Case Study 1
Richard Osborne – 4289045
American Military University
When comparing and contrasting a four P’s approach to marketing versus the value approach. Both approaches contain their own components that define marketing, however the four P’s approach is known as the traditional way of viewing the components of marketing and the value approach is a newer revised approach. The four P’s of marketing was introduced in the 1950s, and were known as the marketing mix, meaning a mixture of; product, promotion, place, and price would make up a marketing plan (Tanner & Raymond, 2010). The reason it is believed to be coming out dated is because our society has changed so much since the 1950s. Back then manufacturing was more dominant than it is today. We still manufacture a large amount of goods, but with the creation of the internet the United States is becoming more of a services industry. I believe the internet can be credited with the shift from the four P’s to a value approach because of the tremendous amount of information at every ones fingertips. The majority of people today use the internet as a very effective tool to research any new product they might be in the market to purchase. By researching these items on the internet the consumer not only educates themselves about the product, but can also visit competitor’s websites to ensure they are receiving the best price, quality, and service for that particular item. The components that define a value approach consist of; creating, communicating, delivering, and exchanging. Although the structures of the four P’s and the value approach are similar, their description is not. The value approach is clearly geared towards putting the consumer first and providing the customer with the best possible product from quality and service to price. One way companies can improve upon their service is to reduce the amount of hassle involved with most purchases. The value approach...
References: Constantinides, E. E. (2006). The Marketing Mix Revisited: Towards the 21st Century Marketing. Journal Of Marketing Management, 22(3/4), 407-438.
Tanner, J., & Raymond, M. Principles of marketing v2.0. Flatworld Knowledge. Retrieved fromhttp://catalog.flatworldknowledge.com/bookhub/reader/5229
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