Basic Principles of Marketing
Though each organization and marketing team uses their own set of marketing principles, but there are four common principles of marketing. These are popularly referred to as four P's of marketing.
- Product: A product can be either an intangible service or a physical item. An organization/marketing team identifies the value of a product by the degree of satisfaction it offers to the customers. When a product is developed, a company needs to take various factors into consideration: usage, name, packaging, appearance, and warranty terms.
- Price: Price is how much a customer pays for a product/service. Price is linked to the perceived and actual value of a product. With the drop in the price of a product, there is a rise in the demand but there is reduction in profit per unit. Value-based pricing and cost-plus pricing are some important pricing models.
- Place: This principle focuses on the distribution channels. The team decides where your products will be sold and how they will reach the market. As consumers cannot buy the products/services that don’t reach them, the distribution channels become a vital part of product life cycle.
- Promotion: This principle is related to communication with customers. It focuses on creating awareness among the potential customers. Advertising is the primary form of promotion that involves media. Some common forms of promotions include print & media advertising, viral marketing, direct selling, and online promotions.
The combination of these principles forms a "marketing mix" strategy. These are necessary to plan an effective marketing strategy. Numerous marketing assignments revolve around these principles of marketing. You can ask for marketing assignment help from us for these major principles.
Major Marketing Strategies
To spread the word among the existing and potential customers, it is necessary to apply right set of strategies. You will learn most of these strategies in your marketing courses. Here we discuss some marketing strategies:
Relationship Marketing – This strategy is mainly observed when the company is selling B2B products/services. The emphasis is on building relationship with the clients rather than just selling the products. Even some retailers use this strategy to encourage the customers to shop with them on a regular basis.
Word of Mouth Marketing – It is the marketing where the customers spread the word about their experience with other people in their contact. When someone plans to purchase a product, he/she usually consults his family members or friends for the same. This is why this form of marketing is very important.
Seasonal Marketing - Promotion of products on specific holidays and seasons is referred to as seasonal marketing. The marketers try to capture the excitement and relevance of particular season through this strategy.
Public Relations - The association of brands with media houses and bloggers to spread awareness and benefits of the services/products. They are also responsible to maintain the reputation of the brand.
Online Marketing - This involves promoting the product/services through online channels. The companies utilize various creative methods to grab the attention of customers online.
Event Marketing - This strategy involves organizing road shows, trade events, seminars, parades, annual parties, and marathons to attract customers.
Direct Marketing - The interaction of companies with the customers and potential clients via text message, email, flier, or contests is referred to as direct marketing.
Freebie Marketing - A lot of brands offer free services/products to encourage the customers to try what they are selling. This strategy is known as freebie marketing. Some additional products like stickers, merchandise, and utility items are always provided for free.
Content Marketing – The brands develop and publish content that is useful to the target customers. This is an important method to persuade the customers without selling the products directly.
Social Media Marketing - This is the utilization of social media channels like Twitter and Facebook to engage the customers. Various companies also use these mediums to get feedback from the customers or to answer their queries.
Telemarketing – This is a method of calling prospects to tell them about a new product/service or offers given by a brand.
Email Marketing – This involves sending of emails to existing and potential clients with the features and benefits of the products/services. A launch of a product is also emailed to the customers.
There are numerous other methods and strategies a brand uses to promote their products/services. If you come across these strategies during your marketing course, you can contact us for marketing assignment help. We will provide superior quality assignment with relevant examples and data from these strategies.