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.
This measure of the value strategy involves trading value for all those offerings is provided to the customer. The business provides the offering for the customer and in exchange they charge some monetary amount for the offering. 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? In advertising, equally 4Ps and the value advertising approaches are correlated with each another because both of the strategies are utilized for similar goals. However, it's mentionable that the 4Ps strategy is a traditional way which focuses on the product, while the value strategy is an updated form of the 4Ps strategy which focuses on giving value through offerings to the customer.
Marketers use a business tool called the marketing mix, which can be crucial when trying to determine a product or brand’s offer which is why the the 4’P’s of Marketing can be beneficial to use. Manktelow and Carlson (n.d) define marketing “Putting the right product in the right place, at the right price, at the right time” This definition can simply mean that a marketer can create a product for a particular group of people. The marketer needs to put it on sale where this group of people go to on a regular basis and sell it at a price level which matches the value they feel they get out of it. According to Borden (2015), “marketing mix are the ingredients that combine to capture and promote a brand or product’s unique selling points, those that differentiate it from it’s competitors.” The 4 P’s are the elements used in the marketing mix:
Price refers to the price set for the aforementioned product, and the particular pricing strategy that the firm has chosen to implement. Promotion refers to the promotional strategies that are used to sell the product, and the communication that is undertaken to persuade customers to purchase the product. Finally, place refers to the method of distribution used to get the good and/or service from the firm to the customer. The 4 Ps marketing mix is commonly
The process of developing, promoting, and distributing products to satisfy customers' needs and wants. Marketing include 4 Ps for marketing mix that is product, place, price and promotion. Product is the good, which is the company want to manufacture. Place is the place where the company sell the product. Price is the value of goods in the society and promotion show products to customers, e.g.
The four Ps or four elements of the marketing mix are product, place, price, and promotion, which are used to satisfy consumers’ needs and the objectives of the organization. After a target market is selected, “…the firm must take steps to satisfy [the customers] needs” (Kerin, Hartley, & Rudelius, 2009 p. 13). The basic concept of the marketing mix is to focus on what customers want and to keep customers satisfied. Although the marketing mix is a unique way to market a product or service, satisfying the consumers’ needs and wants is every marketer’s main goal. Aspects of the Marketing Mix The best way to define a market is to recognize the needs and wants of consumers and then focus on meeting those needs and wants.
Marketing: “The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” My Definition of Marketing: Marketing is a way of expressing the wants and needs of customers. For an example, if you are trying to sell a product, not only do you need to use your own style/making but you are also focusing on the target market in which it is applying to. It is about creating a certain relationship with people that is not only giving the customer what they want, but showing that you have an actual interests towards them and that there is a reasoning behind why you are selling a particular item. Exchange: One essential
Customer Analysis Targeting who your customers are is the future of your business. Figuring out what motivates them to purchase goods or services, where they buy them, and who buys them are parts that need to be determined to gain a foothold. By collecting data on specifics such as age, gender, location, economic status, who buys your products both currently and in the future, among other information, will determine who your customer base is and how to market them and retain them. By specifically targeting these categories, it paints a clearer picture of how to target. By taking the four P’s into consideration; Price, product, promotion and place, this also helps you figure out what your value drivers are that makes you understand what drives the customer’s decisions for the purchases and what the most important factors are to them.
There are two types of research Sainsbury's could use 1) field research and 2) desk research. Promotion: this is to tell the customers that the products or services that is available by advertising will encourage the customers to buy the products or services by offering promotions. Sales: this provides that the goods and services are suitable to customers that they need or want. This area of department involves making sales. This function helps Sainsbury's to achieve the objectives.
Marketing B2C Site, Compared to a B2B Site Introduction When a company uses marketing, the company is attempting to promote his or her products or services with the intent of being able to maximize ones profit and gain the confidence of the consumer. Within today’s society marketing having the right product or service can be difficult with being able to implement the marketing process and plan accurately along with being able to remove the potential obstacles. This paper will show and define the meaning of marketing with (B2B), (B2C), and compare how marketing differs between the two websites. Understanding marketing a company has to know the 4 Ps. When determining the difference in a B2C site compared to a B2B site one should focus on the 4 Ps of marketing which is Product: branding, warranties, packaging design and new product development.