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Principles of Marketing
This essay sample is going to discuss about the marketing principles and how every principle is interconnected with each other and work together. Thus, it will show you the importance in good marketing strategy involves 4ps’ of marketing are a vital part of any successful business. Every principle of marketing will be briefly explained in the further part of this essay sample. However, first, let’s focus on an overview marketing principles.
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What are marketing principles?
Marketing principles are the elements of marketing which defines the concept or ideas for an effective marketing strategy of a company. These principles are taken into account while making strategies for product promotion. Marketing principles are also referred to as marketing mix or 4Ps of marketing which denotes Product, Price, Place and Promotion. However, these basic principles of marketing are now extended to 7Ps of Marketing. With an addition of People, Packaging and Physical evidence, the 7Ps is more of a recent version of the marketing principles.
Marketing may not look same as in the past after the change in the perspectives of both the customers and businesses. The basic marketing principles are still carried out by the companies. However, due to development in the digital world, the principles are existing with little variation and addition for decades now. Every business always works to make its principles strong in order to bring out a successful marketing strategy. As these principles help in evaluating the business performance and ensure the business should reach its full potential and growth.
Apart from the companies that are focusing to incorporate 7Ps of marketing principles, some companies are still focusing in strengthening their core principles of marketing.
So, now let’s see the key principles of marketing that helps company in choosing the right strategy of marketing.
The product is one of the crucial aspects of marketing. Without any product, it cannot be decided which marketing strategy has to employed in a company and to whom. The product is either a good or a service a company provides to its customers. If a product attracts customers, the chances for a company to grow in the industry increase. Thus, it becomes necessary for the companies to do thorough planning and look at their products from the eyes of customers while considering the factors in the marketing plan. Many companies around the world with expert marketers still ignore the main aspect of product marketing i.e. appeal of the product. Product must be appealing to the customers before deciding what the company wants to offer. The appeal of the product is directly related to the principle of packaging.
Therefore, there are some questions that must be considered while working on your product which relates with the key factors such as selling point, customers needs, the quality of the product, what differentiates the product from others and how authentic and safe your product is.
Product must be able to turn your one-time customer into consumers. It is only possible when a company decides to show the benefits and features by defining the quality of the product. So, what is the competitive advantage of the product is a vital question that has to be asked in the making of user-friendly services or products to make them stand out in the market.
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The price of the product is another principle of marketing. It is defined as the cost or money the customer has to pay to get the company’s product and services. Pricing of the product can determine the profit margin, investments for future growth and the offers or discounts the company wants to add on in the product. When setting the prices, the company has to make sure that every customer feels worth on every purchase they make.
Now, there are two types of pricing methods, one is the cost-oriented pricing method and the second is the market-oriented pricing method. In market-oriented, the prices of the products are decided on the market research and market value of the products. This includes some considerations like your product price must be competitive which means analyzing what are the prices of the same product offered by the competitors.
Place refers to the area or location where the company’s products distributed among the customers. The place can be represented where the company’s product is available for selling. It can be a store, an online market place like eCommerce websites, or it can be any channel where you can broaden your audience. Before deciding on a place for sale, the company have to carefully plan in order to choose the right and convenient place for the customers. Right place helps in increasing the sale of the products and eventually the revenue growth in the company. To make a business successful, the marketing place plays a vital role in creating more potential customers and increases the number of returning customers.
Additionally, the digital world has taken over the market of stores in a huge percentage. Thus, it is become important for the companies to have digital presence of their products and services nowadays.
Promotion is the medium for companies to promote their products and services. Thus, spreading more awareness of the products is a crucial part of the promotional processes. According to the marketing mix, promotion not only boosts brand recognition in the market but also help in generating leads and sales. Promotion can be a big reason for customer retention. Therefore, the company have to make sure if people want to buy their products, they must briefly know about it. In marketing principles, promotion carries huge importance as it ensures the company marketing message should be delivered to the target audience. However, promotion involves different methods of marketing such as digital marketing, email marketing, public relations, advertisement, sales promotion, social media marketing etc.
Now, let’s see some added principles in marketing that also have major significance in creating growth of the company. This includes
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People also make an important part of any organization. The team of people ranges from branch managers to customer representatives. Thus, hiring the right individual in the company decides the performance of the company. People should be trained experts in the company who can ensure customer’s requirements to be fulfilled. Employees at customer services must be concerned with customer needs to be satisfied to listen them in their issues. People in the company are the assets that business invests in, therefore, they must goal-driven and professionals to do their work in aligned the company’s visions.
Packaging is also considered as the main principle of marketing. The impressive design of the package makes a lot of differences in increasing the leads of the products and services. It is a saying that the first impression is the last impression. So, creating powerful impression for the products, it is necessary to consider the packaging as a marketing principle.
Therefore, company has to make noticeable packaging which can stand out in the competitive market without any complications.
Packaging provides the opportunity to the company to make appealing and attractive products with a difference from others.
Physical evidence is about providing user-friendly services while making sure of the environment of your customers. It means physical interaction the business creates with their customers along with the case studies and testimonies from satisfied customers. Thus, physical evidence is the crucial principle of marketing which includes representing your brand for the best customer experience.
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