Too high and you’ll customers too low and you’ll cut into your profit margins – and eventually risk going out of business. It may take some trial and error, but it’s important to find your pricing sweet spot. Does it address the needs, wants, and expectations of your customers? The tangible item or service that you’re selling.

The Principles of Marketing Explainedīefore we dig into examples and tips, let’s quickly define each of the seven principles of marketing. īut we don’t want you to drown in Ps, so we’ll just focus on the seven marketing principles we listed in the last section. Yet another one added to the mix is partners. In some circles, there’s also an eighth principle of marketing: productivity and quality.

For example, some marketers replace process and physical evidence with positioning and packaging. If you scour through online resources, you’ll find some variations in how people define the 7 Ps. It guides businesses on their journey of choosing the right marketing plan for their individual needs. With this in mind, you can think of all those Ps as a decision-making framework. The principles of marketing concept is part of the “marketing mix,” which is a blanket term to describe all the strategies and tactics that businesses can use to bring their products and services to market. Their version caters to the unique considerations of service-based businesses. The extended 7 Ps version adds a few more: people, process, and physical evidence.īooms and Bitner, the marketers who added the last three, thought that the original 4 Ps model was too focused on marketing tangible products. While there are many interpretations and applications today, it all started with the four principles of marketing: product, price, place, and promotion. Hire yourself and start calling the shots. We’ll also look at examples of these principles and how they translate into the digital world we’re immersed in now.ĭon’t wait for someone else to do it. In this article, we’ll look at the original 4 Ps and the extended 7 Ps model, as well as some variations and interpretations that other experts have.

On your path to building and growing your own business, you’ll find that the Ps offer several gems of wisdom to apply to your marketing strategy.

There’s a whole lot that’s changed since then – for example, that tiny invention called the internet.īut there’s no denying that these basic principles of marketing have built a strong modern blueprint for how to run a successful brand. Then in 1981, researchers extended that model to the seven principles of marketing, or 7 Ps. This framework was first published in 1960 (though its origins can be traced back to the 1940s). It started with the four principles of marketing, also called the 4 Ps or the 4 Ps marketing matrix. If you’ve heard of the classic principles of marketing, you may also know that they’ve been around for a while.

Definition of principles of marketing