The Principles of Marketing through the eyes of a marketing student.
As a student studying marketing and advertising at West Career & Technical Academy, we learn a lot about the “fundamentals of advertising” AKA, vocab words and charts. But one thing that really stood out to me, were the 4 principles of marketing and just how universal they were to every business.
Most businesses get too caught up with the day to day aspects of running their business that when asked, “what makes them different?”, they are unable to answer, or give a generic answer such as “quality service”. These simple principles are most often overlooked and not applied, but can be used to find and focus on a companies, meaningful difference.
My purpose here is to simplify and present them in a way that any business can quickly apply them on a daily basis, and by no means is a class level lecture on the aspects of marketing.
So here they are, the 4 key marketing principles :
Specialization is determining where you are going to specialize in your product or service. It’s the product, service, customer, market, or area of technology that you focus all your efforts in.
Differentiation is really key to business. It’s competitive advantage, how it is that you are different and better than your competitor. Because people in the marketplace always want to know, “why should I buy from you, rather than from someone else?”. It’s also your area of excellence or superiority it’s something that you do better than anybody else.
These are the truly some of the most important items to communicate/convey to your customers and audience.
Mere differentiation is not enough, it needs to be meaningful. Consumers are gravitating more towards brands that offer meaningful differentiation because they want to be part of something bigger than themselves.
Segmentation is looking at your market and researching specific customers in the market who value your area of differentiation. This normally results to loyal customers who in most cases are willing to pay more for your area of specialization than anybody else because you understand them so well and your product/service is able to make a deeper emotional connection with them.
Concentration is where you focus your time, money and resources. Increase the efficiency of your advertising. By focusing your message with greater clarity, you can get 5 and even 10 times the response per dollar of advertising than you were getting before. Without focus, you try to be everything to everyone. You stretch yourself too thin and your message never sticks.
I really felt that these principles encompasses a great deal of market psychology and will help business owners home in on what to focus their efforts on. Through the use of strategic marketing and a meaningful STANCE, businesses can benefit greatly, and come out on top.