Marketing 101

I've had the privilege of serving on the British Chamber of Commerce, championing British business. The most frequently asked question I get is from small businesses on how best to promote their products and services. Here are my Marketing Basics: The 101 Guide to Everything You Need to Know.

Selling products – whether that be a physical product or a service – is the goal of any business, large or small. Undertaking effective marketing is the number one thing that will see a product through its lifecycle and determine whether the product is successful or not. Good marketing builds the client base and retains customers, as well as giving the edge over the competition. 

There are many factors to take into account, and the strategic decision-making that the company will make when thinking about marketing will get the product in front of customers and induce them to buy. For marketing to be effective, the company must understand and appeal to the target market from the start. 

Interesting Advertising Facts

The Four Ps: Product, Price, Place and Promotion

The so-called ‘four Ps’ represent the most essential factors when thinking about marketing. Get these four principles at the heart of a marketing campaign, and external factors such as seasonality or changing markets can evolve around them.

The product is the commodity or service that the business sells, but it’s also the benefits that the customer receives from purchasing and making use of it. The company needs to look at how these benefits may change or be added to. Will the company offer variants of products, such as different sizes, colours or functionalities, for example? The way the product is presented is also essential to success and may add value to the customer from a marketing perspective, as may any extra follow-up services that the company will offer to purchasers. 

Pricing will vary dependent on the target market. Different customers have different purchasing power, and this must be taken into account. Likewise, the promotion of a product will vary depending on the target market, and getting the product seen will depend on choosing the right kind of promotion with the target customer in mind.

Placement is crucial. This means getting a well-presented, well-packaged product in front of the customer at the right time and in the right place to facilitate a purchase. Marketing expert and Chief Creative Officer Ajab Samrai knows that constructive collaboration between teams is the key to making marketing work.

Understanding Buyer Behaviour Through Marketing