Marketing principles have been the most used principles since the 1960s. These principles have stood the test of time and have remained the same, with minor variations here and there, for decades. The concept of marketing principles is part of the “marketing mix”, which is a general term to describe all the strategies and tactics that companies can use to bring their products and services to market. The four basic marketing principles (product, price, place and promotion) are interconnected and work together; therefore, they are also known as the marketing mix.
While these 5 P's are somewhat controllable, they are always subject to their internal and external marketing environments. Let's break them down one by one. The product is the first fundamental principle that shapes your marketing strategies. Whether it's a physical product or a service, your offers to consumers are the first fundamental principle that shapes your marketing strategies.
The place is where you decide to make your product available to customers. The price is how much you charge for your product or service. The promotion is how you communicate with customers about your product or service. And finally, the people are those who interact with customers in any way. Some experts also talk about the process and the physical evidence and transform the mix into the 7 P's.
The process is one of the marketing principles that helps streamline and simplify your operations, which in turn has benefits for virtually every aspect of your business. Now that you understand the 5 P's of marketing and the benefits they bring to organizations, let's see how you can apply these principles to your business. If you're thinking about starting a new business, take some time to think critically about the seven principles of marketing and how you can apply them to your burgeoning business model. When you carefully examine and apply marketing principles, you can make smarter and more informed business decisions. Marketing may not seem the same as before evaluating the digital world, but the basic principles of marketing remain the same.
We'll also look at examples of these principles and how they translate into an effective marketing strategy. As an added benefit, the 7 P's are sustainable marketing principles that prepare your brand for long-term stability.