University of The People

BUS 2201- Principles of marketing

Instructor- Linda Howe
Written Assignment Unit 1
21/06/2022
Delivering value is an important part of marketing. Given that we are currently in the value era,

the time from the 1990s to the present (Tanner & Raymond, 2015). I shall examine this notion

in the context of the standard theory: Creating, the process of collaborating with suppliers and

customers to create value-added offerings, versus product, goods, and services (creating

products); communicating, broadly, describing those products as well as discovering from

customers, versus promotion, communication; delivering, making those products for the

consumer in a way that optimizes value, versus place, getting the product to an access point for

the customer to purchase (delivering); exchanging (exchange).

Marketing has a long history and has been done in a variety of ways and phases. Today's

marketing is shifting from marketing mix to marketing value (Tanner & Raymond, 2010). The

marketing mix is made up of noun words, but the marketing value is made up of active words.

4P including price, place, product, and promotion are in the marketing mix. While today's

marketing value is based on developing solutions that can match the needs and expectations of

customers. There are some parallels and some variations between the marketing mix and the

marketing value. Several items in the marketing mix are designed to be provided to a buyer via

promotion at a specific price. (Tanner & Raymond, 2010). In the marketing value, on the other

hand, goods are made with ideas from consumers and suppliers in mind, so that the product

meets the desired value. According to Tanner and Raymond (2010), the creation of the offering

is the same as the product in the marketing mix; yet, in conventional marketing, products were

primarily about their manufacture without considering the customer's reaction. Product

promotion is represented by communication (advertising) and other information exchanged in

order to make the product known to customers as well as sellers, suppliers, and any other party
interested in the product. It was merely the marketing of the product without regard for the

client in the Marketing mix.

The price is analogous to the exchange, in which the product gains worth as ownership passes

from the seller to the buyer. In the marketing mix, it is unclear when it is mentioned "place,"

and someone may misinterpret it, but in the marketing value, location indicates delivery, where

the product is delivered to the new owners with its value at the site of manufacture. When a

corporation employs the marketing mix, its primary focus is on its product, how it can be

manufactured at a cheap cost, and the quantity to be produced. They will market their goods in

a cost-effective manner in order to maximize earnings. Another method is marketing value,

which focuses on customer happiness and incorporates their ideas into product design in order

to show a product value to the consumer. As there was early connection between the firm and

the client, the marketing value system will have a modest budget for promotion. Furthermore,

because they collaborated on production, delivery ways are being studied, and the price will be

lower because there is a joint-plan route to make the goods known and expected. Finally, I can

state that the 4Ps (Price, Promotion, Place, and product The product approach (creating,

communicating, and providing value) is more focused on the product, whereas the value

approach (creating, communicating, and delivering value) is more focused on the customer. It's

a more customer-focused marketing technique that, in many ways, resembles one-to-one

marketing. Furthermore, the value strategy is more accurate, enabling marketing specialists in

more efficiently arranging and selling all four sorts of their items.

Reference
Tanner, J. & Richmond, M. A. (2010).Principles of Marketing. New York, flat world knowledge.

Inc., Retrieved April 15, 2021, from Slide 1 (uopeople.edu)