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Compare And Contrast 4ps And Value Approaches To Marketing

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Compare and contrast two marketing strategies: 4Ps and value approaches to marketing. The 4Ps approach to marketing was introduced in 1950s and is now viewed as a traditional approach to marketing. Unlike the value approach, which is more focused on delivering value to a fantastic read the customer, the 4Ps approach is more focused on the product itself.
The 4Ps Marketing Strategy
The major components of the 4Ps approach are product, price, place, and promotion. That means that the first step in the marketing plan is a product.
Product. Companies that follow this approach try to create a consumer product or service that is supposed to be unique or better than that of the competitor 's. Uniqueness or some upgrades in the product were believed
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Another aspect is price. Under the 4Ps approach price could also become a competitive advantage. For instance, if the product is not unique itself, a certain pricing strategy, such as price reduction, could potentially sell the product.
Place. The next step is place. It involves creating or finding distribution channels through which the product would be sold. Therefore, this step in 4Ps marketing involves delivering product to the points where customers can buy it.
Promotion. Finally comes promotion - informing the customer on the qualities and advantages of the product so that the potential buyer learns about the product, prefers it to those of the competitors, and has an opportunity to buy it at some place.
Though the 4Ps approach has been working for companies for years, it became less effective as the market has developed. This happened due to the fact that product, price, place, and promotion do not include all the activities that are related to marketing a product. As a result, a more efficient approach was developed - the value approach.
The Value Approach to Marketing
The value approach calls for creating, communicating, and delivering
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The next step is communicating. It can be compared to promotion in the 4Ps approach, because it involves informing the customer on the offer. The difference is in information delivered to the customer. The 4Ps approach promotes and advertises the product, while the value approach - the value - product plus service, benefit, and enjoyment that can be received with the product. In addition, the value approach involves not only telling the customers how good the offering is, but also learning from them about their preferences and desires.
Delivering value. Finally comes delivering. It may be compared to place in the 4Ps approach. However, it is different because, while place requires just having a place where the customer can buy a product, delivering also involves making sure the customer will be able to get the most of the product.
Therefore, it can be said that the 4Ps approach is more focused on product, while the value approach is, on the contrary, focused on customer - it is a more customer-oriented marketing strategy, which, in some aspects, is close to one-to-one marketing. In addition, the value approach is more precise, thus helping marketing professionals in creating and marketing all the 4 types of their offerings more
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