National refers to any impact the government may have, for example, the sugar tax in the UK. Many brands saw a drop in people purchasing their sugary products once the sugar tax was introduced, especially soft drink brands, so they needed to rework their marketing efforts to promote sugar-free products instead. You don’t decide the product or service you sell, how much it is or where it is sold. That’s where the next P comes in — people. People

This can include advertising, public relations, word-of-mouth marketing, and everything else that helps deliver your product to your audience. 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: The product is the most important aspect of marketing because it’s your business’ offer to the customer.

Therefore, advertising is just a tiny part of marketing that focuses on creating awareness of the product among the target customers in the target market. Introduction to Marketing Strategy Who is your customer? What are their challenges or pain points? Are they price sensitive? Do they shop online? In some circles, there’s also an eighth principle of marketing: productivity and quality . Yet another one added to the mix is partners .

Even if you’ve found a price point that seems to work fantastically, there are still uncontrollable elements that can change your circumstances, like a new development or competitors in your niche.

Common Types of Marketing

On the other hand, advertising is just one component of marketing. It's a strategic effort, usually paid for, to spread awareness of a product or service as a part of the more holistic goals outlined above. Put simply, it's not the only method used by marketers to sell a product. Process: Creating and promoting a valuable product is essential, but the delivery process is almost just as critical for ensuring your competitive advantage. Your delivery process needs to have efficiency and reliability in mind, both from the perspective of your own team and your customers. But you can take it further and give yourself a more detailed idea of what your customers want, helping you build a much better marketing strategy. 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. All the people involved in the business you are marketing will be able to offer insight to help you market your product and business to its fullest potential.

Some models expand these basic principles to 7 P's, or another variation. But, for your purposes, these four should be sufficient for developing an understanding of how marketing works. One of the most important considerations for your product or service is making sure there’s a strong demand. Do customers really want it? Does it truly fulfill a need in the marketplace?Customer centricity: not synonymous with customer service, customer centricity starts with customer focus and need-gathering. 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?

In the late 20th century, marketing thought leaders developed the concept of the “Marketing Mix,” a set of concepts and tools that help companies achieve their objectives within a market. At the core of this model are the four Ps: The last of our seven principles of marketing is physical evidence. Every brand has physical evidence, even if it’s service-based or digital. As the way your customers buy from you and the way you promote your product are interlinked, it makes sense to combine them into this one word. Internet marketing: Inspired by an Excedrin product campaign that took place online, the very idea of having a presence on the internet for business reasons is a type of marketing in and of itself. You could also look at lifestyle blogs because many of them have readerships interested in health and fitness. 3. Define a Budget

Sharing the qualifications your team has that are relevant to your business, and how much experience you have in the industry.