18 Feb 2023

141

Marketing Through the Four Ps Approach and the Value Approach

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Academic level: High School

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A person can understand marketing through the four Ps approach and the value approach. The two approaches might have some confusion, but they are all relevant to a marketer. The four Ps approach is a traditional marketing method, which has been used for the last fifty years by many companies. This approach emphasizes the product, and the four Ps represent Product, Price, Place, and Promotion ( Zineldin & Philipson, 2007) . In comparison, the value approach was introduced later, where the marketers concentrate on fashioning, communicating, and delivering the product to the consumers ( Håkansson & Waluszewski, 2005) . A person can deduct then that the four Ps concentrates on the product while the new approach emphasizes the appreciation from the customers, although they all have a similar goal of maximizing profit. 

The first part of the four Ps is the product. Here, a company will put all the efforts into making a unique and competitive product than other competitors. The product can be new or upgraded to suit the market. The second part is the price, in which the marketer will ensure that it is suitable and affordable to the consumers while at the same time making some profit ( Håkansson & Waluszewski, 2005) . The third part is where a company finds the right channels to sell its products to the consumers. Also, the customer should assess the product at ease. The last part, which is promotion, entails advertising the product to the consumer about its benefits and uniqueness. Since the four Ps seemed not to cover all aspects of the market, the value approach was adapted ( Håkansson & Waluszewski, 2005) . The first step of the value approach is that the product adds some unique features that are beneficial to the consumer. For instance, a mobile phone can be sold with some free covers. Both approaches concentrate on the product to give its unique features to attract more customers. The second step is similar to the four Ps' promotion element since they both provide information to the customer. Both approaches will advertise the product. The last part of the approach is the delivery, wherein the value approach, the company makes sure that the customer has gotten the most service from the product, while in the four Ps, the place is efficiently allocated for the customers for easy access. 

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Part 2 

There are many types of advertisements, which a marketer can use to reach the target consumers. A marketer intends to reach as many as possible by identifying their immediate needs. According to Abraham Maslow, the immediate need for a consumer must be targeted to fulfill it. Maslow advocates physiological, safety needs, social needs, esteem needs, and self-actualization needs as the basic human needs ( Lussier, 2019)) . Therefore, marketers have to identify the types of need the consumers have to fulfill the need. For instance, a restaurant's advertisement targets the first Maslow's physiological need of food and warmth. Food is a basic need that consumers cannot live without, so the advertisement can target all gender, ages, location, and even life stages ( Thienhirun & Chung, 2017) . Another advertisement that Maslow's law can define is an insurance company. Insurance acts as the second need of a human being. Safety is needed by companies, institutions, and cars, to insure in case of accidents. The insurance advertisement can segment consumers as target industries, as fragile products, or individuals dealing with cars' hiring. 

Part 3 

Some advertisements can deal with international clients, and others can operate locally. Therefore, there is a distinct difference between how an international advertisement can operate and how a local advertisement operates. A Starbucks advertisement will differ greatly from a local restaurant advertisement because it targets a larger population, demographics, and geographical areas. One of the differences in an international advertisement of a restaurant is that it is longer, efficient, and incorporates all kinds of foods from different cultures worldwide ( Thienhirun & Chung, 2017) . The advertisement might also be done with different dictions to meet all age, races, and populations. Another difference is that such advertisements will feature the benefits of eating healthy foods by short educative styles and recipes to attract customers ( Thienhirun & Chung, 2017) . The change in the two advertisements is noticed in emphasizing eating healthy foods to attract global customers. 

References 

Håkansson, H., & Waluszewski, A. (2005). Developing a new understanding of markets: reinterpreting the 4Ps.  Journal of Business & Industrial Marketing . https://doi.org/10.1108/08858620510592722

Lussier, K. (2019). Of Maslow, motives, and managers: The hierarchy of needs in American business, 1960–1985.  Journal of the History of the Behavioral Sciences 55 (4), 319-341. https://doi.org/10.1002/jhbs.21992

Thienhirun, S., & Chung, S. (2017). Influence of list of values on customer needs, satisfaction, and return intention in ethnic restaurants.  Journal of Hospitality Marketing & Management 26 (8), 868-888. https://doi.org/10.1080/19368623.2017.1332779

Zineldin, M., & Philipson, S. (2007). Kotler and Borden are not dead: the myth of relationship marketing and truth of the 4Ps. Journal of consumer marketing . https://doi.org/10.1108/07363760710756011

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StudyBounty. (2023, September 14). Marketing Through the Four Ps Approach and the Value Approach.
https://studybounty.com/marketing-through-the-four-ps-approach-and-the-value-approach-essay

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