Approach to Marketing
Comparison between Four P’s Approach to Marketing Versus The Value Approach
Business operators utilize various business approach models in an attempt to come up with more effective and efficient business execution approaches. In the marketing sector, two main methods are being used, which include; the four P’s approach to marketing and the value approach. These approaches are essential in that, and they help business operatives in the development of efficient marketing strategies that are tailored to meet the requirements of their marketing needs.
The four P’s approach is a marketing strategy that focuses on the product, while the value approach is oriented towards the value delivered to the customer. In the four P’s plan, the primary emphasis is put on the Product, Price, Place, and Promotion, where these four elements significantly affect the marketing strategy that is followed in the sales process. On the other hand, the value approach takes into account three significant parts i.e., creating, communicating, and delivering value. The two marketing approaches differ concerning their core principles, and marketers have been identified to use the strategies interchangeably depending on the commodity for sale at hand (Venkatraman & Ramanujam, 2018).
In my opinion, I believe that the value approach is a more suitable marketing approach as compared to the four P’s strategy. This is because the value approach takes into account the needs and wants of the customer, thereby ensuring that there is a customer satisfaction preference put first in the marketing approach. By being in a position to address and put the needs of the customers first, the value approach stands a better chance of receiving more sales as compared to the four P’s approach.
References
Venkatraman, N., & Ramanujam, V. (2018). Measurement of business performance in strategy research: A comparison of approaches. Academy of management review, 11(4), 801-814.