I am having trouble comparing and contrasting a four Ps approach to marketing (price, product, place, and promotion) versus the value approach (creating, communicating, and delivering value). Also, 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?
Comparison between 4Ps and Value Marketing Strategy
4Ps and values marketing approaches both are correlated as both are used with similar aims. 4Ps of marketing was introduced in 1950 so that it is the traditional approach. Similarly, the value marketing approach is a new invention which is just an upgraded form of traditional one. 4Ps refers to the product, price, place and promotion and values marketing approach includes creating, communicating and delivering value (Pitt, Handford & Lisboa, 2012). The first of both types of approaches is quite similar as both are focused on the creation phase of production.
The communication phase is quite similar to the promotion phase of the 4Ps. On promotion stage, the organization works to promote planed products to target customers and market. On the same side, value marketing emphasis over communication between organization and potential customers. Thirdly, the place of 4Ps and delivering phase of value marketing is similar as emphasis over place from where customers can make purchases ...
The expert compares and contrasts the four Ps approach to the value approach.