MKTG201 ALL WEEKS ASSIGNMENTS , MIDTERM AND FINAL PROJECT

MKTG201 ALL WEEKS ASSIGNMENTS , MIDTERM AND FINAL PROJECT

Chapter 1

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Compare and contrast a four Ps approach to marketing versus the value approach (creating, communicating, and delivering value). Select and examine these approaches for at least one standard and non-standard problem. What would you expect to be the same and what would you expect to be different between two companies that apply one or the other approach?

Note: Please review my expectations for the assignment. I expect your response to include 2 or more references from the APUS Library system (failure to include such references will detract from your grade on the assignment), and be presented in APA Format. Deliverable length is a minimum of 2 body pages.

Sample Solution

The four Ps approach to marketing (product, price, place, promotion) is a traditional framework that focuses on the company’s product offerings and how they are priced, distributed, and promoted to the target market. This approach assumes that the customer’s primary concern is getting the best product at the lowest price, and that the company’s goal is to maximize profits by satisfying those needs.

On the other hand, the value approach to marketing emphasizes creating, communicating, and delivering value to the customer through a combination of product, service, and relationship benefits. This approach assumes that customers are looking for solutions to their problems or needs, and that the company’s goal is to create and deliver a superior value proposition that meets or exceeds those needs.

For a standard problem, let’s consider the marketing of a new smartphone. Using the four Ps approach, a company would focus on developing a high-quality product with advanced features, pricing it competitively to gain market share, distributing it through multiple channels, and promoting it through advertising and promotions. However, this approach may not fully address the customer’s needs and preferences, and could lead to a commoditization of the product.

Using the value approach, the company would focus on creating a unique value proposition that goes beyond the product features and price. This could involve creating a user-friendly interface, offering personalized services and support, and building an emotional connection with the customer through branding and storytelling. By focusing on value, the…NEED A COMPREHENSIVE ANSWER? POST YOUR ORDER

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