Marketing principles are the most widely used principles in business, and they have been around for a long while(over 60 years).
It all started with the 4Ps, known as the marketing mix, but some marketers extended them to make 7Ps.
They have stood the test of time, with a few modifications, but still, businesses follow these rules for successful business strategies.
The original 4Ps are Product, Price, Place, and Promotion, and they are interconnected to work together, hence being referred to as the marketing mix.
There’s no doubt that these basic principles have built a strong blueprint of how businesses should run successful brands.
This article will look at the original 4Ps and the extended 7Ps model and how they fit into the digital world we’re living in now.
Let’s dive right in.
Currently, there are many interpretations and applications, but as mentioned earlier the original four are Product, Price, Place, and Promotion. The extended 7Ps model goes on to add: people, process, and physical evidence.
The marketing principles are part of the “marketing mix,” a blanket term used to describe all the strategies and tactics businesses use for their services and products on the market.
The 7Ps guide businesses in their decision-making process and help them choose the right marketing plan for their needs.
A product is a tangible item or service that you sell, and it is one of the most vital aspects of the marketing mix.
Before selling a product, you need to do thorough research and planning; basically, look at what you have to offer from the customer’s point of view.
These factors include questions like:
Besides the quality of the product you offer, you need to successfully define your products to your prospects and then turn them into consumers.
It does take some trial and error to find your pricing sweet spot. If you price your products too high, you will lose customers, and if they are too low, you cut through your profit margin- and risk going out of business eventually.
The price is what the customer has to pay to receive a product or service, and there are two types of pricing; cost-oriented price and market-oriented price.
So, before settling on a price, you need to ask yourself:
You also have to consider that the price is selected after determining the market value or the value you offer through your products and services.
Asking for a higher price than the market value means that customers will have higher expectations from your product, so you have to live to it if you want to succeed.
Nugget: the price can be adjusted with time to ensure it is suitable for your current market.
The place is the means you use to bring your products and services to your customers; It is the place where your customers find the products and services.
It could be a physical location, an online website, or the multiple channels you use to reach a broader audience. Whatever it is, you must choose the right place convenient for customers and prospects.
You should know:
And in this digital age, having a solid online presence can make a huge difference. It doesn’t matter where you are located; people tend to carry out online searches for their needs.
Promotion is essentially creating awareness for your products and services, company, or brand. It includes strategies like sales promotion, advertising, events, and other ways to get your products to your target market.
Promotion is meant to give customers a reason to choose your products and attract prospects to choose you.
You can consider promotion the backbone of businesses because it involves communication with your target audience using different channels.
There are different ways to inform your audience about your product and services; here’s a list of some of the popular means:
People refer to human interfaces. People are essential for any business; you need team members, branch managers, customer service representatives, and many more people.
Customers need to connect with people on your team, and you as well need to hire the right people trained and experienced to fulfill business obligations. People are necessary for business growth.
Some businesses use this principle; it refers to the whole experience of products and services from start to finish.
There’s a whole lot involved in the process, so you can’t overlook it.
This aspect includes all things seen by customers when interacting with the business.
Ensure that the general atmosphere is friendly, the packaging attractive and appealing to the customers, and represent your brand.
Physical evidence includes customers’ experience as well. For example, if a customer can read or see the results of your products, brochures, a website, business cards, etc., that’s evidence to trust your product.
Physical evidence is any interaction a business has with its customers, whether in-store or online.
Packaging refers to the way your products and services are presented to customers. It is an essential part of marketing as it creates the first initial impression, so you wouldn’t want to get it wrong.
Good packaging attracts people, and they notice the products quickly. Better yet, alluring them to make an actual purchase.
The packaging is the perfect opportunity to make your products attractive, unique, and stand out from your competitors.
These marketing principles are broad, and depending on the application, they can be both positive and negative. They might be old, but they hold several ideas and concepts that are critical for business growth.
If you’re looking into starting a new business, take the time to think about these principles and how you can complement them into your growing business model.
If you already have a business running, it’s not too late to improve. For a fact, the world’s most successful brands are always looking for ways to improve as the world of business and commerce is continually changing.