In marketing, the 4Ps stand for; the product, its price, place and the promotion while the value approach involves creating a product, communicating about it and finally delivering value. It is good to note that the 4Ps are all nouns while the components in the value approach are verbs which signify action.
The 4P approach mostly focuses on the product while in the value approach, the main concern is customer satisfaction. The value marketing approach is an improvement or upgrade of the 4P marketing approach.
The first component of the 4P is the product. Here the producers identify the consumer’s needs then create these products or services that are better than the ones already in the market by the competitors next is the price, here the company agrees on a customer-friendly price one that works for both the consumers and the company.
Next consideration is the place, after producing and pricing, the product should be placed in the right places to ensure it reaches its target customers. Finally, the product needs to be promoted so potential consumers hear about it and others are made curious to try.
The value approach starts with creating value; this is almost similar to the product of the 4Ps. The only difference is that the 4Ps focus on creating a product while the value approach focuses on creating something that will give value to the consumers.
The product in the value approach comes with a value and more benefits. After creating value, a company is required for communicating value. This step involves making consumers aware of the product and its offer similar to the promotion step in 4P.
The difference between the two is the type of information given to customers. Delivering value is next and is similar to the place of 4Ps. The difference is that delivering value ensures the customer gets not only the product but also the value and its benefits.
Advertisements
This advertisement for Dasani water displays the impact of natural water on the survival of human beings. It tries to bring out the fact that the water will cool one down using an icy background and the phrase ‘cooler than the artic’.
The advertisement describes Abraham Maslow’s physiological needs since we all need natural water to survive. The target consumer segment is general since everybody needs water.
This car advertisement caters for Abraham Maslow’s esteem needs. The Toyota ad seeks to tell customers that this car will give them the least amount of trouble as compared to most cars. It goes ahead to explain why this car will trouble one the least.
International version
The physiological needs of Abraham Maslow are represented in this advertisement. The advertisement is showing that water is essential for healthy living. The use of colors shows that drinking Dasani water can as colorful as it is hydrating it may also show that the water could be available in flavors. This ad has a sporty attraction.
Compared to the other ad, the international ad is more colorful and sportier, and its target consumers seem to be athletics while the other one seems to target everybody.
Aspects of marketing and psychology utilized in advertising.
Advertisements always want to capture one psychologically by convincing them that whatever service is being provided is very necessary for the consumer. The Dasani advertisement has shown that water will provide a cooling effect that people need. An international advertisement has shown that water is good for athletes.
These are marketing strategies used by different producers, like the use of motivation drivers. The motivation on the first ad is to cool down while in the international ad is to be more athletic.
By Shadrack Wandera
💪💪💪