There are some similarities and some differences with the 4P’s Approach to marketing and the Value Approach to marketing. I will describe the differences between the two as well as the similarities. I will also explain what I would expect to be different between two companies who apply one or the other approach.
The 4Ps were introduced in the early 1950s is now what is considered the traditional approach to marketing. The Value Approach is considered an upgraded version of 4Ps. (Makhdm 2017)
The 4ps focuses on product, price, place, and promotion. These are what is called the marketing mix, which means that all 4Ps are mixed into the marketing plan. (Makhdm 2017)
The Values Approach focuses on creating value, communicating value, delivering value, and exchanging value.
A very noticeable difference between …show more content…
The second focus is the price for the 4P approach. Communicating value is the focus for the Values Approach. The 4P has the thought that if the product itself is not unique enough to provide a competitive advantage, then the price would be the fall back as the success factor. For the Values Approach, it is important to provide information to the customer about the product. Things such as providing information for the product like the benefits of the product, such as the type of enjoyment one can get by using the product and offering service after purchasing the product.
The third focus of 4P is where to place the product after creation and price. It is important to properly place the product through proper distribution avenues that will sell the product to the target customer. Although the Value Approach of delivering value is compared to the 4P focus of place the two are very different. The Value Approach focuses on delivering value by making sure the customer will be able to have the offering, include the value, product, and its benefits. (Makhdm
The 4Ps were introduced in the early 1950s is now what is considered the traditional approach to marketing. The Value Approach is considered an upgraded version of 4Ps. (Makhdm 2017)
The 4ps focuses on product, price, place, and promotion. These are what is called the marketing mix, which means that all 4Ps are mixed into the marketing plan. (Makhdm 2017)
The Values Approach focuses on creating value, communicating value, delivering value, and exchanging value.
A very noticeable difference between …show more content…
The second focus is the price for the 4P approach. Communicating value is the focus for the Values Approach. The 4P has the thought that if the product itself is not unique enough to provide a competitive advantage, then the price would be the fall back as the success factor. For the Values Approach, it is important to provide information to the customer about the product. Things such as providing information for the product like the benefits of the product, such as the type of enjoyment one can get by using the product and offering service after purchasing the product.
The third focus of 4P is where to place the product after creation and price. It is important to properly place the product through proper distribution avenues that will sell the product to the target customer. Although the Value Approach of delivering value is compared to the 4P focus of place the two are very different. The Value Approach focuses on delivering value by making sure the customer will be able to have the offering, include the value, product, and its benefits. (Makhdm