Marketing is much more than designing interesting advertisements to sell products, contrary to what many of us were taught in school. Efficient marketing requires a lot of planning, so much so that it becomes a complex beast of tactics, studies and strategies. It goes hand in hand with the seven P's of marketing, the five value principles of the marketing process and the four principles of marketing activity. The principles of marketing start with the product you're selling.
This includes all the features of your product, the benefits it offers to customers, and the reasons why they would want to buy it from you. When marketing your product, you'll need to remember why customers want or need it and how to tell them that they want or need it. The second P you need to know is the price of your product. It is essential that you continuously monitor the price so that it accurately reflects the current market.
You may have to lower the price sometimes, and at other times, you may increase the price of your product or service. This P refers to where and how you will display and sell your product. Your customers should never be confused about how to get hold of your product. You must know your target audience in order to choose the right place to sell your product, where it gets the most attention from the right people.
The fourth P that forms the principles of marketing relates to the promotional efforts you make. This includes all your methods of informing customers about your product and how you try to encourage them to buy it. From the perspective of the mix of marketing and marketing principles, people refer to anyone involved in their business. Your staff, salespeople, market researchers, customer service team, and even yourself are included in this category.
To succeed in marketing, you need to have the right people by your side and behind the scenes. Everything you need to get your product to your customers must be effective and efficient. If you have a good process, you will always provide your customers with the same level of service. The last P that makes up the principles of marketing relates to the packaging of your product and your company.
It's all your customers see when they interact with your brand. You should always look at it with a critical eye to ensure that it represents your brand accurately. Without a good understanding of your market and your customers, you can't expect to create marketing strategies that actually work successfully. You should know everything about the wants and needs of your customers and what the market is like from the perspective of your company and your industry.
For this purpose, detailed customer data and market research are needed. Next, you need to make plans for how you'll provide your customers with the quality they expect. This program must incorporate the principles of product, price, location and promotion. You'll also need a thorough understanding of your target audience.
Make sure your customers are satisfied with your product and customer service so they keep coming back for more. Marketing creates value for customers when its perceived benefits outweigh the costs of products or services. You need to get your product or service to your customers effectively, so that it makes more sense from the point of view of money and optimizes value. You should spare no expense with this part of your marketing planning.
If the four P's are the same as creating, communicating, delivering and exchanging, you may be wondering why there was a change. The answer is that they are not exactly the same. Product, price, location and promotion are nouns. As such, these words don't capture all marketing activities.
For example, the exchange requires mechanisms for a transaction, which consist of more than just a price or a place. The exchange requires, among other things, the transfer of ownership. For example, when you buy a car, you sign documents that transfer the title of the seller's vehicle to you. That's part of the exchange process.
Communication is a broad term in marketing that means describing the offer and its value to your current and potential customers, as well as learning from customers what they want and what they like. Sometimes communicating means educating potential customers about the value of an offer and sometimes simply letting customers know where they can find a product. Communication also means that customers have the opportunity to tell the company what they think. Nowadays, companies realize that, in order to succeed, they need a more interactive dialogue with their customers.
For example, Comcast customer service representatives oversee Twitter. When they see consumers tweeting problems with Comcast, customer service representatives will post solutions to their problems. Similarly, JCPenney has created consumer groups that talk to each other on websites supervised by JCPenney. The company can post questions, send samples, or participate in other activities designed to solicit customer feedback.
The focus of marketing has changed from emphasizing product, price, place, and promotion to one that emphasizes the creation, communication, delivery and exchange of value. Value is a function of the benefits a person receives and consists of the price the consumer paid and the time and effort that the person invested in making the purchase. By mixing these four ingredients in different ways (hence the term marketing mix), you can create a synergy between the four that drives product adoption in your target markets. The concept of marketing mix was introduced in the 1950s and refined within the framework of the four Ps in the 1960s.
Identify key high-level areas that need to be addressed as part of any marketing plan, such as a marketing strategy to launch a product. The marketing mix starts with the goods or services offered by the company. Anything sold to generate revenue can be classified as a product of the marketing mix, from manufacturing razor blades to providing legal advice. The product must solve a customer problem or need.
The benefits of the product must be communicated through the customer's lens. You may think your product is fantastic, but a skeptical customer wants to know what sets it apart from your competitors and how it will meet their needs. This means that you have to understand the customer as well as, or even better than, the product. A real example is the Happy Meal product sold at McDonald's.
The Happy Meal combines food and drink with a toy, and is designed for customers who are children, right down to their name and packaging. You'll want to align prices with the value that customers perceive from the product. This means that you understand the value of your offer from the customer's perspective, which also includes your time and effort to purchase the product. If customers consider that your offer is unique or of high value, you can charge more.
If customers believe that your product is on par with competing products, you may need to discount your price below that of the competition to gain customers. Is it possible to make an online purchase? In the case of a service, what is the geographical area served to? If you sell your product to companies, distribution considerations, such as the logistics for getting shipments to your company's customers, fall into this area. Your choice of marketing tactics and tools should complement your marketing plan, which is based on your product positioning. Create a product positioning statement that serves as a central element of promotion efforts.
It encapsulates all the elements of the marketing mix in one or two sentences, so it can serve as a kind of North Star that guides your marketing business. Personally, I found that these other models added unnecessary complexity, and the traditional marketing mix stood the test of time for the products I launched. The key is to remember that the ultimate goal is to have a happy and satisfied customer. The basis of that strategy are four basic marketing principles that allow the effective execution of a marketing strategy.
Marketing may not seem the same as before evaluating the digital world, but the basic principles of marketing remain the same. Marketing principles were extended to the 7 P's in 1981; therefore, some companies use the 7 P's of marketing instead of the basic 4 Ps. These four basic marketing principles: product, price, place and promotion are interconnected and work together; therefore, they are also known as Marketing Mix. These principles, which consist of product, price, place and promotion, date back to the 1940s and constitute the set of resources that a company must use to promote itself to its target audience.
Common marketing principles include the marketing mix, the principles of marketing value and the principles of marketing activity that lead to customer value. Marketing principles are the most commonly used principles that have existed since the 1960s. These principles have stood the test of time and have remained the same, with some variation here and there, for decades. We'll break down each of them and provide you with a detailed definition, as well as practical tips and examples to help you know how to apply the principle to your brand.
Since the first 4 Ps are more applicable to tangible products, these additional principles are useful for service-based businesses. Dmytro Tsybuliak, search marketing expert and co-founder of iRate, says that the product is one of the most crucial principles of marketing. People, process (or positioning), and physical evidence (or packaging) were added to classic marketing principles. Because the labels of the marketing mix are so broad, it's useful to examine each of them in detail to understand these four principles and how they work together.
Principles of Marketing from the University of Minnesota is licensed under an international Creative Commons Attribution-ShareAlike 4.0 license, unless otherwise indicated. This principle can also refer to the entire customer experience journey, the service a customer receives from your company, from start to finish. . .
