UoPeople Principal of Marketing Assignment PDF

Principal of Marketing September 8,2021 @ 10;32 AM Instructor : Ryan Saul Written Assignment Unit 1 Introduction Prepare an essay comparing and contrasting a 4-P (price, product, place and promotion) approach to marketing versus the value approach (creating, communicating, and delivering value). W...

Principal of Marketing September 8,2021 @ 10;32 AM Instructor : Ryan Saul Written Assignment Unit 1 Introduction Prepare an essay comparing and contrasting a 4-P (price, product, place and promotion) approach to marketing versus the value approach (creating, communicating, and delivering value). What would you expect to be the same and what would you expect to be different between two companies who apply one or the other approach? Prepare a two page (double-spaced) essay. Cite references to material that you use in preparing the essay. Conducting a full comparison and contrast of the four Ps (prices, product, place and promotion approach to marketing versus the value approach (creating communicating and delivering value). In order to create a successful business, certain elements need to be in place. These include a product or services, cash flow, a suitable location to conduct business, and promoting effective advertising. These elements are part of the four Ps method in the marketing process. When we examine the marketing process, it involves the exchange of goods and services for capital. For this exchange to be successful, proper communication and delivery of value are necessary. All of these elements provide a clear description of the value of marketing. Companies and businesses that decide to apply this method appropriately will find it very beneficial, as they will gain success in this area. What would you expect When it comes to this area, there is a mutual connection with all standards similar aims to produce. This helps foster a component to create products and services and send them back to the clients. This has to be accomplished by effective communication, which helps to advertise the product to sellers and prospective buyers. When we examine the four Ps method, it has to do with offering and delivering excellent value. This is very crucial, as businesses have to reach their customers and deliver their goods in a very flexible method for both the customer and the owners. what would you expect to be different When breaking down the difference in these two approaches or methods, they are a modification from the original way it was normally done, accompanied by a personal value equation. The four Ps that we talked about earlier are crucial in the marketing (Tanner and Raymond, 2015) process as they allow the job to run smoothly. As compared to the personal value equation, which has to do with every detail that is related to the marketing process, it gives greater detail about the customer, the products, and their needs. Based on my research in this area, I have realized that the value approach is a fairly newer version of marketing compared to the four Ps, which is the original approach used by many companies and businesses. There is also a disadvantage with the four Ps (products,place,price,promotion) approach. It has skeptics who see this original version as a form of limitation and believe it does not have any room for expanding. On the other hand, the value approach uses vibrant words, which are all centered around the means of the needs of the customers, (creating, communication, exchange, and delivery) to give customers excellent service. It is the desire of every company to offer an excellent product and to ensure that their customers are well pleased. That's why it is crucial to understand the market and gather critical information to understand the needs of their customers and the product they want. Reference Tanner, S., & Raymond, M. A (2015) Principles of marketing. University of Minnesota Open Textbook Library. https://open.umn.edu/opentextbooks/textbooks/50 Licensed.