PRINCIPLES OF MARKETING
Marketing basically refers to the activities a company undertakes to promote the sale of its
products or services. It entails identifying, anticipating, and satisfying customer needs profitably.
Principles of marketing are foundational concepts that help businesses understand and respond to
customer needs, ultimately driving sales and achieving marketing objectives. There are four
original principles of marketing referred to as 4Ps or 4P marketing Matrix that companies use for
their marketing strategy. These four basic marketing principles Product, Price, Place, and
Promotion are interconnected and work together; hence, they are also known as Marketing Mix.
1. Price:
Pricing strategy is crucial, as it impacts how customers perceive the product and its value.
Factors like production costs, competitor pricing, and customer willingness to pay are
considered.
2. Place:
This principle deals with how the product is distributed and made available to customers. It
includes choosing the right distribution channels, retail locations, and ensuring easy access for
the target market.
3. Product:
This principle focuses on the product or service itself, ensuring it meets customer needs and
expectations. It involves aspects like product features, quality, branding, and packaging.
4. Promotion:
This involves communicating the value of the product to the target audience through various
channels like advertising, public relations, and social media.
Marketing principles were extended from the 4Ps to the 7Ps , and therefore some businesses find
it useful to use the 7Ps, which also include:
5. People
Hiring people who are skilled, and the right people for the job, is important for any business to
succeed. Good customer service is also important – listening to your customers and responding
to their needs.
6. Process
The process is the customers complete experience of the service or product from start to finish.
This includes delivery of the product and the aftercare when a customer has received their
product or service you provide. Happy and satisfied customers will help your business grow due
to the good reputation you will gain, and the business from repeat customers.
7. Packaging
Packaging refers to how your products or services are presented to people, and what initial
impression you are making to your customers. Packaging in a way that makes your product look
attractive and stand out may mean that your product is chosen over that of your rivals
Marketing basically refers to the activities a company undertakes to promote the sale of its
products or services. It entails identifying, anticipating, and satisfying customer needs profitably.
Principles of marketing are foundational concepts that help businesses understand and respond to
customer needs, ultimately driving sales and achieving marketing objectives. There are four
original principles of marketing referred to as 4Ps or 4P marketing Matrix that companies use for
their marketing strategy. These four basic marketing principles Product, Price, Place, and
Promotion are interconnected and work together; hence, they are also known as Marketing Mix.
1. Price:
Pricing strategy is crucial, as it impacts how customers perceive the product and its value.
Factors like production costs, competitor pricing, and customer willingness to pay are
considered.
2. Place:
This principle deals with how the product is distributed and made available to customers. It
includes choosing the right distribution channels, retail locations, and ensuring easy access for
the target market.
3. Product:
This principle focuses on the product or service itself, ensuring it meets customer needs and
expectations. It involves aspects like product features, quality, branding, and packaging.
4. Promotion:
This involves communicating the value of the product to the target audience through various
channels like advertising, public relations, and social media.
Marketing principles were extended from the 4Ps to the 7Ps , and therefore some businesses find
it useful to use the 7Ps, which also include:
5. People
Hiring people who are skilled, and the right people for the job, is important for any business to
succeed. Good customer service is also important – listening to your customers and responding
to their needs.
6. Process
The process is the customers complete experience of the service or product from start to finish.
This includes delivery of the product and the aftercare when a customer has received their
product or service you provide. Happy and satisfied customers will help your business grow due
to the good reputation you will gain, and the business from repeat customers.
7. Packaging
Packaging refers to how your products or services are presented to people, and what initial
impression you are making to your customers. Packaging in a way that makes your product look
attractive and stand out may mean that your product is chosen over that of your rivals
