It’s a complex set of activities and strategies that influences where we live, what we wear, how we conduct business, and how we spend our time and money. Marketing is more than just banner ads, television commercials, and people standing on roadsides dressed up like the Statue of Liberty during tax time. An Introduction to the Principles of ManagementĮducation Encyclopedia - StateUniversity.What you’ll learn to do: define marketing.Incorrect branding is a key reason why products fail to win over consumers. For example, a luxury, high-end product should have branding which gives a luxury, high-end impression. The brand should convey the identity of the product and should be something that consumers can relate to. This should be reflected through its logos, descriptions, advertising and so on. It is important that a particular product has a coherent brand identity. These factors make branding an essential part of the principles of marketing. Consumers tend to identify with products based on their branding and many consumers stay loyal to their favored brand. Principles of Marketing – Brandingīranding a product in a certain way is essential for its success. Some products target a specific, or niche market, while others may target multiple markets. Without a clear target consumer in mind it will be difficult to decide upon the correct marketing strategy to implement. It is essential that a company bringing a product or service to market is aware of who they believe the target market to be. Principles of Marketing – Targeting Particular Consumers For example, if the product is a toy, it should be available to consumers in toy stores, as this is where people expect to find toys. Considerations relating to place include whether a particular product should be sold in all markets or is more suitable for a particular region or nation, the choice of retailers for a certain product, and so on. Place – This refers to the method of distribution for a product, or the place where consumers will be able to purchase it.Examples of promotional methods include television commercials, radio commercials, internet advertising, introductory prices, PR events and so forth. Different target markets are likely to respond to different types of promotion and this should be kept in mind when designing a promotional campaign. The promotion should be one which shows the product in its best light and also reaches the consumer. Promotion – This refers to the methods a company uses to make consumers aware of and attracted to a particular product or service.
Price is dependent upon the cost of product production, the desired level of profit, and also the price of competing products.
The product should be designed according to consumer need and desire. Without a product, there is nothing to market! The product should aim to fill a gap in the market in some way or fulfill some type of consumer need.
What is principles of marketing free#
This is essential for companies operating in the free market as success depends upon identifying and retaining customers in order to remain profitable and ensure business growth.
What is principles of marketing how to#
Knowing who uses a given product or service is essential to determining what that consumer wants and how to get it to them. First, a target consumer of a particular product or service must be identified. The principles of marketing follow a logical sequence. Marketing is the aspect of business which is most consumer focused as all of the principles of marketing relate directly to the consumer. Marketing is the process by which producers of goods and services aim to find out where a demand exists for certain services and products and then find solutions to those needs as well as the way to make consumers aware of the solutions.