Whatever business you run, you’ll need a marketing strategy—and it’ll clearly be informed by marketing principles. Marketing is the only way that prospective customers learn about your business.
Marketing is important because it allows your company to maintain relationships with existing customers while also expanding its audience to reach new clients. Developing a strategy that encompasses all departments and aspects of your business can help to ensure that you follow best marketing practices while also staying on top of new and developing advertising techniques that can help your business grow. And at the heart of this strategy should be the foundational marketing principles that any business, in any industry or sector, can use to ensure the strongest and most effective marketing strategy possible.
What are the marketing principles?
The original marketing principles, known as the four Ps, were first published in a book called Basic Marketing: A Managerial Approach by renowned marketing professor E. Jerome McCarthy. Although the framework’s origins can be traced back to the 1940s. These principles serve as the foundation for successfully running and marketing your business, and you’d be remiss to dismiss them simply because they’re over 60 years old.
The 4 Ps provide not only the key points to concentrate on when launching your brand, but also the elements that must be considered when it comes to the overall marketing of that brand. The first four marketing principles to consider are:
Product
The tangible items or services your company offers, and whether or not they match the needs and expectations of your target market.
Product
Discovering the sweet spot for profit margins that are cheaper for your consumer.
Place
the ways (and locations) by which your product or service is bought or delivered
Promotion
Discounts, advertising, and other ways of reaching and expanding your target market are the most having the information of marketing.