Principles of Marketing

This assignment is all about learning from Principles of Marketing course. At the starting of the course, we learn about market and marketing. One important factor is how marketing is related with the economic condition of a country. Then we learn about human need, want and demand. Marketing is not an easy tusk to do. So we have to follow some strategies. We also learn how BCG approach is used for analyzing the market and decision making process. Moreover, environment and consumer buying behavior is also an important issue for successful marketing process and how to cope up with future marketing challenges. Now we will discuss about Principles of Marketing learning throughout the course.
What is Market and Marketing
Market is an area or arena in which commercial dealings are conducted. So a place of production and a place of consumption is defined by market. Market is mostly consumer focused. Marketing consists of all the activities of individuals and organizations designed to identify, anticipate, and mutually satisfy the needs of all parties involved in the exchange. Simply, marketing is the process by which companies create values for customer and build strong customer relationship in order to capture value from customer in return. Marketing more than other business function deals with customers.
Relationship Between Economics and Marketing
Marketing is a part and parcel of economics. Due to running a successful marketing process we need to go through with the economic condition of a country. The economy has a direct impact on the way marketers push their products to consumers. For example, in the inflation price of product will be high, so marketer have to understand how to draw the attention of people to buy their product. On the other hand, if economic condition is good then purchasing power of people will increase. Standard of living will also increase which may influence the market demand for better quality product.
Need, Demand and Want
Needs wants and demands are a part of basic marketing principles. Though they are 3 simple worlds, they hold a very complex meaning behind them along with a huge differentiation factor. Human needs are the basic requirements and include food, clothing, shelter, education and health. Without these humans cannot survive. When human needs are shaped by their personality and culture it becomes want. If these wants are backed by the buying power, it will consider as demand.
Marketing Myopia
Marketing myopia is a misconception of marketer. Here marketer paying attention only on the produce. Marketers do not consider the customers view point. They could not understand customers need. These marketers may face trouble if any competitor comes with new product and services at less price.
Marketing Process
Marketing process is a process for creating and capturing customer value. It can have derived by a simple 5 step model.

In the first four steps, companies work to understand consumers, create customer value and build strong customer relationship. In the final step, companies reap the rewards of creating superior customer value. Some combination of products, services, information’s or experience offered to a market to satisfy a need or want, which is called market offering.
Marketing Concepts
The marketing concept is the strategy that firms implement to satisfy customer’s needs, increase sales, maximize profit and beat the competition. There are five marketing concepts that organizations adopt and execute. They are:

Production Concept
The idea of production concept – “Consumers will favor products that are available and highly affordable”. This concept is one of the oldest Marketing management orientations that guide sellers. Companies adopting this orientation run a major risk of focusing too narrowly on their own operations and losing sight of the real objective. Most times the production concept can lead to marketing myopia. Management focuses on improving production and distribution efficiency.

Product Concept
The product concept holds that the consumers will favor products that offer the most in quality, performance and innovative features. Here; under this concept, Marketing strategies are focused on making continuous product improvements. Product quality and improvement are important parts of marketing strategies, sometimes the only part. Targeting only on the company’s products could also lead to marketing myopia.
Selling Concept
The selling concept holds the idea- “consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort”. Here the management focuses on creating sales transactions rather than on building long-term, profitable customer relationships. In other words; The aim is to sell what the company makes rather than making what the market wants. Such aggressive selling program carries very high risks. In selling concept, the marketer assumes that customers will be coaxed into buying the product will like it, if they don’t like it, they will possibly forget their disappointment and buy it again later. This is usually very poor and costly assumption.
Marketing Concept
The marketing concept holds- “achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do”. Here marketing management takes a “customer first” approach. Under the marketing concept, customer focus and value are the routes to achieve sales and profits. The marketing concept is a customer-centered “sense and responds” philosophy. The job is not to find the right customers for your product but to find the right products for your customers.
Social Marketing Concept
Societal marketing concept questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare. The societal marketing concept holds “marketing strategy should deliver value to customers in a way that maintains or improves both the consumer’s and society’s well-being”. It calls for sustainable marketing, socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. The Societal Marketing Concept puts the Human welfare on top before profits and satisfying the wants. The global warming panic button is pushed and a revelation is required in the way we use our resources. So companies are slowly either fully or partially trying to implement the societal marketing concept.

Chapter 2
Strategic Planning
BCG Approach
Decision Regarding The BCG Approach
Marketing Mix {4P}
Market Control
Chapter 3
Marketing Environment
Elements of Microenvironment
Elements of Microenvironment
Chapter 4
Consumer behavior Model
Factors Effecting the Model

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