Today we will be comparing and contrasting the Four P's of marketing and the Value Approach of Marketing. This will allow us to see the similarities and differences when applying these two approaches of marketing.
FOUR P's When referring to the Four P's, we are talking about (1) Price, (2) product, (3) place, and (4) promotion (Tanner & Raymond, n.d). This marketing approach dates back to the 1950s production era, where firms believed that if the product is innovative enough and priced accordingly then it will sell itself (Tanner & Raymond, n.d). These Four P's are commonly known as the marketing mix for a successful marketing plan. In order to develop a product, the company must first find their target market and know the customers …show more content…
Companies are competing on the basis of value, rather then the product itself. It's like Apple vs android, there seems to be great benefits from having an iPhone and the Apple corporation has developed its products to suit certain lifestyles and people develop a loyalty to their brand. Every time a new phone releases people line up just to purchase it even if their older model phone is still in great condition. They do this by having a trade-in program that allows you to trade in your older phone for a dollar amount that can be used towards buying the newest version of the phone. Thus, creating value through a combination of communicating value and trading value for their offerings. Companies that do not undergo this type of marketing have found themselves less successful and without much loyalty from their customers compared to companies like Apple. People want to feel like everything is individually made for them, like its unique and targeted towards their lifestyle and needs. They want to have extra benefits come from their inicial purchase. One major similarity between the value market approach and the Four P's is that they are used in order to attain a similar goal, to develop a product that will give the customer and seller value. Both types of marketing approaches create value, communicate their value and require a form of
FOUR P's When referring to the Four P's, we are talking about (1) Price, (2) product, (3) place, and (4) promotion (Tanner & Raymond, n.d). This marketing approach dates back to the 1950s production era, where firms believed that if the product is innovative enough and priced accordingly then it will sell itself (Tanner & Raymond, n.d). These Four P's are commonly known as the marketing mix for a successful marketing plan. In order to develop a product, the company must first find their target market and know the customers …show more content…
Companies are competing on the basis of value, rather then the product itself. It's like Apple vs android, there seems to be great benefits from having an iPhone and the Apple corporation has developed its products to suit certain lifestyles and people develop a loyalty to their brand. Every time a new phone releases people line up just to purchase it even if their older model phone is still in great condition. They do this by having a trade-in program that allows you to trade in your older phone for a dollar amount that can be used towards buying the newest version of the phone. Thus, creating value through a combination of communicating value and trading value for their offerings. Companies that do not undergo this type of marketing have found themselves less successful and without much loyalty from their customers compared to companies like Apple. People want to feel like everything is individually made for them, like its unique and targeted towards their lifestyle and needs. They want to have extra benefits come from their inicial purchase. One major similarity between the value market approach and the Four P's is that they are used in order to attain a similar goal, to develop a product that will give the customer and seller value. Both types of marketing approaches create value, communicate their value and require a form of