Basic marketing principles you need to know
What are the basic marketing principles that marketers need to follow? What are the marketing principles, and what do they mean? Find out with CleverAds in the following article.
1. What are Marketing Principles?
Marketing knowledge is vast. Learning about Marketing requires each individual to have perseverance, hard work, and high determination. First, to understand marketing principles, we must understand the principle and what marketing is.
Principles are basic things laid down; they are mandatory and must be followed. It is a set of views and ideas throughout the whole or in a certain period that everyone must follow.
Marketing is a human activity to satisfy needs and wants by exchanging a product or service in the market.
From the above two definitions, we can understand that:
Marketing principles are the views and regulations on Marketing that anyone involved in marketing activities in the market needs to follow.
2. 6 basic marketing principles
Marketing has many principles to follow, but there are six most basic marketing principles that everyone needs to learn and be sure of are:
- Principle of selectivity
- Principle of concentration
- Principle of customer value
- Principle of differential advantage
- Principle of coordination
- Principle of process
3. Explaination of Marketing Principles
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Principle of selectivity
This is the guiding principle in Marketing. According to this principle, businesses need to do two things: research and select customers to focus resources. And like the appropriate target market.
Because only when determining the right customer file and target market can businesses focus on promoting the best resources and creating customer value. Good customer value will increase companies’ competitive advantage and brand recognition and enable them to develop.
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Principle of concentration
Once the goals have been identified, companies need to focus all their resources on meeting customers’ needs and desires to market most effectively.
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Principle of customer value
According to this principle, a brand is successful when it meets and satisfies customers’ physical and mental needs. In other words, the business’s value to customers is superior to its competitors.
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Principle Of Differential Advantage
Fundamentals of Marketing. Businesses need:
– Create product differentiation for customers
– Differentiate the brand of the business and the competitors.
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Principle of coordination
Coordination is the key to the success of marketing activities. To achieve business goals, it is necessary to have smooth cooperation and coordination in corporate governance: Financial management, human resources to production, and partners outside the company to create superior value products for customers.
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Principle of process
The marketing environment is a process that operates before, during, and after the production process of the market, and it is constantly changing. The values that businesses bring to customers can change at any time. What creates high value for customers today may change the next day.
“One of the core points of Marketing is “satisfying customers better than the competition.”
4. Marketing principles that Marketers need to follow
Knowledge of products and customers
When you want to start work, you must thoroughly understand the details of the products and services your business produces and provides and the target customers. Only when you know the product and customer well can you advertise successfully.
Understanding the business’s competitive market
A vital marketing principle for marketers: Get an overview of the industry market in which the business participates. Each customer’s needs, wants, requirements, or circumstances are different and will be classified into each market segment. Therefore, understanding the market will help marketers quickly deploy activities to target customers.
Set clear goals
All marketing strategies must ensure a good ROI (Return on Investment). It signifies that the marketing has provided good value to the brand. Defining goals can be Revenue, visibility, and conversion rate. It is necessary to define clear goals and monitor and regularly update them so that the campaigns align with their needs.
Evaluate and analyze marketing strategies.
Evaluating and analyzing marketing campaigns, even while they are running, will help marketers ensure the campaign is running smoothly. Vulnerabilities will be detected in time to allow the campaign to be deployed smoothly and effectively. Besides, evaluating the campaigns implemented helps marketers learn and gain experience for the following activities.
Any feedback is welcome.
Being a marketer means opening up your senses and accepting other people’s differences. Whether positive or negative, feedback will help us continue improving our knowledge and promote creativity to build brands more effectively.
5. Conclusion on Marketing Principles
Marketing Principles was born to help marketers always be on the right track in the marketing environment with vast information and knowledge, constantly innovating and developing day by day. Through the above article, CleverAds provided the basic knowledge and necessary foundation for marketing to help readers understand marketing.
