Compare and contrast the marketing four Ps approach versus the Value approach (creating, communicating, and delivering value).
The 4Ps Approach
Marketing is the activities involved in making the potential and existing customers aware of an organization’s products or services availability within a given market for purchase. Therefore, the marketing process ensures the promotion of products and services and informs the customers about the prices and places where they can easily buy them. The 4ps approach which uses the products, place, promotion and the price is a marketing tool that has some similarity to the value approach which emphasizes on creating value, communicating to the customer, exchanging, and ensuring that an organization delivers value (Molin, & Sjöberg, 2017).
In the 4Ps approach, organizations have first to determine the needs of the consumer’s within their target populations, and then try to create products and services that match and meet their demands. Additionally, organizations have to ensure that they develop innovative products and services that are unique and better than most of their competitors. Another aspect of the 4Ps approach is the price. Pricing plays an essential role in creating and developing a competitive advantage if the products are not unique. Therefore, organizations must have excellent pricing strategies that can take the products or services towards selling success.
Place is another component of the 4Ps which means that once the products or services are created, its placement in the right accessible locations is crucial. Thus, place or position involves developing appropriate distribution channels through which the commodities will be availed to the potential consumer in the target market (Kaur, Chahal, & Gupta, 2019).
The final step in the 4Ps approach is the promotional strategies for marketing the goods and services. This component involves effective communication between the consumers and the products or services that a company is selling. Therefore, promotion informs the consumers of the products or services availability and about the advantages and qualities of using the product (Basalingappa, & Kumar, 2018). In this way, the consumers can learn about the commodities, where to find them and possibly buy it.
The Value Approach to Marketing
In this approach, four primary components or activities of marketing that are used which are creating value, delivering value, communicating and exchanging value. Hence, the value approach if more focused on consumer value (Kaur, Chahal, & Gupta, 2019).
Consequently, creating value is the first process. Therefore, the product is created according to the needs and wants of the consumer. The value approach is concerned with creating commodities that give more value to the consumer and not just a product or service. Therefore, this approach not only sells the products and services but also ensures that the products meet and deliver value for the customer’s money as well as some additional benefits that accompany the products.
Communicating value involves informing the consumer about the offer. This is similar to the 4Ps approach but the difference is just in the type of information that the consumer receives. The 4Ps approach advertises the commodities while the value approach promotes the offering as product plus services, enjoyment, and additional benefits.
Delivering value is another component that is comparable to the 4Ps approach. Delivering value involve making sure that the customers can get the products including value, and its benefits similar to the 4Ps approach place. Finally, exchanging value involves the actual trade of products or services with the customer (Molin, & Sjöberg, 2017). Therefore, the organization provides the commodities for the consumer and in exchange they charge some money for the products or services.
References
Basalingappa, A., & Kumar, K. (2018). Marketing, communication and democracy: Towards a dialogue between the disciplines of marketing and communication. The Marketing Review, 18(2), 149-160.
Kaur, J., Chahal, H., & Gupta, M. (2019). Re-investigating Market Orientation and Environmental Turbulence in Marketing Capability and Business Performance Linkage: A Structural Approach. In Understanding the Role of Business Analytics (pp. 145-168). Springer, Singapore.
Molin, S., & Sjöberg, A. (2017). Addressing the Gap between Theory and Practice-A Marketing-as-Practice Approach.