Commerce

Principles of Marketing: The 7 Ps of Marketing Mix

len Alfred Ajibola - Mon, 24th February, 2020 @ 10:57: AM

Topics in Commerce

Principle of Marketing: Positioning as a Marketing Mix Principle of Marketing: Packaging as a Marketing Mix Elements of Promotion in Marketing Mix Principle of Marketing: Promotion as a Marketing Mix Principle of Marketing: Place as a Marketing Mix Principle of Marketing: Price as a Marketing Mix Principles of Marketing: The 7 Ps of Marketing Mix Factors necessary for Division of Labour Disadvantages of Division of Labour Advantages of Division of Labour Outbound Marketing explained Inbound Marketing explained Production - Types of Production Commerce: Definitions and Scopes of Commerce Differences between Balance of Trade and Balance of Payments Balance of Payment Deficit and Balance of Payment Surplus Disadvantages of Foreign Trade Divisions of Foreign Trade Advantages of Foreign Trade What is Foreign Trade? Types of Foreign Trade


Academic Questions in Commerce

Please check out our Test Your Knowledge page to see all Questions and Answers

The followings are advantages of division of labour EXCEPT _____.

  • A. It promotes the use of machines in production industries
  • B. There is an increase in profit
  • C. It saves time and expenses of training
  • D. It fosters the spirit of division
  • E. It increases the production of quality goods and services in the market
  • F. It increases a country's economic growth

Which of the following statement is incorrect concerning division of labour?

  • A. It is the specialization of works
  • B. It can become monotonous
  • C. It is the specialization of processes
  • D. The nature of a job is not a condition for division of labour
  • E. A person performs only a part of the job
  • F. Division of labour has some of its drawbacks

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Principles of Marketing:

Marketing is simply defined as any activity or process aimed at getting people (or consumers) interested in a product or service. For an organization to be successful, it must adhere to all or some of the principles of marketing.

The principles of marketing are 7 in number and are referred to the principles of marketing mix.

Please read on the Concept of Marketing and Branches of Marketing here.

The term marketing mix refers to a combination of factors that can be appropriately controlled by a company such that consumers and customers become attracted towards buying their products. As a result, the company enjoys an overall increase in the sales of their products.

Note: Marketing mix is a fundamental business model used by various companies to grow their customers database.

You can read on Outbound Marketing here.

The 7 principles of marketing mix include:

  1. Product
  2. Price
    Please read on Price as a Marketing Mix here.
  3. Place
    Please read on Place as a Marketing Mix here.
  4. Promotion
    Please read on Promotion as a Marketing Mix here.
  5. Packaging
  6. Positioning
  7. People

The 7 principles (or P's) of marketing explain how various marketing processes interacts with each stage of the business. These marketing principles have always proven to be effective (when used appropriately), be it in financial, legal, educational, political or any other institution you can think of.

Please read on the Concept of Market in Economics here.

In this article, we will explain the details of the first Marketing mix; and that's product.


Product as a Marketing Mix

This is the first criteria that is needed for marketing to occur. As a matter of fact, "something" must be marketed; and whatever is marketed is termed as the product.

Please read on the Concept of Business and Business Studies here.

The product to be marketed will usually come in 2 forms. These are:

  1. Tangible Product: These are products that can be seen and touched. They are generally referred to as goods. Goods are always produced from agricultural activities and production factories or companies. Examples of goods include computer, foodstuffs, phones, console games, books, pencils and so on.
    Please read on the Types of Production here.
  2. Intangible Product: These are products that cannot be seen and touched. They are generally referred to as services. Services are usually rendered from one person or organization to another. An instance of a rendered service is this article you are reading via Len Academy.

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Note: Once you conceive an idea concerning the desired product you intend to create, you will require a marketing team to carry out the product’s survey.

The following questions concerning such product would be addressed:

  • Who are the target audience?
  • Is there a market for this product in this society?
  • Who are my competitors?
  • How can I fit this product specifically for my intended customers?
  • What can I do to increase the sales of this products?
    Please read on Advertising and Types of Advertising here.

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Alfred Ajibola is a Medical Biochemist, a passionate Academician with over 7 years of experience, a Versatile Writer, a Web Developer, a Cisco Certified Network Associate and a Cisco CyberOps Associate.


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Amazing facts in Commerce

Amazon is an e-commerce website launched in 1995. It did not make any profit for its first seven years.
Amazon's first profit was in 2003. Its founder "Jeff Bezos" is the richest man in the world as at 2018/2019


NOTABLE POINTS IN Commerce

Commerce can be defined as the exchange of goods and services, usually for money and on a large scale that will require the transportation of such goods and services.

Commerce is very important to the life of any Nation for the following reasons:

  1. Commerce facilitates the exchange of goods and services which everyone can enjoy, regardless their location or whether the goods is produced within or outside their country.
  2. Commerce creates an awareness of the existence of goods and services through advertising.
  3. Commerce offers employment to a very large number of people in a Nation.
  4. Commerce promotes rapid transfer of both oral and written messages through communication.
  5. Commerce determines the standard of living in a Nation. This is because the extent of commercial activities is crucial to wealth of  a nation.
  6. Commerce makes for the protection against risk in day to day business operations.
  7. Through commerce, there is a steady supply of goods in a Nation. This is because commerce ensures that goods produced are stored until needed.

A public company is not owned by an individual. Usually, it is owned by groups or a very large number of people.

The shares of a public company are traded freely on the stock exchange.

Below are some features of a public company

  1. A public company must receive it’s training certificate to commence business.
  2. The minimum membership is two while the maximum membership is limitless.
  3. A public company has a legal status. It can sue and be sued.
  4. A public company files and publishes its annual reports, including its accounts.
  5. The liability of its members is limited.
  6. The shares are easily transferrable through the stock market.
  7. A public company can issue debentures to be secured as its assets.

Please read on the types of business structure here

The four elements of the marketing mix are usually referred to as the 4 “P”. These are:

  1. Product: Anything thing that satisfies a consumer’s need is referred to as a product. Product may come in the form of manufactured goods, raw materials or services.
  2. Price: Price is defined as the exchange value of goods and services supplied. In simple terms, it serves as a mechanism of exchange.
  3. Promotion: It involves all the processes that concerns with how business organizations should inform their customers about its product. If done properly, the demand of product will be increased. Promotions can take the form of advertising, search engine optimization, social media marketing, trade fairs exhibition and so on.
  4. Place: The place as a marketing mix concerns variables such as location and transport facility where the distribution of goods and services take place.

Think of marketing mix as the set of marketing tools that an industry or company uses to drive or accomplish its marketing objectives in the target market