The 4P Marketing Vs. Value Marketing
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. …show more content…
This process includes establishing and designing delivery outlets in which the product would be sold. “Distribution is a key element in placement.” (Martin, 2014).
The last execution in this approach is promoting the product to customers. This step involves educating consumers about the product’s benefits and qualities so they will prefer it to those of the organization’s competitors and have the option to purchase it in the future. A firm may choose different strategies to promote their good or service. This may include special offers, sales promotions, or advertisement.
Value Marketing or what they now call the 4Cs of marketing relies heavily on creating value for the consumer. This approach creates, communicates, exchanges, and delivers value to the customer.
This is the first step in creating a product. This stage actually mirrors the “product” step in the the 4Ps approach when a product is being created. However, this stage also involves creating value that is offered to the customer when he or she purchases the product. …show more content…
But, they are not created and promoted equally. As you have gathered, each approach follows a different path. In my opinion, companies who use the value strategy are more customer focused. They are more in tune with what consumers value in a product and/or service by developing a service or product that has value in the eyes of the client, acknowledging customer feedback relating to their products through the communication stage and then making the necessary changes, if need be. Further, they not only confirm the client actually receives the services they paid for but, also that they are satisfied with their purchase and are well versed on how to use the good or service. Firms that utilize the 4P approach seem to focus exclusively on the product itself and not how they can create a product that will create value to their clients. Their attention is about creating a product they believe to be in demand, advertising the product to bring about awareness, pricing it at a competitive rate and placing it in a target area where they feel the most inventory will sell. Organizations weigh their options before they make the decision to which strategy they assume. As choosing the wrong approach can lead to a company losing existing or potential clients or worst case scenario having to close it’s doors for