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MK 351 Park University Four Ps Approach to Marketing Questions

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MK 351

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Jessica Agnew

Unit 1: Analysis Assignment

MK351

Questions

1. Compare and contrast a four Ps approach to marketing versus the value approach

(creating, communicating, delivering and exchanging value). What would you

expect to be the same and what would you expect to be different between two

companies that apply one versus the other approach?

Marketing is the activities that are involved with making individuals mindful of an

organization’s products, ensuring that the products are accessible to be purchased, etc. In

advertising, product, price place, and promotion are fundamental for organizations. The Ps

approach (product, promotion, place, and price) to marketing seem to be like the value

approach which are creating, communication, exchanging, and delivering value. “A value

proposition is a thirty-second “elevator speech” stating the specific benefits a product or

service offering provides a buyer. It shows why the product or service is superior to

competing offers. The value proposition answers the questions, “Why should I buy from you,

or why should I hire you?” As such, the value proposition becomes a critical component in

shaping strategy” (Tanner, n.d). In the marketing and value method, when comparing the

aspect “product” to “creating”, they appear comparative, but the difference would be, while

making, the item probably won’t be at the degree of satisfaction to be considered as a

completed product. However, they complete each other. The perspective promotion and

communication are identified with one another. There is no advancement without

communication, it is the manner in which the organization chose to vulgarize its product. In

marketing strategies, this aspect is very significant because of the completion. Moreover, the

location or the strategy of delivering is additionally significant for the consumers. It

deciphers a specific degree of security. For example, showing a machine like Nutribullet on

television is an extraordinary method to promote or market the product. The television

station itself, by its accreditation, makes it simple as a place to convey the item. Similarly,

cost plays a significant role in conveying the Nutribullet. They make the cost moderate

because the consumers have to pay one segment of the amount, then receive the product by

an accredited mail services then make a few scheduled monthly installments. The example of

Nutribullet is like an organization that provides services. For example, when comparing a

privately owned company and a public company that provides the same service in health, I

believe that the four Ps approach to marketing versus value approach creating,

communicating, delivering, and exchanging Play an important role in the marketing

strategies.

Taking everything into account, marketing is the process or method of promoting,

selling, and distributing an item or service. When comparing and differentiating the four Ps

(product, promotion, place, and price) approach to marketing versus the value approach

(creating, communicating, and delivering value), they look comparative. It is a

distinction of words, yet the context is the same. Either the Ps approach or the value

approach, they both are fundamental for the success of an organization.

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2. You are considering working for United Way upon graduation. Explain how the

marketing goals, strategies, and markets for the nonprofit differ from a for-profit

organization

In contrast to a for profit organization, United Way's primary objectives are to produce assets to

satisfy their mission and purpose- not to create profits. Dissimilar to for-profit organizations,

who might advertise their items or services to draw in potential consumers, working with United

Way would mean marketing to specific groups of individuals who might profit from the

organization or would have the option to donate to the cause. The particular objectives of United

Way are to improve education, promote healthy behavior, and aid families who need financial

assistance.

Conceivable marketing strategies I would consider, would be requesting that informational

brochures and flyers be distributed around schools (particularly ones that have poor test scores

and additionally low graduation rates), beginning fundraisers (for example, a race to advertise

wellbeing), developing grants, and giving educational briefings at town corridors or nearby

schools, and so forth. The promoting would concentrate on creating mindfulness in communities,

which would permit United Way the assets and affirmation to maintain its mission and fulfill its

objectives. While these marketing methods could be utilized by some for-profit organizations,

it's far-fetched that these techniques would be gainful aside from promoting the organizations

name. Since their concentration is to generate profits, they would focus their marketing towards

individuals who would be most likely need to purchase their product or service in addition to

becoming aware of it.

3. How has PepsiCo employed a product development strategy?

PepsiCo’s has a wide range of items and different brands ie. Tropicana, Aquifina, and Fruito Lay

in which they proceed to have and keep the upper hand in the competition. Their formative

strategy is to create new products and innovations which continues to attract individuals to the

items, making their strategy very effective.

4. Describe the value propositions the social networking sites YouTube and

Facebook offer Web users.

Social media ventures offer web users the value propositions wherein they need not

know the Hyper Text Mark-up Language (HTML) to make and distribute their content.

On YouTube, the web users upload and distribute their videos. Online networking

ventures offer a value proposition by encouraging communication with the web users.

Individuals seeing YouTube may speak with the user who uploaded the content.

Facebook is primarily known for having social associations, hence encouraging

communication. Social media communities in Facebook are companions, relatives,

employment colleagues, known persons or simply people with the same interests.

Social media platforms for example, YouTube and Facebook not only encourage

communication and make a platform to connect but additionally, they make value

proposition by dealing with the traffic and website. They maintain the servers and

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Jessica Agnew Unit 1: Analysis Assignment MK351 Questions 1. Compare and contrast a four Ps approach to marketing versus the value approach (creating, communicating, delivering and exchanging value). What would you expect to be the same and what would you expect to be different between two companies that apply one versus the other approach? Marketing is the activities that are involved with making individuals mindful of an organization’s products, ensuring that the products are accessible to be purchased, etc. In advertising, product, price place, and promotion are fundamental for organizations. The Ps approach (product, promotion, place, and price) to marketing seem to be like the value approach which are creating, communication, exchanging, and delivering value. “A value proposition is a thirty-second “elevator speech” stating the specific benefits a product or service offering provides a buyer. It shows why the product or service is superior to competing offers. The value proposition answers the questions, “Why should I buy from you, or why should I hire you?” As such, the value proposition becomes a critical component in shaping strategy” (Tanner, n.d). In the ma ...
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Tags: Four Ps marketing marketing strategies Marketing and Value Method method of promoting delivering value