principles of marketing
The Principles of Marketing Marketing is essential to the success of any business. ... Therefore if a businesses marketing is to be successful it must be able to: Understand customer needs Understand and keep ahead of the competition Communicate effectively with its customers to satisfy customer expectations Co-ordinate its functions to achieve marketing aims Be aware of constraints on marketing activities. These five points can be referred to as the five main principles of marketing. These principles are essential for meeting actual and potential customers needs, and they also highlight the importance of developing and maintaining a relationship with the actual and potential customers and other stakeholders. ... Most marketing activities are therefore designed to meet the needs of groups of customers within a market. ... A market requires a process of exchange between buyers and sellers- the marketing mix. ... The first element in the marketing mix is the product. ... Marketing in any organisation must constantly seek to enable the organisation to manage the effects of change and competition- by coming up with new products, advertising promotions price alternations and special offers. ... Competition orientation, therefore sits alongside marketing orientation- they are the driving forces that constantly encourage firms to make sure their offerings provide more value for money than those of rivals. ... It will involve finding out as much as possible about competitors products and other elements of their marketing mix. ... The promotional mix comprises all the marketing and promotional communications methods used to achieve the promotional objectives. ... Examples of this would include: Advertising Direct Mail Public Relations Sales promotions Sponsorship Product Presentation Direct Selling Non controllable communication consists of marketing messages that occur as a result of word of mouth, personal recommendation or a consumers overall perception of a particular product or service. ... 4 Co-ordinating marketing functions to achieve marketing aims Business strategy is concerned with the big decisions organisations make. ... Marketing strategy is concerned with identifying meeting the needs of customers so the organisation can meet their objectives. Marketing strategies are designed to distinguish exactly what customers want. Marketing strategies require detailed information to obtain information about: Customer requirements The right products to develop to meet customer needs How to position the product or service in relation to other products and services The right marketing mix Having established the marketing strategy, it is possible to decide on the tactics and tools to be used to make the strategy work.