PRINCIPLES OF MARKETING

By studying the principles of marketing, you will learn about being responsible for making money for the company and delivering satisfaction to your customers. Having a good understanding of this process will help to ensure the success of your business

For any business to be successful, a good marketing strategy is vital. In basic terms marketing is about giving potential customers information about your products or services and the reasons that they should choose your company.

Good marketing educates customers so that they can find the products they want, make better and more informed choices about the products, and get the most value from them. Marketing helps facilitate exchanges between buyers and sellers for mutual benefits for both parties.

The same marketing principles have been around for decades. There are four original marketing principles known as the 4Ps or the marketing mix. By mixing these four ingredients in different ways, you can produce a synergy between all four that drives product adoption within your target audience.

They are interdependent and work together to complement and align all the parts of a marketing plan. The marketing mix is fluid, allowing the marketing team to be able to emphasis any one area as needed based on marketing conditions and what’s best for the targeted audience.

The 4 basic marketing principles are product, price, place and promotion.

Product

Product is one of the most crucial principles of marketing. The product can either be a service you provide or goods. If you want to sell a product that is going to be profitable then you need to do thorough research and understand your customer and what is likely to appeal to them. You need to consider the quality of your product, how safe the product is, and what its selling point is.

Price

This needs thorough market research, known as market-orientated pricing. It is important to understand what your customers are willing to pay and the price of the same type of product offered by your competitors. You will need to determine the market value before setting your price.

Promotion is the backbone of marketing and as crucial for businesses as the quality of the products they produce. It refers to communicating with the target audience through different channels and creating awareness for your product and services

Place

This is where your products or services are available to the customer, whether this is a shop or an online website, or both. You will need to think about what is convenient for your customers in terms of location and how to connect your potential customers to your location. As more people use the internet to source products and services, a digital presence can make a huge difference to your success.

Promotion

This involves raising awareness about your company, brand, products or services offered. You should be giving information about your products and reasons to use them. It involves communicating with your target audience and making your product appeal to them. Effectively promoting your product or services is crucial for the success of any business.

What are the principles of marketing management?

Small business marketing management is based on a set of principles that include tasks from planning to ad creation, and long-term maintenance. This can vary depending upon the industry you are in and your target audience. A lot of small business marketing management depends on creating the interest of the consumer; it also involves ad creation and day-to-day operation of the marketing strategy.

Knowledge – It is important to understand what consumers want, and how best to reach them. There should be an understanding of what your message should be and why, and what the short- and long-term goals of advertising are for the company.

Organization – The development of marketing plans is a key part of small business marketing management. Plans should outline the initiatives of each proposed campaign, outlining the cost to the customer, and the return. Developing relationships with marketing partners can lead to partial or full funding of advertisements.

Creativity – Creativity in advertising is important for small businesses as often they do not have the funding or resources that large corporations would have.

Efficiency – Each campaign initiative must be distributed, which involves hiring people to hand out fliers, proofs for magazines, delivery of recordings to TV and radio stations, and placing adverts in publications.

Adaptability – It is important to have continual oversight of the progress of each campaign. This may involve altering promotions and redistributing where necessary. Constant maintenance and adaption is a principle of marketing management that will help the continued success of any small business.