One important caveat is that a marketing department is only as powerful as a company enables it to be. Meaning, the more a company prioritizes its marketing department, the higher probability of that company achieving meaningful results from the marketing department. If a company treats marketing like the social media and pretty picture department, what do you think that company gets from marketing?

That being said, some companies do not need much marketing or advertising. To name a few, brands like Rolls Royce, Krispy Kreme, and GoPro that have established market share and deep-rooted brand recognition. Going further on the example, think of the amount of knockoff GoPro cameras that exist — regardless, people who purchase them still refer to them as a GoPro…

Now, let’s circle back to first principles and what marketing departments should be doing👇🏽

First Principles of Marketing: The Four P’s

One of the first concepts that marketers are taught, mainly in university, is the framework of The Four P’s: Product, Price, Place, Promotion. Each of these represents the four main areas that fall under the responsibility and purview of the marketing department.

Do not overlook the order of the P’s. Notice that the last P is Promotion. Nowadays, looking at the marketers of our time, you would probably assume that the first or only P is Promotion. Now, this is not us saying that a product has to be perfect before you focus on promotion. However, a great product is going to beat an mediocre product every day, regardless if the marketing for the mediocre product is considered better.

Looking at each of the P’s in more detail…

Product -

What You Offer: The product is at the core of your marketing strategy. It includes the physical product or service you provide to meet the needs and desires of your target audience.

Quality and Features: Ensure your product meets or exceeds quality expectations and offers features that appeal to your customers. The marketing department plays a key role in understanding the wants and needs of the target audience. Product design should be informed by marketing.

Branding and Positioning: Develop a strong brand identity and position your product effectively to differentiate it from competitors. As marketers, this is our bread and butter. What do you want your audience, and the world, to think about your product? That is your brand. That is your position.

Price -

Most people do not realize that marketing is involved in pricing…

Pricing Strategy: Set the right price for your product, taking into account production costs, competition, and the perceived value of your offering. This could also be a learning from market research. What is your audience willing to pay? What value does it bring to their lives? If you have competitors, what do they charge? What is the quality of your product versus theirs?

Value Perception: Understand that the price you charge can influence how customers perceive the value of your product. A great example of this is Supreme… Supreme is a clothing and merchandise brand that takes basic items, puts the Supreme logo on them, jacks the price way up and drops its products on a very limited basis.

Place (Distribution) -

Where You Sell: Determine the distribution channels where you make your product or service available. This could be in physical stores, online, or both. Again, it is up to marketing to determine the optimal channels for distribution. Does it make sense to be in grocery stores? Would your audience be less or more receptive to buying online? Do you sell through social media, or just on your website?

Inventory Management: Manage inventory effectively to avoid overstock or stock outs. This is where sales projections from marketing have a big influence. How much do you think you will sell next month? How many units did you sell this time last year? Has demand been up or down?

Promotion -

Marketing and Communication: Develop campaigns to create awareness about your product. Integrating campaigns across channels is super valuable — social, email, website, search, newsletter, CRM, etc. Wherever your audience is most engaged and active, that is where you should be.

Messaging: Craft compelling and relevant messages that highlight the benefits and features of your product. Messaging could also be included in branding and positioning.