The Fundamentals of Marketing

If you’re a sports fan like I am and watch sports on tv, you’ve probably heard certain athletes being described as fundamentally sound.

For example, in the NFL, quarterback Peyton Manning is always described as being fundamentally sound. That means he displays proper footwork, and is always on balance when he throws the football. Those are two of the fundamentals of playing the position of quarterback.

And while most quarterbacks are undisciplined, Manning follows the same basic steps each and every time.

In fact, he’s mastered the basics. That leads to consistency, and that’s part of why Manning is a great quarterback.

In golf, Tiger Woods  is always described as being fundamentally sound. That means his follow-through on his golf swing is always the same, and when he putts the ball he always keeps his head perfectly still. Those are two of the fundamentals of playing golf.

Woods is spectacularly consistent, because he too has mastered the basics.

But what about marketing?

Are there such things as marketing fundamentals? Are there marketing basic?

In a word, yes.

They’re called the 4P’s of marketing:

1. Product
2. Price
3. Promotion
4. Place (distribution)

And despite the advent of the internet, those fundamentals really haven’t changed in all these years. For example you still need a product to sell. And unless you’re a non-profit entity, that product has to have a price.

In addition, you still have to promote that product. Now the one thing the internet has changed is how products are distributed. Because of digital products, you no longer need a physical place of distribution such as a warehouse.

People now have the ability to get certain products instantly, right over the internet.

However, if you want to be successful at marketing you have to master the basics. Or at the very least become very good at utilizing them.

That means acquiring the basic marketing skills, tools and techniques necessary to identify, evaluate and solve marketing problems.

It means understanding the various components that make up compelling marketing promotions.

It means creatively discovering ways to apply sound marketing principles in order to successfully compete in today’s topsy, turvy business environment.

In a nutshell, it means understanding the “whys” behind basic marketing principles.

So how do you do all of that?

Unfortunately, there’s only one way that I know of – through education. You have to educate yourself on sales and marketing techniques.

The good news is how you educate yourself is entirely up to you. You have many options available to you.

For example, some people are excellent self-learners. They teach themselves what they need to know by reading books, articles, newsletters, etc., and putting into practice what they read.

Others need to be taken by the hand. These people take college courses, attend seminars, hire mentors etc.

Whichever way you learn best, you can be certain of one thing:

If you don’t educate yourself on the fundamentals of marketing, you will not be successful.

Source by David Jackson

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