4ps and Value Approach

Written Assignment Unit 1As we start to learn about the contrast of value vs a marketing approach, both have the same concept to create an increased experience for their consumers. We need to understand that value is the concept that a consumer may notice based on their own experiences.

Value = Benefits Received – [Price + Hassle]

We can think of value as how willing a person is able to pay in order to accept a certain good or service, in exchange for this earnings have a cost in order to be accepted by any individual, as in my personal thinking is similar to the study of opportunity cost, Deciding which choice is better than but by noticing the whole process of choices and communication. This is where the study of 4-P (Price, product, place, and promotion) help us to understand how our “good and service” is been chosen among others, by knowing the concept of value, And this does not differ from the value approach in my personal opinion.Value is something that is always considered as anything is being produced or created but the 4-P (Price) generates a price (Product) and in order to create profits a product must be presented to the general public (Promotes) and finally places it as a product, this is all a cycle of productivity based on deliverance or in other words it is focused to sell products (Places).

The 4-P is very useful when there are direct sales to a specific consumer if we think of the new approach of marketing by creating propositions which have a value then communicates them around the firms they have an alliance with and deliveries that value to their alliances and costumers. They both have one thing in common, The value is being produced and communicated but they are not exactly the same approach.What would you expect to be different between to two companies who apply one or the other approach? One that follows the 4-P can be focused in creating a good or service and study their value and place it in a specific market, while the value approach may focus in the increment of the value by reducing or adjusting their production accordingly.

One set for the fixation of products while the other adjust to the market, For example, we can see that producer in mass scale studies the general market around their field. The shampoo market as a clear example will follow as this, what makes them different from each other as this good is considered this is a must in the first care of every single individual in a household? Lest take two companies different, 4-P would base themselves in the study of their value and study their costumers and communicating what makes them different. While the value approach will study their product and communicate with the ones that may be useful too. As an clear example, Head and shoulders for “men” has a 4-P approach as they set their communications to the general public to be specific “men” but thei have different products, while a marketing approach will increase the value by creating a different shampoo “artisanal made shampoo for men”.Both communicate their product and value, but they operate based in how much they want to supply their value vs increasing their value.