The 7 principles of marketing include price, place, promotion, product, people, process, and physical evidence. These have come to be known as the most important aspects of any marketing strategy. Properly utilizing these key marketing concepts will help your business attract the right people, develop the best product, and make more sales.
In this article, we will explain the principles of marketing, so you can understand what goes into building a successful business. It takes more than having an incredible product or service in today’s competitive market. You must be able to break through the crowd and spread your message with a strong marketing strategy!
The 7 Basic Marketing Principles
What are the 7 principles of marketing?
- Price
- Place
- Promotion
- Product
- People
- Process
- Physical Evidence
Let’s dive into each of these marketing principles.
1. Price
This is the part of the marketing process where you determine your price. Many factors go into determining your price and it might be the most important deciding factor for your audience. Therefore, determining price can be complicated.
You must find a price that brings value to your customers and works well for your business. Depending on what type of product or service you sell, you might have to consider production costs, retail mark-up, and what your competitors charge.
Many successful businesses offer their customers a flexible pricing structure. They might offer a variety of cost levels, a flat rate subscription, or tiered pricing, which provides more value as the price increases.
2. Place
The place refers to where your customer will connect with your product or service. For example, a small locally owned business might have one brick-and-mortar location and a simple online store. On the other hand, there are large corporations that have physical locations all around the world and massive online stores. And then there are online-only businesses that strictly do business via website or social media.
There isn’t one “correct” place to conduct your business – you have to do what makes sense for you! Many entrepreneurs start their businesses online because it typically has very little overhead. Building and operating a website usually costs less than leasing a studio for one year/
3. Promotion
Promotion refers to how you spread the message about the good or service you sell. There are many different avenues of promotion, some of which are paid, and some are free. For example, you can promote through paid advertising on websites, Google, social media, and traditional forms of media (TV, radio, print).
You can also promote your good or service for free on your social media channels, through word of mouth, with merchandise, strategic partnerships, and more.
4. Product
The product is the basis of your entire business. What are you going to sell? The product is at the center of every marketing strategy and will determine how you position and showcase your brand. A product can either be a tangible good (a physical item) or an intangible good (a service).
5. People
This refers to all the people who must come together to make your business function. If you are a sole entrepreneur selling a service, it might only be you! However, if you sell any kind of physical product, you must consider everyone from the manufacturers, shippers, delivery people, sales associates, etc. And if you are an employer, of course, you must consider your employees.
6. Process
This considers the entire process that must occur for your product to reach a consumer. Essentially, this part of your marketing strategy is a roadmap for your entire business. It will include partnerships, licensing operations, daily routines, sales funnels, marketing, promotion, brand principles, client acquisition and retention, and other things that are critical for business success.
7. Physical Evidence
How can people be sure that your business exists? Every business has some kind of physical evidence, even if it sells an intangible service. For example, you might have a website where you sell your services, an invoicing system, business cards, and a social media presence.
Final Thoughts
The 7 principles of marketing are crucial for bringing attention to your business. When you need help creating a strong marketing strategy that considers these factors, Spark Sales Online can help! Contact us today to get started.
