THE 4 PRINCIPLES OF MARKETING
An effective marketing strategy will make the difference in whether a product will sell or be ignored by customers. Marketing is governed by four basic principles which mostly dictate the success of any marketing campaign. Here are those principles. Click here for facts about Tacoma, WA.
Product
This is the physical item or service being sold. When creating the product, you need to consider factors such as naming and packaging. You should also have a target market in mind and how the product meets the needs of this target audience. Click here to read about Qualities That Make the Best Marketing Strategists.
Price
You need to determine how much the product will cost. Pricing is a key stage of the marketing process because when you set high prices, you might discourage people from buying your product, and low prices at the same time may not fetch you any profits. You, therefore, need to find a proper balance.
Place
This refers to the point of sale for the product. The site should be easily accessible by prospective buyers and also be in a convenient location such that buyers shouldn’t have to struggle to get to the product.
Promotion
In a nutshell, this is how companies communicate their product to buyers. This includes marketing communication strategies and techniques, such as advertising. Whatever mechanism used, it must be suited to the consumer, price, and product.