Ps Approach to Marketing and The Value Approach Questionnaire

Ps Approach to Marketing and The Value Approach Questionnaire

Part 1

4Ps and value approach are two crucial marketing approaches that firms use to market their products. 4ps stands for product, price, promotion, and place. The value approach comprises creating, communicating, delivering, and exchanging. The first similarity of the two approaches to marketing is that both have four components: 4ps stands for product, price, promotion, and place (Stardom, 2005). While the value approach is composed of creating, communicating, delivering, and exchanging. The second similarity is that both approaches are used for similar aims and goals, which are reaching many customers and boosting sales. The main difference between the 4Ps and the value approach is that the 4Ps are focused on the product, while the value approach focuses on delivering value to customers (Beke, 2018). The 4Ps work on the principle that when a product is of high quality, sold at a better price, and taken to the right place, then the firm will realize high sales. The value approach, on the other hand, argues that when a firm focuses on satisfying the customer, it will realize high sales.

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Part 2

BMW E24 6-series advert aims to advertise the availability of this luxurious model of BMW vehicle. The needs identified in this advert are those in self-esteem on the Maslow hierarchy of needs. The needs at this level include respect, status, recognition, freedom, and strength. People who buy such luxurious cars are respectable people, people with status and strength in society. Best Coke Ever? Is the newest Coca-Cola advert; the company is advertising its new product, which is Coca-Cola’s zero-sugar drink (Coca-Cola, 2020). The needs addressed in this advert are physiological and safety needs on the Maslow hierarchy of needs. These physiological needs include food and water, while the safety need is healthy. When people drink this brand of Coca-Cola, they care for their health as well as quench their thirst.

Part 3

Coca‑Cola refreshes you best! It is the oldest and most recognized Coca-Cola advert. This advert targeted consumers from all over the world, unlike the recently launched best Coke Ever. Which mostly targets the American population, which is sensitive to sugar consumption (Coca-Cola, 2020). The difference I get from an international advert is that it is a general advert that targets many consumers, unlike the latest advert, which targets people who are sensitive to sugar consumption. The underlying aspects of marketing and psychology changed in a way that international adverts aimed to convince more people to buy Coca-Cola. However, the latest advert is aimed at addressing the societal problem of overweight and diabetes caused by sugar consumption.

References

Beke, G.O. (2018). Demystifying McCarthy’s 4P’s of Marketing Mix: To be or Not to be. JBMR, European Journal of Business and Management Research. Vol. 3, No. 4, October 2018

Coca Cola. (2022). History of Coca-Cola Advertising Slogans. It’s the Real Thing. Retrieved from https://www.coca-colacompany.com/company/history/history-of-coca-cola-advertising-slogans

Stardom, J. (2005). Introduction to Marketing. Juta and Company Ltd

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Part 1: Compare and contrast the similarities and differences between a four Ps approach to marketing and the value approach (creating, communicating, and delivering value).

Part 2: Select two advertisements. Describe the needs identified by Abraham Maslow that each ad addresses. What consumer segment is being targeted?

Part 3: Find an international version of one of the prior selected advertisements. What differences do you detect in the international version of the ad? How did the underlying aspects of marketing and psychology utilized in the advertisement change?