Traditional marketing ideas have likely been around for a long time if you’ve heard of them. Quite some time, more than 60 years!
The four marketing principles, commonly known as the four Ps or the four Ps marketing matrix, served as its foundation. The first publication of this framework was in 1960. (though its origins can be traced back to the 1940s). Then, in 1981, academics expanded that model to include the 7 Ps, or the seven marketing principles.
Since then, a lot has happened, such as the modest innovation known as the internet.
But there is no doubt that these fundamental marketing ideas have created a solid contemporary framework for managing a successful brand. In addition, you’ll discover that the Ps provide various pearls of knowledge to apply to your marketing plan as you start and expand your own firm.
We’ll examine the original 4 Ps and the expanded 7 Ps models in this article and other changes and interpretations made by other professionals. We’ll also examine instances of these ideas in action and how they relate to successful marketing plans.
What Are The 7 Principles Of Marketing?
Contrary to what many of us were taught in school, marketing involves far more than just creating eye-catching advertising to promote items. Instead, effective marketing requires extensive planning, to the point that it evolves into a complicated creature of techniques, research, and strategies.
The marketing mix is the collection of instruments marketers use to create strong frameworks and bases for their sales strategy. To choose the ideal marketing plan for your company, use the 7 Ps as a guide. Making judgments regarding what to offer, who to sell it to, and how to keep consumers will be made easier with the aid of these ideas. In the end, they could have a favorable effect on your financial situation.
Product
The product is the first of these seven marketing tenets. Simply said, a product is anything that satisfies the needs or wants of a customer. Some things and tangible items are products.
Others are intangible, like an experience. You undoubtedly could rattle off the specifics of your company’s product in a hurry if someone asked what it is. You should be able to if not! The fact that your goods must satisfy the demands and wishes of your clients is a crucial element in this.
How to Apply It
Conduct market research to learn more about your target market and determine if a certain product will be successful in making sure that your product stands out. This will give you a better understanding of if the market has a demand for your product and whether it will help your customers with their problems and if you will become a successful entrepreneur.
Price
A pricing model is based on several variables. Brands may:
- Charge a greater price for a product than rivals to give the idea that it is a higher-quality product.
- Draw attention to qualities or perks other companies lack by pricing your product similarly to your rivals’ offerings.
- Price a product less than rivals to stand out or draw in budget-conscious customers in a crowded market.
- Plan to increase the price after the brand is well-known or decrease it to emphasize the benefit of a new model.
- Increase the basic price to increase the attraction of bundles or promotions.
How to Apply It
Developing your price might be challenging. Start by figuring out how much it will cost to develop and advertise your product. Make sure to include all of the materials utilized throughout production, including those that were used for packaging, advertising, and other purposes.
Then, add your profit margin to that figure. Next, determine the profit margin percentage you intend to achieve. Next, multiply your overall variable expenses (the figure you arrived at in step one) by one less your target profit margin. The fixed expenses related to running your firm will be included last. The term “cost-plus pricing” refers to this pricing strategy.
Place
The location where customers may buy your goods is known as the place. Accessibility for the customer is the focus of the establishment. It doesn’t need to be an actual physical store; it might be a website or other online destination.
Online shopping is done by one in every four people. So making your items as accessible as possible will be essential for making the purchasing process simple for customers.
How to Apply It
Consider the distribution methods used to sell your goods. Where or how do you advertise or market your goods? Are these locations where your target audience spends their time, which is crucial? Think outside your store and seek additional venues for marketing your goods, such as trade shows, events, or other nearby retailers.
Promotion
Advertising, direct marketing, and in-store promotions are all examples of promotional activities that are part of successful marketing strategies.
The options for digital promotion are only limited by your creativity and can include social media groups, live streaming, online events, and conversations.
How to Apply It
Include both overt marketing and material that merely aims to add value while promoting your brand. You must decide what you are communicating (your message), how often to express it, and the appropriate promotional balance.
One company with a strong all-around marketing plan is Spotify. This popular music app does data-driven creative marketing that communicates to consumers directly.
People
Make sure you hire the greatest personnel at all levels—not just in customer service and sales force—because people talk about anybody who encounters your consumer, even indirectly.
Here are some steps you can take to make sure your employees have the desired effect on your clients:
- Enhance your marketers’ abilities to enable them to implement your marketing mix plan.
- Think about the brand personality and corporate culture.
- Employ experts to create and design your goods or services.
- Concentrate on customer relationship management (CRM), which fosters loyalty by forging sincere ties.
How to Apply It
By enhancing your customer service, put this marketing tenet into practice. eCommerce customer service has a somewhat distinct look. First, reply as fast as possible to any comments or concerns, and assist your staff in keeping communications structured using digital tools.
Consider using a chatbot or portal to offer a self-service alternative. However, the fundamental ideas remain the same: Be as kind, approachable, and helpful as you can.
Packaging
In a crowded market, a company’s packaging draws in new consumers and highlights value for devoted followers. Following are some strategies to make your packing more effective for you:
- Design for distinction. An intelligent design makes it easier for customers to recognize your brand at a glance and can draw attention to certain aspects of your product. For instance, if you own a shampoo business, you might mark various hair kinds with different colours on the container.
- Give useful knowledge. The ideal spot to promote your brand or educate consumers about your product is on its packaging. Give your consumers clear instructions or an unexpected component to surprise and please them.
How to Apply It
This marketing tenet will differ from business to business and from industry to industry. But in essence, each time you execute your job successfully, this counts as tangible proof for your employer.
The following suggestions can help you put the alternative sixth principle, packaging, into effect. To begin with, confirm that a particular product’s packaging fits your overall brand strategy. All packaging should be consistent with your overall brand and represent both the product and that brand.
Use only a few key colors or selling elements to keep things clean and straightforward. Naturally, the packing should also be useful; after all, its primary purpose is to transport the goods safely to their final location.
Process
Processes that intersect with the customer experience should be prioritized. For example, your workers can carry out your operations more efficiently the more precise and well-defined they are. Likewise, your team will be more accessible to serve consumers if they aren’t preoccupied with following processes, resulting in more memorable and intimate interactions. If a certain procedure consistently receives complaints from customers, identify the problem and devise a solution.
How to Apply It
Improve internal procedures to make your staff more productive. Streamlining your process will boost output while enhancing the job’s caliber.
Analyze your present process, then focus on improving it. For example, consider adding automation or developing tools to help teach new hires so they can quickly adopt the procedures you’ve previously established.
A CRM (customer relationship management platform) is an excellent tool for standardizing client interactions. Your objective is to provide consistent customer service of the highest caliber to every client.
Conclusion
Working in accordance with marketing principles is where a marketing strategy’s ultimate aim should start. Understanding customer wants today is simply one aspect of marketing; another is foreseeing future demands.
Market research, therefore, aids in identifying the demands that must be satisfied, but the strategies put in place make the brand the first thing consumers think of when they discover that their wants are still unmet.
As was already noted, understanding the significance and fundamentals of marketing can help you develop effective company plans, enhance your present client acquisition and retention system, and ensure long-term business growth.
