Introduction
In marketing there are two approaches: a 4-P (price, product, place and promotion) approach to marketing and the value approach (creating, communicating, delivering, and exchanging value). Initially the 4-P approach to marketing was used, but now people tend to use the value approach instead of the 4-P approach.
The similarities and differences between a 4-P approach to marketing versus the value approach In the value approach, it consists of creating, communicating, delivering, and exchanging value. Creating means the process of collaborating with suppliers and customers to create offerings that have value. Communicating mean broadly, describing those offerings, as well as learning from customers. Next, delivering means getting those offerings to the consumer in a way that optimizes value. Then, exchanging means trading value for those offerings.
(Tanner & Raymond, 2010)
In the 4-P approach to marketing, it includes Product, Promotion, Place, and Price. Product means goods and services (creating offerings). Promotion means communication. Place means getting the product to a point where the customer can purchase it (delivering). Price means the monetary amount charged for the product (exchange) (Tanner & Raymond, 2010).
The 4-P approach to marketing versus the value approach consists of similar components.
They are similar components but actually they are not really similar. In the 4-P approach to marketing, Product, Promotion, Place, and Price are all nouns,