For a successful marketing strategy, companies must agree on marketing principles. They are the foundation upon which we build product promotion strategies. The marketing principles can be used to promote products or services.
The following may be used by some companies 4Ps Strategy (or 4P Strategy). The acronym ‘4Ps’ stands for the product, Price, Place, and Promotion. It is sometimes called the 4P Marketing Matrix.
Others, however, might have their marketing plan. They are usually the same or slightly different from the 4P strategy in most cases.
Marketing principles – 4P Strategy/Matrix
The 4P Marketing Strategy (or Matrix) states that marketing decisions tend to be divided into four categories: product, place price, promotion, and price. They are referred to as the four “controllable” categories. They are ‘controllable’ as our efforts can have an impact on them or their outcome.
When you combine your marketing goals and objectives into one plan, you have a marketing strategy.
On the other hand, government policy and rules and regulations are called “uncontrollable categories” because our efforts don’t influence the outcomes.
Marketing executives will position their company’s product within each category with care. This strategy will then generate the best response from the target audience.
The four marketing principles
This category focuses on the features and benefits of the product. Product interaction should also be considered. Here are some suggestions:
i. Why is the product desirable? What are the product’s needs? Is it able to solve the problems of the customer or help them overcome their challenges?
ii. Which product features are most likely to meet the consumer’s needs?
iii. Is the product competitive? What is the competitive advantage? A competitive
advantage is a thing the product has that makes it outstanding from competitors’ goods. This could be the product’s price, quality, or after-sales support.
iv. Ask for representative samples from customers to test the product. Please pay attention to their opinions about the pros and cons of the product. Ask them if the product is lacking
features. Ask them about how the product compares to other products.
The price of a product can be affected by where it is made and sold. Your ability to respond quickly to customer inquiries and orders can be affected by your location.
Consider the following:
i. It is best to sell it in the right place. It is where potential customers and consumers will look.
ii. How will you get your product to the right place for the consumer?
ii. Is it a B2B product or a B2C one? B2B means business-to-business, while B2C means business-to-customer. Also, do you want to sell directly to consumers or businesses? For some products, the government may be the primary customer. Sometimes, the government is even the sole customer. A company that sells mostly to the government is a B2G (business-to-government) business. B2G businesses are often defence contractors.
Your profit margin, investments for future growth, and your product’s price are all affected by their pricing. The cost of your product will also affect the type of special offers or discounts you can offer.
You must ensure that the buyer feels the purchase is worthwhile before setting the price. This means that the consumer must feel it is a valuable and good deal.
Price isn’t everything for the consumer. Quality and after-sales support are also important. But the price is also essential.
The price of your product must be competitive. You should learn as much information as possible about the pricing strategies of any competitors in your market.
You must ensure that people know about your product if you want them to buy it. Promotion is the least understood of all four marketing concepts.
It is essential to decide how and when to market your product to your target markets. It is necessary to know when and how to promote seasonal products. “Promotion is a vital component of marketing as it can boost brand recognition and sales. Promoting includes many elements, including public relations, sales promotion, and sales organization.
Marketing principles – 7Ps
Not all marketing principles comprises of the 4Ps. There is also the 7Ps marketing mix.
The seven Ps are:
The four principles of marketing were also known as the 4Ps or the 4Ps marketing matrix. This framework was first published in 1960 . In 1981, researchers expanded the model to include seven principles of marketing or 7 Ps.
Since then, a lot has changed. For example, the tiny invention is known as the internet.
These marketing principles are a solid foundation for a modern brand. On your path to growing and building your own business, you’ll find that the Ps offers several gems of wisdom to apply to get an effective marketing strategy.
We will look at some examples of these principles and see how they translate into digital life.
Let’s get started.
Booms and Bitner, marketers, added the third P because they felt the 4Ps model was too focused only on selling tangible products. Their version addresses the unique needs of service-based businesses.
Marketing concept principles are part of the “marketing mixture,” which refers to all strategies and tactics businesses can utilize to market their products or services.
With all of these Ps in mind, you can view them as a decision-making tool. It guides new businesses on their journey of choosing the proper marketing channels for their individual needs.
Variations of the 7 Ps
You’ll see many different ways people define the 7Ps if you look through online resources. Some marketers may replace Process And Physical evidence With positioning And Packaging.
There is an eighth principle in marketing that some people don’t know about: Productivity and quality. Another one is Partners.
We don’t want to make you drown in Ps, so we’ll only focus on the seven principles of marketing we mentioned in the last section.
Here are the remainder of the marketing principles
This principle is more or less customer service. It’s your company’s human touch that signals to customers that you care about their experience and listen to them.
It’s crucial to provide positive customer experiences. Research from Accenture shows that U.S. companies lose a whopping $1.7 trillion to customers switching after poor experiences.
Another study from McKinsey showed that as much as 70 per cent of the customer experience is dictated by how a customer feels a brand is treating them.
Customer service is easy if you have an online business. It can be as simple as answering customers’ emails, calls, or posting on social media.
In-person brands will include all employees who interact with customers. This has your employees at your store or working in your booths.
Set up processes and people that reflect your brand’s personality when staffing customer service departments.
One of the most critical marketing principles in the process. It helps you streamline your business operations and has many benefits. Optimized processes will result in lower costs and more productivity. They also provide a consistent customer experience for every customer.
Establishing a standard, integrated workflow that is easy to follow for your team to optimize their processes is crucial.
How are orders fulfilled? What is the process for answering customer service questions? Is your team using specialized software to track these tasks and ensure that nothing is left behind?
Documenting your processes is a great way to make sure they are repeatable and reliable. You can make official spreadsheets or instruction manuals that can be referred to whenever specific issues arise. Training materials can be created to ensure that all employees receive the same training and handle the same tasks.
Physical evidence is the last principle of marketing. Each brand needs physical evidence, regardless of whether it is service-based or digital.
One piece of evidence from a plumber is evidence of a fixed drain. A piece of evidence from a dog walker is evidence of a happy dog that doesn’t pee all over your house. There is other evidence, such as the company’s website, sales materials and interactions with salespeople, that can be used to verify whether these services have been rendered or products sold.
This is the main message: Make sure that every touchpoint in your business does these things.
Harmonizes with your brand identity
Clarify your goals and cater to their needs. This enhances the customer experience.
You must ensure that customers’ expectations are met and that the final product matches your promises during the sales process.
Importance of marketing principles
You’re either a business owner or aspiring to be one; you know how many options you have, from choosing the right products to sell to your target audience to get them to buy them and keeping them coming back for more.
You’ll make better business decisions if you carefully consider and apply marketing principles. This will increase your chances of creating a treasured brand for your customers, your employees, and you.
The 7 Ps are feasible marketing principles that will ensure your brand’s long-term stability. These principles are flexible and will change over time, but they will provide a foundation for your company’s resilience to market volatility.