Marketing Approach To Marketing

Written Assignment –Unit 1

Principles of Marketing

Prepare an essay comparing and contrasting a 4-P (price, product, place and promotion) approach to marketing versus the value approach (creating, communicating, exchanging and delivering value). What would you expect to be the same and what would you expect to be different between two companies who apply one or the other approach?

Prepare a two page (double-spaced) essay. Cite references to material that you use in preparing the essay.

Abstract

Marketing is known as a process that businesses put in place to valorize their activities and especially communicate their products or offerings (goods and services). According the

American Marketing Association, it is “the activity, set of institutions,

Talking about this concept, we mention the four Ps which are: price, product, place, and promotion, which we can compare and contrast with the value approach: creating, communicating, exchanging, and delivering value. In fact, they are correlated among them and they converge to marketing. So, let’s go down to business.

Key words: price, value, offering, marketing, client, sale, money.

The four Ps are considered the core of marketing. So, we define, contrast and compare them to the value approach as the following: o Price: the essential basis of commercial transactions. It refers to the trading value of the products (goods and services) available to the clients and customers. o Product: this is what suppliers offer to the costumers. They are goods and services available in the market to meet the demand of the client. o Place: in marketing, it is the point where demand and supply are set among buyers and sellers. o Promotion: it refers to communicating the offerings to the customers. It helps to be aware of the available products, and also it helps to know more about them. o Creating: it refers to the collaboration between suppliers and

As we tend to define it, creating gives a company the way to have available products to sell. So, the fact of creating goods and services results to products. In marketing, communication involves in spreading essential information about the products available for customers who (will) demand it. We can compare it to promotion. Promotion itself goes to make them aware of the quality product than the availability. We spread its importance for using it, which category of people can use it, the advantage it has, etc. And then, we have the place where customers can get their offerings. In other term, it is the area in marketing where demand meets supply. Customers can benefit of the best quality services available from the supplier (company). Meaning this, we refer to delivering these values to the customers in such way to improve the value both of the product and the service.

To end, we must say that there is not a real difference between the 4 Ps and the value approach because, when we analyze each point in the categories, we find that they have a common point which relate them to one concept: marketing.

Reference

Principles of Marketing (textbook: Tanner and