The 4p Marketing Strategy

A Comparison of 4Ps versus Value Marketing Strategy

The 4Ps Marketing Strategy

The 4P marketing strategy was developed in the 1950s, and is considered a traditional approach to the marketing. The marketing strategy as such, is concentrated on the product itself, the logic behind this strategy is that a superior product will sell itself. This strategy was initially called a marketing mix; meaning that a marketing strategy is a mix of four components, which work as an interdependent modules such as:

• Product

Companies following this approach are trying to develop a product that is unique, and at least in theory better than its competitors’ offerings. The product could be either a tangible good such as electronic equipment, or intangible service,

• Promotion

Promotion refers to informing the customer that such product exists; pointing out the advantages of the product over those offered by the competition, and letting the customer know where to buy the product. Furthermore, promotion might include ads placed in the magazines, public transportation, TV ads, online marketing, and direct marketing, using the e-mail, or Facebook targeted ads.

The Value Marketing Strategy

Over the years marketing professionals came to the conclusion that the 4P strategy has its limitations; namely, it lacks focus on services, and they felt that approach that is more customer oriented, might be needed. Ultimately, the Value Marketing Strategy had been developed.

The value marketing strategy is somewhat similar to 4Ps, but with a concentration on value, service, and the customer. Likewise it consist of four interdependent components:

• Creating value for the customer, and delivering

Let’s have a look at the Netflix again, since Netflix’s offerings are planned to be easily accessible at any time, and anywhere. The customer does not have to leave home to see a movie of their choosing, the movie is accessible on a broad range of devices such as television, computer, smart phone, or a tablet.

• Exchanging; trading value

Does Netflix offer value? In my opinion definitely yes, for the reason that a monthly fee of $9 gives us access to about 7000 movies and shows, and we have to bear in mind that price of the movie ticket averages at roughly $12, and not including the drink and popcorn.

• Delivering; getting value to the customer

Netflix makes the delivery effortless, all we need is an internet connection and a TV, or a computer, for those who lack access to the internet for some reason, Netflix still offers mail delivery of movies on DVD, although the price might be a bit higher due to the postage charge.

• Communicating; describing the offerings, and expecting feedback from the