A few foundational principles of marketing are to have the right product, the right price, the right place, the right time and the right promotion. Marketers should also keep a calendar to organize their current and future marketing ventures, and should focus on succeeding in a specific field.
Consumer needs and wants are a good way to determine product type. Factors to consider include the name of the product, packaging type and usage. The producers or sellers should also consider whether the business can make profits from the product. Choosing the right price for a product means balancing between what consumers are willing to pay and what the company needs to make a profit. Cost-plus pricing and value-based pricing are two options for sellers.
Location factors highly in marketing success. The best location is where the product best matches consumer demands. Ease of use and reliability are other factors that affect sales. As of 2015, the prevalence of the online marketplace means that businesses that focus on online marketing can reach larger numbers of consumers. Time also affects product success, as temporal events may cause scarcity of certain products or higher demand.
Promotion involves knowing the target consumers and their needs, and tailoring product promotion based on those needs.