MARKETING PRINCIPLES



Marketing Principles and Business Practices



Marketing Principles and Business Practices

Introduction

Marketing is all about creating products fro satisfying customer needs and demands but some times it happens that marketers use wrong ways for making this thing possible. Marketers offer wrong products to customers for gaining their own benefit. Marketing also involves ethical practices and behaviours of marketers towards the customers.

Marketing a product involves various ethical issues which a marketer should have to consider while promoting his product. He has to consider ethical factors behind advertising campaigns and promotion strategies. A marketer should have to make a product for the interest of his customers and make sure that these products are satisfying customer needs.

It is also an ethical concern for a marketer to offer products according to marketing segmentation and demographics. It is also considered as unethical in marketing to offer the products which are not according to the segmentation or demographics basis.

Organizations should also have to engage in some Corporate Social Responsibilities which can benefits the society. Organizations should have to make proper plans for the implementation of CSR activities as these activities helps in building positive brand image and it also builds customer satisfaction. CSR has been practiced all over the world by good and reputable organizations of the world. They are also getting sustainable development by practicing ethical behaviours.

Consumer behaviour

Consumer behaviour is defined as the study of an individual, organizations or groups or their perceptions or behaviours towards making a purchase decision. It also includes beliefs, values, attitudes, perceptions and psychological factors of an individual.

Factors affecting consumer buying behaviour

There are various factors affecting the consumer buying behaviours. The consumers perceived different things from the societal norms and values about a particular product which also influence the buying behaviour of the consumer. Consumers consider various factors while making purchase decision. The four major factors which are affecting consumer behaviour are:

Cultural Factors

Cultural factors include an individual's culture, sub culture, norms, customs and traditions. An individual always buys only those products which are acceptable in his culture. They always buy those products which are acceptable in their society.

Psychological Factors

These factors include only those factors which are according to an individual's needs or wants. An individual made his purchase behaviour based on his perception, attitudes, beliefs and learning.

Social Factors

An individual make his purchase decision based on his aspiration groups, family, roles, status, reference groups and member groups. Individual's make this decision by getting influence from outside people.

Personal Factors

These include variables which an individual considers regarding his demographics, age, occupation, preferences, economic situations and personality.

Organizational behaviour and Ethics

It defined as a study of how individuals and groups behave in an organizational context. It is a process of examining the individuals and group performances in an organization. There are some codes of conducts in every organization which allow them to behave ethically in the organization. These rules also set some guide lines for the individual which they have to follow in the organization.

Ethics of marketing

It is mandatory for marketers to make final decisions ...