marketing

The first of these seven marketing principles is product. A product can be defined as simply an item that addresses a consumer’s wants or needs. Some products are goods, or tangible objects. An important key here is that your product must meet the wants and needs of your customers.

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The second marketing principle is price. The price is simply the amount a consumer pays for a product. Coming up with your pricing, however, isn’t always that easy.

It takes careful market research to understand what your competitors are charging for comparable products, what your customers expect to pay for your product and what you should actually charge.

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Place is the location where your product is available for consumers to purchase. Place is all about providing access for the consumer. It doesn’t have to be a physical, brick-and-mortar store; it could also be a website or other online location.

One out of every four people shops online. The key is to make your products as accessible as possible so the buying journey will be convenient for consumers.

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Promotion is the marketing communications put out by your brand. Your promotional efforts should be geared toward your target audience. Your goal is to make them aware of who you are and what you have to offer. Then you can start to move them through the sales funnel.

There are several types of promotional marketing strategies, including:

• Social media marketing. 

• Public relations. 

• Email marketing. 

• Content marketing. 

• Advertising. 

• Search marketing. 

• Direct marketing. 

• Sales promotion. 

A healthy digital marketing strategy draws on many types of promotion.

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The people you’re selling to — and the people in your company who are doing the selling — are an important aspect of marketing. Whether the “people” you’re referring to are customers interacting with your brand or the employees who make the magic happen, people are a component of your marketing that you can’t overlook.

Some researchers prefer to use the word Positioning instead. This refers to positioning the product correctly to get it in front of the right audience.

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Process is what happens behind the scenes as you create your product or service. From the employees who are doing the hands-on work, to the employees who sit in offices answering emails, it’s all part of your business’ process.

This principle can also refer to the entire customer experience journey — the service a customer receives from your company, from start to finish. Your goal is to make this process as smooth and enjoyable as possible.

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Physical evidence consists of anything your customer sees or experiences when interacting with your business. Is your store clean and bright? Is your website well-designed and optimized for browsing? Do you have good customer reviews? These can all serve as signals to a potential customer that you’re a reputable business and you’ll be easy to work with.