Fundamentals of Marketing

Product Information

Promotion describes all the steps the marketing team takes to make people aware of products and their features or uses. The marketing team also needs to decide on the promotion channel and method. Promotions can be offered online, offline, in-store, or during events. The language or tone of communication is also an essential factor. As an added bonus, the 7 Ps are sustainable marketing principles that set your brand up for long-term stability. The conditions of the market will constantly change, but the strategies you build from these principles will help to fortify and protect your company from the market’s inevitable volatility.

Companies that use the Product concept operate under the assumption that customers will prefer products of superior quality, and that it would choose superior quality over cheap and available products. Often, companies that employ the product concept invest extensively on research and development, as well as producing a product or service that is miles ahead of their competition. Typing “what are the fundamentals of marketing” into Google brings you a confusing list of results. Some results mention the four Ps of marketing, some the seven Ps and others the seven Cs — so which is it? If you’re selling online, then you will want to take advantage of other channels, including social media platforms, SEO, physical advertising in national newspapers and magazines and TV adverts. Communication People becomes corporation, which refers to your business as a whole — especially the people who are making the decisions. As a marketer, you can’t always influence the big decisions, such as which products and services are going to be promoted at which times, so sometimes you just need to work with what you have. 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.If you have a physical store, you’ll need to find local marketing channels, such as flyering, ads in local newspapers or magazines, targeted ads based on location, local SEO and more. Promotion: These days, marketers have many channels through which to promote their products. From radio ads to social media banners, you’ll need to decide which are right for your brand.

Every activity of a company with a Marketing Concept mindset will be geared towards learning more about their target market and finding ways to add value to their target market’s life. From product/service conception all the way to final sale, every action of a Marketing-centered company will be based on actionable intelligence from market researchers as well as customer surveys. Adding Value, Creating Satisfaction Photo Courtesy of Unsplash Relationship Marketing - Marketing strategies that focus on customer satisfaction and building a relationship between the customer and the brand. Notable quote: “Some dog owners want gluten-free food, loaded with high-value placebos. But let’s not get confused about who all this innovation is for. It’s not for the dogs. It’s for us.” Good to Great: Why Some Companies Make the Leap and Others Don’t This is another problem that some small-to-medium businesses encounter when it comes to marketing: they’re inundated with all these different types of marketing, some of which might not even be the right kind for their brand. Unfortunately, some companies even fall prey to unscrupulous marketers who convince them on going on expensive marketing campaigns that either end up not being effective or being down-right damaging to the company itself. Blog marketing: Blogs are no longer exclusive to the individual writer. Brands now publish blogs to write about their industry and nurture the interest of potential customers who browse the internet for information.Of course, Doughnotts also does other types of marketing — it has a strong presence on social media and has previously handed out flyers around the cities where Doughtnotts stores are — but the brand has taken it to another level by connecting with local people at local events. Notable quote: “The culture of content is arising not just because brands are publishers, but because employees are publishers, too. Some will shrug this off as noise rather than signal, but the proliferation of channels, platforms and devices is further enabling employees to speak on behalf of the brand.” The job role varies depending on the size of the company, but this person is primarily responsible for developing marketing strategies and managing other members of the marketing team. The “Four P’s” of Marketing

Their job is to oversee all aspects of marketing including budget, strategy, plans for new products/services, product messaging/positioning, public relations, advertising, branding, advertising materials, and analytics. Want to know which questions consumers ask when close to purchasing that you could answer in blog content? Speak to the sales team. Marketing refers to any actions a company takes to attract an audience to the company's product or services through high-quality messaging. Marketing aims to deliver standalone value for prospects and consumers through content, with the long-term goal of demonstrating product value, strengthening brand loyalty, and ultimately increasing sales. In layman’s terms, marketing is any thing or activity that a company does to learn more about what their customers want, and how their company’s brand can fulfill that want. Moreover, it’s also a way for companies to provide a higher quality of life for their customers through their products or services.

Track the Effectiveness of the Campaign

As an example, let’s say you sell product management software. Your target customer is eCommerce businesses. However, if you decide to run paid ads, social media offers incredible reach that can generate immediate results.

Though published in 2001, Jim Collins’ best-selling book on what makes companies great is still relevant today. The insights found in this book are drawn from 28 in-depth analyses of companies that either became great or succumbed to mediocrity. The advertising budget would be wasted reaching people across the UK who can’t visit a Doughnotts store in person. Instead, the company sends branded ice cream vans to design colleges to connect with those training to be designers and allows them to use the Figma design software for free while they’re still in education. That same Vogue feature wouldn’t make sense for Doughnotts, whose “place” is in the East Midlands, so The Nottingham Post is the ideal choice for them. Recommended Reading: How to Document the Marketing Process in Six Steps Understanding the Marketing Mix and the 4 P’s of Marketing

The Fundamentals of Marketing

It’s important to remember to remain aware of how much your competitors charge. Ultimately, however, it’s up to you whether or not you can deliver a better price. 3. Promotion