Fundamentals of Marketing

Product Information

If marketing is all about driving profitable action, then prices need to be set at a level the market will support.

A great way to create reliable, repeatable processes is to document them. For example, you can create official spreadsheets and instruction manuals that anyone can reference when certain issues come up. You can also create training materials so that all new employees receive the same training and handle tasks the same way. 7. Physical evidence Knowing your audience is key to building effective marketing strategies. The more you know about your audience, the better you can craft compelling messages that respond to their interests, needs, or preferences. The advertising budget would be wasted reaching people across the UK who can’t visit a Doughnotts store in person.

If you want to figure out how your business aligns with consumers and how you can best market to those consumers, the 7 Cs of marketing are a great way to identify that.

While there are many promotion strategies that take place in the real world, like setting up store displays, passing out flyers, hosting events, and even going door-to-door, virtually every business these days does some—if not all—of their promotion online. Want to know which questions consumers ask when close to purchasing that you could answer in blog content? Speak to the sales team. There are many forms of communication, so the role and fundamentals of marketing will help you decide how to get your message in front of the right people. Who is Responsible for Marketing? When it comes to how you think of your product in terms of marketing, you need to consider a few different things.

The 7 Cs of the marketing compass model refers to another framework you can use to guide your marketing strategy. Created by Professor Koichi Shimizu, this model is intended to focus more on customers, while the 7 Ps have more focus on the product. These points may seem very similar to the 7 Ps, but they have a more consumer-heavy focus. The intent here is that you think more about your customers and their journey to purchasing.

By learning the processes other teams follow, you can fit your marketing campaigns and processes around these things rather than creating a whole new process that doesn’t align. Value =Functional benefits + emotional benefits / monetary cost + time cost + energy cost + psychic costs Where your product or brand is featured is another key marketing fundamental. How you promote your brand ultimately leads to your success (or failure…) Promotion We’ve mentioned the four Ps and seven Ps of marketing, and it might come as no surprise that they’re the same thing — the seven Ps expand on the 4 Ps.

Once you're up and running, you can begin to share content. Experiment with different types of content until you have a better idea of what gets the most traction. Remember that social media is all about connection, so interact with customers, initiate conversations, and leverage user-generated content. These tactics can help you ​​foster relationships and build loyalty around your brand without spending a dime. Process is one of the marketing principles that helps to streamline and simplify your operations, which in turn has benefits for virtually every aspect of your business. You’ll find that optimized processes contribute to lower costs, more productivity, and a reliable customer experience that stays consistent for each customer. Marketers use the answers to these questions to help businesses understand the demand for the product and increase product quality by mentioning concerns stemming from focus group or survey participants. Price Struggling to explain what goes into the service you sell? Speak to the people in the business who carry out said service.

Objective data, that is, information that is verifiable and measurable, are a must when determining the kind of marketing strategy you’ll execute. Instinct and experience can help you craft creative materials, but it’s research that will confirm and substantiate whether or not those will work on your market at this time. Let’s take local business Doughnotts, for example. The doughnut company only has stores in Nottingham, Leicester, Lincoln and Beeston. It could promote doughnuts across the entire UK, but that would cause two issues:This program contains no confidential information. All Google Search features taught are publicly available, you can learn more in official Google Search documentation Opens in a new tab . Will specific locations get the product? For example, if you sell cold weather clothing, you might not distribute as much to Florida and you might in Minnesota. There’s a whole lot that’s changed since then—for example, that tiny invention called the internet. Depending on whom you talk to, there are 4 to 7 marketing mix variables that must be taken into account when creating a product. For the sake of simplicity, we’ll focus on 4. These variables are known as the Four P’s (or 7 P’s) of the Marketing Mix. These variables are usually explored after a company has researched and chosen its target market. The Marketing concept places marketing strategies at the center of its business process. This means putting the needs of the customer at the fore ground and building your strategies around their needs, wants, pain points, desires, and drives.