Principles of Marketing by Philip KotlerFirstly I learned about Market.For understanding market you have to know about the environment of market, Business to Business marketing, how to search for new market or accumulate more information about the current market.
Secondly I learned that Marketing has three different strategy named:Relationship marketing,Segmentation and Positioning and Competitive strategy.
And finally I learned about the dominant ideas of the modern marketing consist of Price,Product,Promotion and Place. These four elements named 4Ps and usually known as Marketing Mix.
Basic Principles of Marketing
And if even one element is off the mark, a promising product or service can fail completely and end up costing the company substantially. The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. But the 4Ps serve as a great place to start planning for the product or even to evaluate an existing product offering. The product is either a tangible good or an intangible service that is seem to meet a specific customer need or demand. All products follow a logical product life cycle and it is vital for marketers to understand and plan for the various stages and their unique challenges. It is key to understand those problems that the product is attempting to solve.
Life for marketers used to be simpler. Marketing was never easy, but technology has made it a whole lot tougher. What used to be a matter of identifying needs and communicating benefits now requires us to build immersive experiences that engage consumers. Here are 4 principles to guide you:. Therefore, how you define your intent will have a profound impact on whether you succeed or fail. Some brands are not widely known, others are have trouble converting awareness to sales and still others need to encourage consumer advocacy.
Marketing principles or principles of marketing are agreed-upon marketing ideas companies use for an effective marketing strategy. They are the principles upon which we build product promotion strategies. We can use the marketing principles for the effective promotion of either goods or services. Some companies may follow the 4Ps Strategy or 4P Strategy. Some people refer to it as the 4P Marketing Matrix.
This part 1 article aims to explain some of the key concepts and fundamentals that act as the basic framework for grasping an understanding of.
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HA- Company Orientations to the Marketplace. What philosophy should guide a company marketing and selling efforts? What relative weights should be given to the interests of the organization, the customers, and society? Five orientations philosophical concepts to the marketplace have guided and continue to guide organizational activities:. The Five Concepts Described.
Businesses of all sizes in all industries need to market their products and services to their target audience. There are many basic principles of marketing, but five of the most important are understanding the problems of your consumer, learning about your ideal market, demonstrating the value of your product or service, generating leads and building relationships. In order to market effectively, a business needs to focus on the four essential areas of product, price, place and promotion, which are also known as the marketing mix. By controlling these aspects, organizations can satisfy the needs of their customers, which helps them to increase sales and revenue. One of the fundamental principles of marketing involves understanding the problems of your consumer. What is the issue that your customers are trying to solve, and how does your product or service attempt to solve that problem better than your competitors?
Sometimes the exchange is very one-sided, with one party exercising most of the power and the other only in a position to react. In some cases, deception and lying permeate the exchange. Other exchanges are more equitable, with each party receiving about the same value as the other. With the emergence of the Internet and e-commerce, the nature of the exchange has changed dramatically for many businesses and customers. Today, people have access to far more and far better information than they did previously. They also have many more choices. To remain competitive, businesses must match or exceed the practices of competitors that are quick, smart, and open twenty-four hours a day.