, which is also known as marketing mix. Later, the approach to marketing has evolved and changed to the value approach, which includes the ideas of creating, communicating, delivering and exchanging. While the groundwork of these two approaches can be said to be similar to a certain degree, there are also some differences between them. In this paper, I will compare and contrast the traditional 4-ps marketing approach and the value approach, and explore the similarities and differences between two companies that apply one or the other approach.
Comparing and
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Therefore, it is somewhat similar to the production orientation in the essence, as the company will try to constantly develop or improve the quality of the products or services while lowering its costs. On the other hand, the company who uses the value approach will focus both on the products or services, and the value, since the approach it is using is centered on customer value. Therefore, it will advertise both the quality of the products or the services, and the satisfaction of consuming them. It can also get constructive feedback and close connection with the customers through the communicating process. This will allow it to develop new product ideas since it can learn what the customers actually need and
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