Marketing principles: 7 basic keys to apply them perfectly

Marketing! What a concept, right? This is a popular term, especially among those who wish to start or already have a business. However, in order to achieve the desired effect on our trade, we may be underestimating the true significance of this action at times. Lucky for you, you’ve landed on our article! Here you will learn the fundamentals of the 4 principles of marketing and how to apply them to develop a proper business strategy.

Well, as a matter of fact, there are 7 principles, and we’ll cover them all to give you the most complete picture of this topic! So, even if you are already an expert in the field, a refresher on the origins never hurts. And if you’re new to the topic, it’s never too late to catch up. Keep reading!

What Are the 7 Principles of Marketing?

You may be wondering where the idea of marketing principles originated. Harvard University professor Philip Kotler was the first to apply this concept and construct a theory around it. As previously stated, four keys of marketing were established in the first place, based on the production and resources that a company can use to promote itself:

• Product
• Price
• Place
• Promotion

Soon afterward, as if it were paradoxically a marketing strategy in itself, this theory evolved and adapted to the new times, where greater emphasis was placed on the value of consumers and the brand’s reputation among the population:

• People
• Process
• Physical Evidence

Whatever your type of business is and whatever you wish to sell to the world, these 7 principles will serve as a guide to help you set the path for your promotion strategy. You don’t have to use them all or strictly follow their instructions to the letter! At the end of the day, you will be able to make the best decisions for your company’s success. Let’s look closer!

Key 1: Your Main Product

No one should be surprised by this first principle. What good is a company if it has nothing to offer its customers? Whether it is an object or a service, you must ensure that what you sell benefits and meets the consumer’s needs.

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How to Apply Product to your Marketing Strategy?

When marketing your product, think about the essential qualities and utilities that your customers seek or require from it, such as style and quality. Consider this: does your product solve a problem that your target audience is experiencing? The answer will reveal the key.

It’s also a good idea to do some preliminary research on your product demand by taking a look at interviews, surveys, and audits. Moreover, it is essential that your product is up-to-date with the times – read up on innovations or commercial trends to learn about your product’s potential development.

Key 2: Price of your Product

We’re now getting down to business! Pricing is never easy, but it is as important to your business as a well-designed product. We could go out of business if we don’t have a pricing strategy, no matter how good your product is, so you must proceed with utmost caution.

How to Apply Price to your Marketing Strategy?

The math is simple: first, deem the cost of manufacturing your product. Include the cost of everything, from the screw to the plastic wrap. Next, calculate your desired profit and divide it by the previous manufacturing costs. You will come up with the number you are looking for.

Ok, that didn’t seem so hard, did it? Nevertheless, keep in mind that the end result will not be a fixed price forever; a good strategy could be to organize discounts and eventual promotions to attract new customers. If you are new to the market, it is strongly recommended to begin with a lower price than the competition in order to gain a foothold. In any case, keep an eye on the economic and social situation, as well as how the market regulates itself.

Key 3: Place Available

Have you thought about where your customers can visit you? As you may be aware, in addition to a physical store, you can now sell your products online. Will you sell it at your own factory or exclusively on the Internet? It’s up to you!

How to Apply Place to your Marketing Strategy?

During your decision, and depending on the nature of your product, don’t just think about your own convenience; instead, make sure that your customers can easily and conveniently access your product. Also, don’t limit yourself to your own space and take advantage of third-party options that will help you expand your business: digitally, make use of sites like Amazon, Etsy, or social media – physically, introduce your product at fairs, festivals, trade shows, or even in partnership with other local businesses. The possibilities are endless!

Key 4: Promotion & Communication

All set? Now comes the real fun! As with the previous principle, there are numerous formulas for presenting your product, but the most important thing is that they must always be focused on your target audience.

How to Apply Promotion to your Marketing Strategy?

The world is your stage, and you have complete control over the situation! Choose between physical and online promotions to reach every corner. Handing out flyers, displays, and organizing events are popular ways to warm up, but you can also write emails and send newsletters, boost your social media or use traditional channels such as television or radio, develop an SEO strategy on the worldwide network, and let’s not forget that discount campaigns and promotions also count here. As you can see, the sky is your only limit!

Key 5: People / Positioning

We’ve already covered the fundamentals, but there’s one more thing to discuss: the client. Your customer is more than a number in an equation; he or she is a person who must be cared for before, during, and after the purchase.

How to Apply People to your Marketing Strategy?

The human factor plays an important role in this principle. The customer must realize that there is a genuine team of professionals working to provide him with a product that will benefit him in his daily life. Ensure that your user receives excellent customer service provided by outstanding agents; by doing so, you will promote your brand as this person will tell others how well he or she was treated and, as a result, you will gain more customers!

Key 6: Production Process

What about the people who work behind the scenes, aside from the customers? They are indispensable in your business, from the person in charge of assembling the parts to the person who carries your product.

How to Apply Production to your Marketing Strategy?

The ultimate goal is to make this process as easy and enjoyable as possible. To deliver the highest quality product or service, the production team must work optimally, comfortably, and productively. Maintaining a good workflow ensures that you consistently provide the same level of service to your customers while saving time and money through increased efficiency. A happy employee is always a good sign for your company!

Key 7: Physical Evidence

We’ve finally reached the last principle! Every detail counts, and normally we think of them as something tangible, but in today’s world, evidence extends a little further.

How to Apply Physical Evidence to your Marketing Strategy?

Your business features that your customers can perceive should be consciously evaluated, whether your product is sold at a store or a website. This includes the environment in which the article or service is obtained, the interior design or software design, the outstanding or particular visible features, and the brand design. You must also regard the intangible evidence that leads your customer to you, such as a strong brand that the client identifies with, a website that provides a good user experience, quick customer service, and policies and promises that help build trust between the company and the public.

Apply your Marketing Keys today!

It is clear that the development of a marketing strategy should not be taken lightly, but is not rocket science! We have provided you with the keys and several ideas to get your business off to the best. As of today, be able to:

• Analyze your product to ensure it meets all the customer’s requirements.
• Adjust the price to the market average, and keep future promotions in mind.
• Consider the best place to sell your product and make it easily accessible to your target audience.
• Develop the best promotion strategy or brand awareness for each occasion, and spare no resources.
• Treat people as you would like to be treated.
• Ensure that your production team is working in a productive and optimal environment.
• Finally, attend to the remaining non-tangible and physical evidence.