Topic: Compare and contrast a four P's approach to marketing versus the value approach
Paper type: Essay (Any Type)
Number of soruces: 2
Language: English (U.S.)
Compare and contrast a four P's approach to marketing versus the value approach (creating, communicating, and delivering value). Select and examine these approaches for at least one routine and non-routine problem. What would you expect to be the same and what would you expect to be different between two companies that apply one or the other approach?
Market developments experienced over the past decades have rendered the 4Ps approach ineffective. As such, organizations have adopted the value model to attain and maintain a competitive advantage. The 4Ps i.e., product, price, place, and, promotion is product-centric as it focuses on producing and availing the right products for the targeted consumers (Anderson & Narus, 2006). On the other hand, the value approach is customer-centric as it is designed to appeal to the consumers’ values and ethics. This paper compares the 4Ps and Value Marketing approaches in resolving routine and non-routine organizational problems....