Your outsourced CMO should have plenty of marketing courses under their belt. Make sure they know your industry so they can identify trends, opportunities, and potential threats. When it comes to how you think of your product in terms of marketing, you need to consider a few different things. Cultural shifts: Political and social movements shape the way consumers view companies and their offerings. 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.

Let's say you come up with an idea for a product you want your business to sell. What's next? You probably won't be successful if you just start selling it. Sharing the qualifications your team has that are relevant to your business, and how much experience you have in the industry. In fact, the fundamental purpose of marketing is to attract consumers to your brand through messaging. Ideally, that messaging will helpful and educational to your target audience so you can convert consumers into leads. Product is arguably the core of the original four principles of marketing. If you don’t have a good product, you don’t have a good business, right?

Purpose of Marketing

This principle more or less represents customer service —the human touch of your business that signals to customers that there’s a real person on the other side who’s listening and working to give them a good experience with the brand. If your target audience is younger, you’ll choose different marketing channels than if your audience is made up of retirees. 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 .

Advertising and marketing are often used synonymously due to their similarities. Despite their similarities, marketing and advertising are not the same. Advertising is a part of marketing. The advertising budget would be wasted reaching people across the UK who can’t visit a Doughnotts store in person. To optimize your processes, it’s important to create standardized, integrated workflows that are easy for all of your team members to follow.Marketing isn’t just about letting people know about your existence; it’s about giving them an image of what your company stands for, how your brand adds value to your customers lives, and what you are doing to improve the quality of life of your community. Of course, all that happens IF you do marketing right. People. Here’s where we cross into the extended 7 Ps. People refers to “human interfaces” where needed—a way for customers to connect with real people on your team during the marketing process. These basic principles of marketing were designed to be broad, which can be both a positive and a negative. Estrid’s target customers are Gen Z-ers who shop with the company because of its positioning, which Estrid promote by: For example, it would be pointless for the design program Figma to run an ad during prime-time TV in the hopes that some designers are watching.

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? When you’re examining the relevance and quality of your offering, consider all the elements, like the build, quality, and uses, as well as potential needs like repairs and accessories. 2. Price You can have the best product in the world, but if it’s not reaching the people who want to buy it, then it might as well not exist. Sorry.

Booms and Bitner, the marketers who added the last three, thought that the original 4 Ps model was too focused on marketing tangible products. Their version caters to the unique considerations of service-based businesses. 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.

Branding: brand equity is one of the key elements of keeping customers in a dynamic world in which new startups are emerging constantly. For example, a small business selling organic hand-crafted soaps might consider several places, like: This helps create a culture where everyone in your company remains invested in the fundamentals of marketing. If they feel ownership over the brand, then they’ll have more reason to support it openly. If all your business happens online, your approach will be different to a business with a physical store. With this in mind, you can think of all those Ps as a decision-making framework. It guides businesses on their journey of choosing the right marketing plan for their individual needs. Variations of the 7 PsMarketing entails product development, market research, product distribution, sales strategy, public relations, and customer support. Marketing is necessary in all stages of a business's selling journey, and it can use numerous platforms, social media channels, and teams within their organization to identify their audience, communicate to it, amplify its voice, and build brand loyalty over time. 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.