The 4 basic marketing principles are product, price, place and promotion.
Product
Product is one of the most crucial principles of marketing. The product can either be a service you provide or goods. If you want to sell a product that is going to be profitable then you need to do thorough research and understand your customer and what is likely to appeal to them. You need to consider the quality of your product, how safe the product is, and what its selling point is.
Price
This needs thorough market research, known as market-orientated pricing. It is important to understand what your customers are willing to pay and the price of the same type of product offered by your competitors. You will need to determine the market value before setting your price.
Place
This is where your products or services are available to the customer, whether this is a shop or an online website, or both. You will need to think about what is convenient for your customers in terms of location and how to connect your potential customers to your location. As more people use the internet to source products and services, a digital presence can make a huge difference to your success.
This involves raising awareness about your company, brand, products or services offered. You should be giving information about your products and reasons to use them. It involves communicating with your target audience and making your product appeal to them. Effectively promoting your product or services is crucial for the success of any business.