Introduction
This area of marketing is quite dynamic; hence, it should be understood and the various strategies applied appropriately. The first section of this essay compares and differentiates between two common marketing methods -the four P’s framework and the value-based approach. This is followed by examining various advertisements using Maslow’s hierarchy of needs theory and understanding international versions.
The Four Ps Approach versus the Value Approach
Four Ps is an old marketing concept consisting of Product, Price, Place, and Promotion. The basic premise of this model lies in the fact that it concentrates on concrete factors a firm can influence to fulfill market demand (Phang et al., 2020). These four categories include Product, which involves the goods or services offered; price, Which represents what the customers may pay; place, which refers to the distribution channels; and Promotion Promotion, which includes promotion strategy in marketing and selling techniques. This simple approach focuses on physically tangible factors that the firm can control.
The difference between a value approach and a a value approach to marketing is that it aims to create, communicate, and deliver a worth to its consumers. This goes beyond the mere physical characteristics of products or services, with emphasis laid more on overall customer satisfaction. Such an approach is based on knowledge about customer requirements and adapting supplies in line with them for an individual and efficient consumer service.
Though both methods attempt to fulfill the client’s demands and grow revenue, their techniques are entirely different. The four PS approaches are Product-focused and externally focused on aspects of marketing. In contrast, the value approach is centered on customers and tailored to offer personalized experiences for long-term customer relationships. The value approach provides deeper, more sustainable brand loyalty due to its basic construction of trust and customer satisfaction.
Maslow’s Hierarchy of Needs in Advertising
Usually, advertising strategies rely on psychological principles to connect to their target audience (Moustakas et al., 2020). A poignant example is the use of Maslow’s hierarchy of needs, which categorizes human needs into five levels: physical, security, affection/love, significance, and realization.
Take an instance of a car ad highlighting its safety measures, reliability, and comfort. The first ad satisfies Maslov’s safety need for security and protection. The potential consumer group here may consist of families or individuals concerned about their safety and security that deem functional utility above extravagance.
In addition, a luxury watch ad using appeal to exclusivity, high quality, and status satisfies these lower levels of esteem needs. In this growth stage, a child has a third need related to respect, status, and recognition. This ad is aimed at wealthy-class people concerned about luxury and social prestige associated with the elitist class.
International Adaptation of Advertisements
Adaptation of advertisement means significant reshaping of the same by the peculiarities of the nation’s culture and psyche (Terlutter et al., 2021). For example, if the luxury watch advertisement is adapted to an Asian market, it will probably place more importance on traditional ethics such as respect for craftsmanship, heritage, or culture. It shows the way from personal position to cultural improvement and knowledge and means that changes occur from private, personal values to common, cultural ones.
This change points out the cultural significance of international marketing. While the global version of the advertisement focuses on personal success and prestige, the psychological effect is on honor of traditions and cultural backgrounds. It reflects that the same goods can have distinct impressions and entice diverse motifs because of culture.
Conclusion
The shift from a product-centric to a customer-oriented approach is depicted by comparing the four Ps and the value approach. Advertisement is a concept deeply embedded into psychological theories, as Maslow’s hierarchy of needs illustrates. Besides, adjusting ads for the world’s market demands knowing the differences between the cultures for effective marketing strategy realization. These features clearly illustrate marketing plans’ complex nature and fluidity, which include consideration for the consumer psyche and cultural relevancy when constructing advertising ideas.
Reference
Moustakas, E., Lamba, N., Mahmoud, D., & Ranganathan, C. (2020). Blurring lines between fiction and reality: Perspectives of experts on marketing effectiveness of virtual influencers. 2020 International Conference on Cyber Security and Protection of Digital Services (Cyber Security), 1–6. https://doi.org/10.1109/cybersecurity49315.2020.9138861
Phang, T. C. H., Chen, C., & Tiong, R. L. K. (2020). New Model for Identifying Critical Success Factors Influencing BIM Adoption from Precast Concrete Manufacturers’ View. Journal of Construction Engineering and Management, 146(4), 04020014. https://doi.org/10.1061/(ASCE)co.1943-7862.0001773
Terlutter, R., Diehl, S., Koinig, I., Chan, K., & Tsang, L. (2021). “I am (Not) Offended by Whom I See!” The Role of Culture and Model Ethnicity in Shaping Consumers’ Responses toward Offensive Nudity Advertising in Asia and Western Europe. Journal of Advertising, 1–19. https://doi.org/10.1080/00913367.2021.1934199
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