Paper Example on Value Marketing and 4Ps Marketing Strategies

Value marketing and 4Ps are correlated in that both approaches are used to achieve a similar objective. The 4Ps were introduced in the 1950s. The 4Ps make a marketing approach based on place, price, product, and promotion. The value marketing approach is an improved version of the 4Ps approach, which includes communicating, delivering, exchanging value, and creating ("4P versus the Value Approach to the Marketing", 2020).

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4Ps Marketing Approach

The basic features of this particular market are place, product, price, and promotion. This approach aims at advancing the features of the product to enhance sales.

Product: In the 4Ps approach, the first organizational step is to determine the needs and preferences of the customers ("4P versus the Value Approach to the Marketing", 2020). The organization then tries to create a product that meets the predetermined customer needs. Moreover, the company brings about innovations and inventions and ensures quality products that meet the consumers' expectations.

Price: After determining the consumer's needs, the second aspect is usually the pricing strategy. Pricing is used as an organizational competitive advantage. In cases where the product does not have unique features, a great pricing strategy can be used to improve the product's sales.

Place: After the determination of the pricing strategy, the other essential component is the place. The placement of a product involves creating a proper channel of distribution to enhance the selling of the product to its target customers.

Promotion: This is usually the final step in the 4P marketing approach. In this step, the organization communicates with the consumers about the features and their advantages. Product promotion aims to ensure that the customers learn about the product and use it without any complications. The main aspect of product promotion is advertisement.

The Value Marketing Approach

This marketing approach is comprised of value creation, communicating value, value delivery, and value exchange.

Creating value: This step is almost the same as the first step in the 4Ps marketing approach. The main difference is that the latter approach focuses on product creation while the value marketing approach focuses on improving the customer experience. The value approach does not only offer the product but the value as well.

Value communication: The second step in this approach is the same as the last step in the 4Ps marketing approach ("4P versus the Value Approach to the Marketing", 2020). The only difference between the two is that while in the 4Ps, the aim is to promote the product; communicating value involves the offering of value and other product services, enjoyments, and other benefits that are attached to the product.

Delivering value: This feature is the same as the third step in the latter approach, but in fact, they are very distinct from each other. The aspect of place involves ensuring that the customers know where they can acquire products. Also, the process of value delivery ensures that the customers can get the value of the products and the benefits attached.

Exchanging value: The final step of this marketing approach is a value exchange. This tool is essential in product positioning and service offering. Consumers can rely on the value exchange as a framework for measuring the worth of the services offered and products sold.

References

4P versus the Value Approach to Marketing. Resourcefy!. (2020). Retrieved 13 September 2020, from https://resourcefy.wordpress.com/2017/03/05/4p-versus-the-value-approach-to-the-marketing/#:~:text=In%20the%204P%20approach%20to,delivering%20value%20to%20the%20customers.&text=The%20components%20of%20the%204Ps,price%2C%20place%2C%20and%20promotion.