In this essay, I will compare and contrast the 4 P's (Price, Product, Place, and Promotion) marketing approach versus the value approach which consists of creating, communicating, and delivering more the exchange which is equivalent to the price. I also explain what to expect from these two approaches. I will conclude my essay with a comment on the materials covered in my essay. The materials used in my essay come from our textbook (Tanner & Raymond, 2015) and other referenced sources. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an Original EssayMarketing is about creating value. Considering that we are currently in the era of value, the period between the 1990s and today (Tanner & Raymond, 2015), I should equate this concept with the traditional concept: creation, the process of collaboration with suppliers and customers to create offers that have value, in relation to products, goods and services (offer creation); communicate in general, describe these offers, as well as learn from customers, in relation to promotion, communication; deliver, provide these offerings to the consumer in a way that optimizes value relative to location, bring the product to a point where the customer can purchase it (delivery); exchange, commercial value of these offers, in relation to the price, monetary amount charged for the product (exchange). The 4P approach to marketing was introduced in the 1950s and is now considered a traditional approach to marketing. Unlike the value approach, which is more focused on providing value to the customer, the 4P approach is more focused on the product itself (Tanner and Raymond, 2015). The main components of the 4P approach are product, price, place and promotion. This means that the first step in the marketing plan is a product.Product. Companies that follow this approach attempt to create a consumer product or service that is intended to be unique or better than their competitors. Uniqueness or certain product improvements were considered a competitive advantage. Moreover, such a product was supposed to sell itself.Price. Another aspect is the price. Under the 4P approach, price could also become a competitive advantage. For example, if the product is not unique in itself, a certain pricing strategy, such as a price reduction, could potentially sell the product. The next step is placed. This involves creating or finding distribution channels through which the product would be sold. Therefore, this stage of 4P marketing involves delivering the product to the points where customers can buy it. Promotion. Finally comes promotion – informing the customer about the qualities and advantages of the product so that the potential buyer learns about the product, prefers it to those of competitors and has the opportunity to buy it somewhere. Although the 4P approach has been working for businesses for years, it has become less effective as the market has grown. This is because product, price, place, and promotion do not include all activities related to marketing a product. As a result, a more effective approach was developed: the value approach. The value approach calls for creating, communicating and delivering value. Create value. The creation stage of this marketing strategy is somewhat similar to the “product” phase of the 4P approach, meaning that at this stage the product is created. While in the 4Ps, only a product is created, the value approach involves the creation of an offer that provides value. to the customer., 90, 110–118.