Principles of Marketing
Following on the previous post, although companies may take different marketing approaches, these are the essential principles that describe pretty much all that they are doing.
1. Principles of Customer Value
- Deliver what the customers really want
- Create genuine value
2. Principles of Differentiation
- Differentiate from competitors
- Make customers prefer your products
3. Principles of Segmentation, Targeting, and Positioning
- Segment the customers into different groups
- Target specific groups of customers to optimise resources
- Position products to meet the specific needs of target groups
Tools for Marketing
To deliver the marketing principles, there are four tools that companies can deploy. Of course, these are abstractions of the myriad of physical marketing tools to convey the idea.
- What the seller puts into the exchange
- This is what the buyers will be paying for
- What the buyer puts into the exchange
- Indicates the willingness to buy, need not be money
- What the seller communicates to the buyer in the exchange
- Entice the buyer to purchase the product
- May be advertising, sales, etc.
- The way the product is delivered – method of distribution
- It may be online, offline, subscription model, etc
(Reference: Coursera Wharton Online Introduction to Marketing)