COURSE INSTRUCTOR

Linda Howe

COURSE CODE

BUS 2201-01

TOPIC

4P's approach and value approach

COURSE UNIT

1
 “The 4P's of marketing are key factors that are involved in the marketing of a good or

service. Often referred to as the marketing mix.” (Twin, 2022). This is a usually used by

enterprises to recognize some key points for their business, which varies from, how their product

meets the needs of its customers, what consumers want from them, how they standout, and how

they interact with their customers. (Twin, 2022). While, the value approach is just an upgrade

from the 4P's because this involves creating, communicating, and delivering value.

However, in the 4P’s approach product comes first because the marketing plan is focused

on that. The companies first determine the needs and wants of customers, then they start the

production of that. The second aspect is the price. They determine what price would give them

an advantage. The third aspect is place, they determine what location would increase sales. Then

finally, promotion, which involves the company and the targeted customers. It lets them know

about the products. (Makhdum, 2017).

On the other hand, the value approach’s first age is creating value which is similar to the

‘product’ stage in the 4P's approach. However, this involves creating an offer that gives value to

not just the product but the customer. There is always an additional benefit attached to the

product. The second step is communicating value, this involves informing the customer about the

offer. In this communication, the customer is told the benefits, plus service that will be enjoyed

before and after the product is bought. The third step is delivering value, which involves assuring

customers that they will be able to get the offering which includes the value, product and its

benefits. (Makhdum, 2017).

 Subsequently, the both of them are similar in the sense that both approaches is

programmed towards achieving similar goals. However, in-depth, both approaches are different

from the other. Because a company that uses the 4P's approach just creates product based on the

needs of the customers. While a company with the value approach lets the customers know they

provide other values with the products.

In conclusion, the difference between the both of them is, one creates products, while the

other creates products and value.

References

Alexandra Twin, Investopedia. (2022). The 4 Ps. https://www.investopedia.com/terms/f/four-

ps.asp

Abdullah Makhdum, Resourcefy. (2017). 4P versus the value approach to the marketing.

https://resourcefy.wordpress.com/2017/03/05/4p-versus-the-value-approach-to-the-marketing/