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Marketing Principles - Assignment Example

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Marketing Principles

It is only when these principles are adhered to, will a business organization be well placed to experience the maximum benefits of marketing. There are four core principles of marketing that will be expounded in this paper. The marketing presumption is that in the absence of these marketing principles effective and complete marketing would essentially be impossible. The success of any business venture is significantly hinged on the comprehension and effective execution of these marketing principles. Main Body In context to marketing endeavours, business organizations would rather revert to conventional forms of advertising deals and marketing ideas. This is hinged on the assumption that since these ideas been proven to work since time immemorial. As such, these are safe strategies whose risk is as low as it can get. However, business organisations must exercise caution and restraint when implementing strategies that are not in line with common conventional strategies. If caution is not observed, the huge amounts of funds that are dedicated towards product marketing will be lost. The art of learning how to market effectively is one of the biggest hurdles for an upcoming business venture or launching a new product. The risk of encountering failure is more than real. As such, the following basic principles must be used to avert failure. ...
This is hinged on the rationale that it is important for buyers to understand what is being offered if significant sales are to be experienced (Barcharts, 2010). In respect, this is one of the most vital aspects of marketing. If the product that is being offered is not clearly understood, in terms of functions or benefits of the product or service, by the impending clients then they will simply pick up and move on from the product. As such, in an endeavour to avert such catastrophic eventualities, a few measures can be instituted. The measures are hinged on ensuring the public are in full comprehension of the respective products that are being offered. These measures can best be exemplified by including warranties, efficient customer service, adequate instructions, company name, and visual illustrations of how your product or service functions. Prior to the launch of the product into the market, there are a number of product decisions that have to be made. The first is deciding on brand name. This is an especially important process in an endeavour to maintain the uniqueness of the business organization. The chief risk is that the business venture will be successful, and then an imitator will come into the market with a similar name. In the event whereby the name assigned to the product or service was descriptive of some feature of the product or service, it might be futile to prevent that particular name from getting into the market. The impact of this is far reaching; this is sourced from the fact that this imitation of the product or service name might grab a share of the market position which the business organization has already established. This is the rationale behind the adoption of invented names for unique products and services. A ...Show more

Summary

Principles of marketing Name Institution Introduction The prime business function of all business organizations is hinged on marketing. This rests on the assumption that organizations survive on a foundation of sales in the absence of which there would be no production or in essence any other form of managerial activity…
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