Exam (elaborations)
Products, services and brands: building customer value
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course work briefly summary; Market Analysis Competitor Analysis Environmental Analysis
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What Are The 7 Principles Of Marketing? The 7 Psof Marketing Mix
Marketing is much more than designing cool advertisements to sell products, contrary to what many of
us were taught in school. Lots of planning goes into efficient marketing, so much so that it becomes a
complex beast of tactics, studies, and strategies. The marketing mix is all the tools marketers employ to
build fantastic frameworks and foundations for their sales strategies. It goes hand-in-hand with the
seven Ps of marketing, the five value principles of the marketing process, and the four activity principles
of marketing.
1. Product
The principles of marketing start with the product you are selling. This includes all the features of your
product, the benefits it offers customers, and why they would want to buy it from you.
When you market your product, you’ll have to remember why customers want or need it and how to tell
them they want or need it.
For this principle, there are a few factors to keep in mind:
Your target market
Your product range
The quality of your product
All the product’s features
The benefits your product offers customers
The size and design of the product
Any extras and add-ons like special guarantees
2. Price
The second P you need to know about is the price of your product. It’s essential that you continuously
keep an eye on the price so that it accurately reflects the current market. You may need to lower your
price sometimes, and at other times, you can raise the price of your product or service.
There are different approaches you can take to pricing, with four of them standing out as the most
effective:
Discounts – Encourage buyers to buy your product by offering it at a lower price while ensuring
they know the quality remains the same.
Odd Pricing – Offer your product at just below its average price to make buyers that are price-
sensitive think they’re getting it at a ‘bargain’ price.
Synchro-pricing – Use your product’s price to manage the demand for it by making the most of
customer sensitivity price.
Penetration pricing – Introduce a new product or service at a lower price to test the market and
stimulate widespread use.
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