Question

Compare and contrast a four Ps approach to marketing versus the value approach (creating, communicating, delivering and exchanging value). What would you expect to be the same and what would you expect to be different between two companies that apply one versus the other approach?

Answer 1

Marketing is the activities that are involved in making people aware of a company's products, making sure that the products are available to be bought, etc. In marketing, product, price place, and promotion are essential for companies. The Ps approach (product, promotion, place, and price) to marketing looks similar to the value approach which are creating, communication, exchanging, and delivering value.

      “Value is a function of the benefits an individual receives and consists of the price the consumer paid…” (Tanner, n.d). In the marketing and value approach, when comparing the aspect “product” to “creating”, they look similar but the contrast would be, while creating, the product might not be at the level of satisfaction to be considered as a finished product. However they complete each other. The aspect promotion and communication are related to each other. There is no promotion without communication, it is the way the company chose to vulgarize its product. In marketing strategies, this aspect is very important because of the completion. Furthermore, the place or the method of delivering is also significant for the customers. It translates a certain level of safety. For instance, presenting a machine like Nutribullet on TV is a great way to promote or communicate the product. The TV station itself, by its accreditation, makes it easy as a place the way to deliver the product. In the same way, price plays an important role in delivering Nutribullet, the machine. They make the price is affordable because the customers have to pay one portion of the amount, then receive the product by an accredited mail services and make three or four monthly payments. The example of Nutribullet is similar to a company that provide services. For instance, when comparing a private company and a public company that provides the same service in health, I believe that the four Ps approach to marketing versus value approach creating, communicating, delivering, and exchanging Play an important role in the marketing strategies.

        In conclusion, marketing is the process or technique of promoting, selling, and distributing a product or service. When Comparing and contrasting the four Ps (product, promotion, place, and price) approach to marketing versus the value approach (creating, communicating, and delivering value), they look similar. It is a difference of words but the context is the same. Either the Ps approach or the value approach, they both are essentials for the success of the companies.