Marketing Mix : Product, Price, Promotion, And Place Essay

Marketing Mix : Product, Price, Promotion, And Place Essay

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The 4 Ps of marketing refers to the terms product, price, promotion and place. These four components make up what is known as the ‘marketing mix’. Each of the Ps focuses on a different element of the marketing mix. Product refers to the actual good or service on offer from a business. 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 considered to be the more traditional approach to marketing. It is argued that this approach is somewhat limited as it does not accurately represent all the activities of marketing (Tanner, & Raymond, 2011, p.5)

The value approach to marketing consists of creating, communicating, delivering and exchanging. It is argued that this approach is more holistic than the 4 Ps and more accurately defines and represents marketing activities. The underlying principle of the value approach are the benefits that customers receive. It is based on the personal value equation:
Value = benefits received – [price + hassle]
Similarly to the traditional 4 Ps marketing mix, the value approach also consists of four elements. These elements are: creating, communicating, delivering and exchanging. Creating “involves collaboration with suppliers and customers in order to generate offerings of value to customers” (Tanner, & Raymond, 2011, p.5). It can be argued that this has some similarities to the ‘product’ ...


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...oach to marketing is likely to be market orientated, meaning that they follow the marketing concept of meeting (and exceeding) customers’ wants and needs. This contrast with a firm which may undertake the traditional marketing approach (4ps), and is likely to be more product orientated, meaning that the focus is more on product innovation rather than customer needs and wants.

To surmise, there are two different approaches to marketing: the 4 Ps marketing mix and the value approach. Each comprises of 4 elements: product, price, promotion and place, and creating, communicating, delivering and exchanging. There are similarities between the two approaches but the key difference between them is the heavy focus on maximising value for the customer. The value approach is one that is being more commonly undertaken by firms as they work to remain competitive in this era.

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