4-P and Value Approach
This week, in my paper, I will analyze the two main methods that are utilized in marketing, namely the 4-P and the Value approach. Firstly, I believe that it is important to know and understand well what marketing means. In accord with the American Marketing Association, marketing is “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” (Tanner-Raymond, 2015). One time that we have understood the concept of marketing, we can focus on the two approaches. The 4-P method has been theorized by Edmund Jerome McCarthy in his book “Basic Marketing. A managerial Approach”, published in 1960’s. …show more content…
These regard principally the fact that, the 4-P method mainly focus on the product, while the Value approach searches to generate offerings of value. This difference is created because the Value approach creates a relationship between the company and the customers, so, generally, the firms that utilize this method, have more harmony with the clients. Another dissimilarity between the two methods concerns the fact the 4-P, with its four elements, doesn’t capture all the marketing activities (Tanner-Raymond, 2015). Also for this reason, in recent years, in Europe, some marketing operators have added three new Ps, that are: Processes, Physical evidence and People. In this way, they have tried to make 4-P more complete (Miotto, 2015). However, beyond these differences, the two approaches have also similitudes. In fact, both these methods were created to identify which are the marketing fundamental elements that allow each company to reach the own goals. Furthermore, both are based on four general steps, which are creation of items, communication, reaching customers and collecting money. In conclusion, I believe that we can’t say which method is the best, however we can affirm that the Value approach is the most complete one, because it identifies several marketing
This week, in my paper, I will analyze the two main methods that are utilized in marketing, namely the 4-P and the Value approach. Firstly, I believe that it is important to know and understand well what marketing means. In accord with the American Marketing Association, marketing is “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” (Tanner-Raymond, 2015). One time that we have understood the concept of marketing, we can focus on the two approaches. The 4-P method has been theorized by Edmund Jerome McCarthy in his book “Basic Marketing. A managerial Approach”, published in 1960’s. …show more content…
These regard principally the fact that, the 4-P method mainly focus on the product, while the Value approach searches to generate offerings of value. This difference is created because the Value approach creates a relationship between the company and the customers, so, generally, the firms that utilize this method, have more harmony with the clients. Another dissimilarity between the two methods concerns the fact the 4-P, with its four elements, doesn’t capture all the marketing activities (Tanner-Raymond, 2015). Also for this reason, in recent years, in Europe, some marketing operators have added three new Ps, that are: Processes, Physical evidence and People. In this way, they have tried to make 4-P more complete (Miotto, 2015). However, beyond these differences, the two approaches have also similitudes. In fact, both these methods were created to identify which are the marketing fundamental elements that allow each company to reach the own goals. Furthermore, both are based on four general steps, which are creation of items, communication, reaching customers and collecting money. In conclusion, I believe that we can’t say which method is the best, however we can affirm that the Value approach is the most complete one, because it identifies several marketing