Provide a 1 page analysis while answering the following question: Approach to Marketing vs Value Approach. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. Marketing and Value Approach The four P’s support each other product, price, place and promotion. The four P’s are controllable variables. The product features are the same as the benefits. The income price is aimed at supporting all the other costs of the other P’s. The promotion is a fundamental thing to the P’s since its main agenda is to reach the customers and communicate to them about the products. All the best techniques are used in this case to convince the customers about the goodness of the products. The place manufacturer is used as a task to deliverthe products to the consumer and at the right price. All the four P’s are classified to as the marketing mix. The most important thing is the product and should satisfy the consumer. The price is the amount that the customer pays for the product. The things that should be put into consideration when setting up a price is the neutral pricing, market skimming price and the penetration pricing. The price determines the companies’ profit. Promotion is basically all the skills of advertising brought together to market products. Place is the same as distribution and it is the location where the consumers go to purchase the products (Ramas, 2012).
When it comes to marketing all the aspects of retaining and attracting more customers becomes a priority. This is achieved by creating, communicating, and delivering to the customers. Advertising of the products is very important through magazines, newspapers, internet ads and TV advertising. There are other ways of making the products to prosper in the market like the branding, pricing, promotion, product design and many others. Marketing is very important since one cannot run a business without customers. They are the most important stakeholders in businesses (Charles, 2010)
Creating, communicating, and delivering values to customers gives us what a good definition of marketing is. Both marketing and market mix are important and go hand in hand to achieve a good successful business.
Charles, L. J. H (2010) Marketing. New York: Cengage Learning
Ramas, W, (2012). Marketing Management. New York: Tata Mc. Graw-Hill Education. Copyright.