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Learning the basics of marketing is all about critical thinking and the willingness to try new things in order to make your company grow.įor this article, we’ve compiled a few key marketing concepts that we feel are best for business owners with zero marketing knowledge. No, it’s not going to be simple nor easy, but it’s not going to complex and impossible either. All it takes is learning the basics, applying certain concepts, and doing further reading on your own.
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Right off the bat let me put you at ease: no, you don’t need a fancy MBA (although it wouldn’t hurt) or tens of thousands of dollars to invest just so you can have a basic understanding of marketing. So how can companies avoid being taken for a ride? Simple: learn about marketing. Unfortunately, some companies even fall prey to unscrupulous marketers who convince them on going on expensive marketing campaigns that either end up not being effective or being down-right damaging to the company itself. This is another problem that some small-to-medium businesses encounter when it comes to marketing: they’re inundated with all these different types of marketing, some of which might not even be the right kind for their brand. Of course, all that happens IF you do marketing right. Marketing isn’t just about letting people know about your existence it’s about giving them an image of what your company stands for, how your brand adds value to your customers lives, and what you are doing to improve the quality of life of your community. One of the underlying problems some small businesses have about marketing is their perception of marketing as this pseudo-mystical, jargon-filled discipline that’s designed to fool people. Marketing is an essential part of any business, and ignoring it, or not spending enough effort on it, could spell disaster in the long run. While word-of-mouth is an effective way to let people know how great your brand is, it’s simply not enough. The arrangement that directs marketing functions such as authority, responsibility, and tasks to be done.ĭefining organization mission, Establishing strategic business units, setting marketing objectives, performing situational analysis, developing marketing strategy, implementing tactical plans, monitoring results.For small-to-medium-enterprises, marketing is one of those things that come as an afterthought, with many businesses relying too much on word-of-mouth and other passive types of marketing to get the word out on their brand. Unique features that cause people to support that firm and not others. Selection of target market, marketing objectives, the marketing organization, the marketing mix, and assessment of the marketing plan.īroad demographic, societal, economic, political, technological, and other factors that an organization makes.Įncompasses the forces close to an organization that have a direct impact on its ability to serve customers, including distributions intermediaries, competitors, consumer markets, and the capabilities of the organization itself.ĭividing market into clear subsets of customers who are similar Line of business, overall objectives, role of marketing, role of other business functions, and corporate culture.
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The degree to which a match exists between a customers expectations of a good or service, including customer service.Įxists when marketing activities are performed with the conscious intention of developing and managing long-term, trusting relationships with customersĬontrollable, uncontrollable, organizations level of success or failure, feedback, adaptionĬonsumers, competition, suppliers and distributors, Government, Economy, Technology, Independent Media The goal is to make consumer desires fit the features of the products offered. Involves hiring a sales force and sometimes advertising to sell inventory, after production is maximized. Consumer research, product modifications, and adapting to consumer needs are not needed. The process by which consumers and publics give money, a promise to pay, or support for the offering of a firm, institution, person, place, or idea.ĭevotion to physical distribution of products due to high demand and low competition. Company efforts are well integrated and regularly reviewed. The marketing department is the equal of others in the company. Recognition of the central role of marketing.
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The anticipation, management, and satisfaction of demand through the exchange process. Set of controllable, tactical marketing tools that work together to achieve company's objectivesĬonvenience, Cost to the Consumer, Communication and Consumer Needs and WantsĪ consumer oriented, market driven, value based, integrated, goal oriented philosophy for a firm, institution, or person.