Four P Approach Case Study

Tannner & Raymond (2010) make reference to a style of marketing known as the ‘four P’ principle, these being ‘product, price, place and promotion’. Indeed, Tanner and Raymond (2010) state that, “introduced in the early 1950s, the four Ps were called the marketing mix, meaning that a marketing plan is a mix of these four components” (p.5) but they also contrast this against a newer and more encompassing style of marketing referenced as the ‘value approach’, whereby value is created, exchanged, delivered and communicated (pp. 5.) Whilst this may sound like a jump from the aforementioned ‘four P’ model, the subtle similarities are nevertheless evident, sit alongside the contrasts between the two models.
As Tanner & Raymond (2010) advise, the …show more content…
Overall, the value approach appears to subsume the four P approach which worked for decades; however, in a changing marketplace, whilst they have not been thrown out of the mix altogether, they have been improved upon and incorporated into a much larger model that acknowledges their importance and places them alongside more effective ways of marketing. Therefore, neither model of marketing should be dispensed with; whilst the value approach appears to offer more freedom and fluidity, they should both complement each other.
Sources:
Storify (2017.) 4p versus value marketing strategy. Retrieved from https://storify.com/plausibler509/4ps-versus-value-marketing-strategy
Tanner, J & Raymond, M.A (2010.) Principles of marketing. (pp. 5-9.) New York, Flat World Knowledge.
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