4p Marketing Vs Value Marketing Essay
The 4Ps, or what is otherwise known as the marketing mix, was introduced in the 1950’s. However, the 4Ps didn’t quite paint a clear picture of what marketing pros do. The 4Ps approach became less and less effective over the years as the market continued to develop. According to Plausibler 509 (2014). “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, the value marketing strategy was developed, which is a much more adequate marketing method. “Value is at the center of everything that marketing does” (Tanner & Raymond, 2010).
4P marketing makes up four components, product, price, place, and promotion.
Product The product can be either an intangible service or a tangible good. A business that wants to pursue this path has a goal of actualizing a product or service that is particular to that of their competitor’s. Such a product is considered to be a competitive advantage if it has a few upgrades or enhancements and is thought to sell itself.
With the 4P approach price can also be a competitive advantage. How a product or service is priced will definitely affect how it sells. If a service has little or no value to a consumer, then it will have to be marked under price to sell. For example, a product or service can be priced at a reduced rate if it does not offer any unique features or amenities that would make it…