MARKETING PRINCIPLES

Marketing Principles

Marketing Principles

Introduction

The main purpose of this paper is to analyze the different aspects of marketing. The paper is a discussion of different marketing theories and their application into the practical field. The first part of the paper is divided into the key principles and basic theories of marketing. On the other hand, the second part of this paper belongs to the case study in order to apply the marketing theories in practical examples.

Part 1:

Marketing and Its Elements

Marketing is the process through which individuals and organizations exchange their products and services in order to obtain their desired results. Marketing is an activity through which the individuals and organizations bring their products or services in the knowledge of the target customers and increase the awareness among people by enhancing the qualities of the product. There are different definitions of marketing by different authors.

According to Kotler and Armstrong, Marketing is the process for individuals and companies who help in the creation of values for customers and is helpful in building the strong customer relationships for the purpose of capturing the value from customers (Kotler, 2009, p. 89). Another definition of marketing has been proposed by The Chartered Institute of Marketing. According to the Chartered Institute of Marketing, marketing is that process of management which is helpful for the identification, anticipation and satisfaction of all the customer's requirements in order to gain the profit. As per the American Marketing Association, marketing is that activity which is used for the processes of delivering, creating, communication and exchanging the ideas which are valuable for customers, societies, partners and clients.

Thus, from the above definitions it can be concluded that there is a great role of marketing in the business. Marketing is the key activity which is helpful for the products to reach customers. This is the basic key used for enhancing the profitability of any company. There are different elements of marketing which are given below:

Product

Price

Place

Promotion

People

Product

The product is the actual good which is offered to the customers. The product is a combination of the physical attitudes, the attributes it possess, the main functions, the distinct features from the competitors and the benefits which are included in that good. Products are basically the goods which the organizations manufacture in order to reach it to the end-users. There are two categories of product i.e. the tangible and the intangible products. Tangible products are those products which can be seen, touched and felt. On the other hand, the intangible products cannot be seen and they are categorized as the services. In the marketing mix, the first step for the companies and the individuals is to determine a product or the service which they are going to offer to the end-users (Auken, 2002, p. 14). It is necessary for the companies that they should conduct a proper research of the customer's tastes and preferences and the products of competitors.

Price

Price is the amount which is paid by the buyer to the seller for any specific goods and ...