The 4 base principles of marketing include the product, price, place, and promotion.
In fact, these 4 principles are also known as the “4 P’s” of marketing.
These are the four key components that should be correctly implemented for any marketing strategy to succeed.
In fact, determining the appropriate methods for each area and integrating them is the main challenge faced by a majority of business owners out there. This article provides information on the 4 base principles of marketing.
The product can be a physical item or an intangible service. Creating the product should be done after a thorough research on the market segment that you plan to target. The product name, packaging, safety, and uses of it are important factors to consider when creating the product. You should also determine how the product is going to appeal to your specific market segment. In fact, your product should be able to meet the requirements of a specific group of people in the society.
Once you have created the product, the next important thing is to determine its price. When the price is too low, you may not be able to run a profitable business over time. On the other hand, if the price is too high, you won’t be able to sell the product. The price of your competition plays a big part in determining the price of your product. The quality of your product will also play a big part in this regard. Some of the common pricing strategies include the cost price + profit, or the price based on the value of your product. The second option is mostly used price luxury items.
The location of your market is another important principle of marketing. It refers to the distribution channels. It implies how the product will hit the market or sell. For example, if you operate a home-based business that sells products on eBay, your market is the internet. On the other hand, a large business such as a consumer goods manufacturer would sell their products at a wholesale establishment.
Promotion is the final principle of marketing. It is all about raising the awareness of the customer about your product. Advertising is the preferred form of promotion for most of the businesses in this day and age. The internet is the latest channel that helps market your product to a wide range of customers across the globe.