Compare And Contrast 4ps And Value In Marketing Strategy

Comparing and Contrasting 4-P’s Versus Value in Marketing Strategy In today’s marketing, the landscape has dramatically changed since early 1950 when the four Ps were introduced in giving the general idea of how marketing should be done. Marketing can be seen the tool to deliver the best product, with the best price, at the best location in the right moment (Luenendonk, 2014). In this paper, I will analyze, compare ad state the difference between the two methods of marketing, 4Ps (product, promotion, place, and price) and the value approach (creating, communicating, delivering, exchanging).

The 4P’s marketing approach method. According to Tanner and Raymond (2015). The 4P’s were introduced in the early 1950 and are comprised

It can be a tangible or intangible product with customers in mind showing their needs for this product. An innovative company will look to design and develop a unique and useful product that others competitors lack that can attract customers fulfilling their desires making it an easy sale (Makhdum, 2017). Promotion. This step is one of the marketing approaches in communicating with the customers about the product developed. At this stage the company let the customers know the advantages, uniqueness, quality, and service of the product. This step can make customers thinking about buying the product for their needs (Makhdum, 2017). Place. Location to sell the product is important and companies are looking for the right distribution channels that will sell the product and be directed to the right customers. Moreover, the place is in direct contact with the customer and it has to be carefully analyzed as for how the product will be delivered to the customer such as a store, trade fair, mall, etc. Price. This particular aspect can make the difference between a sale or no sale. The price can be an advantage against the competition and if the product is a regular find a different pricing approach such as a sale or a bundle can give it a selling edge over the

Makhdum (2017) refers to the creating step as somewhat similar to the “product” in the 4P’s component due to the fact that the product is created at this stage. The difference is that in the value approach a strong emphasis is put on the customer value and some additional offers instead just focus on the product like on the 4P’s. Communicating. At this stage of the value is the way that value is communicated. While in the 4Ps element the communication was letting the buyer know the offer of the product, communication as part of the value approach promotes the product itself along with other incentives and additional offers and benefits that the buyer can enjoy after making a purchase and getting additional information on the customer preferences and tastes (Makhdum, 2017). Delivering. It looks very similar to the 4Ps approach, but actual is different in the way that the place that the customer is buying the product has to have easy access to it. Consequently, the business has to make sure that the customer gets the most out of the product value, additional offers that come with the product and all its benefits and perks (Makhdum, 2017). Exchanging value. This is the last step and involves exchanging the value of the offer that it is provided towards the consumer. The business is exchanging this offer to the buyer in return for monetary