Marketin Principles

According to Hill & Jones (2008), a business is said to enjoy competitive advantage when that business is able to generate a superior profitability than the average industry profitability and profit growth of the other companies in the same industry competing for the same set of customers. In simpler terms, a company is said to have competitive advantage when it enjoys greater profitability in comparison to its competitors. A company is able to generate such competitive advantage through developing its unique strengths and competencies, which the competitors in the market are unable to replicate. By focusing on these unique strengths and competencies, a company is able to significantly differentiate its offerings, or provide a significant cost benefit to

Competitive advantage exists when a firm has strategy, product or an attribute that makes the firm capable of delivering similar benefit to that of competitors at a cheaper cost. Having competitive advantage is not enough the company should be capable of sustaining that particular competitive advantage for a longer period of time.

Marketing Mix includes four basic marketing strategies which is called Product, Pricing, Promotions and Placement , The add on three marketing mix will be People , Process and Physical Evidence. They are combine and called the 7Ps which is under the elements of Service Marketing Mix. Working professionals or businesses use these fundamentals to communicate with and reach their planned target market. Marketers manage decisions about each of the 7P's base their decisions on the individuals they want to win board and make into customers. Marketers must first clearly identify each target market before they can build up marketing strategies.

It is the wish of every business to be able to achieve and maintain a competitive advantage. A competitive advantage can be considered to be an advantage, a condition or even a position that will make a firm to be able to operate efficiently and also be able to produce products or services that are of a higher quality than the previous ones or than the other competing firms. When a firm is able to achieve increased earnings as compared to the costs it incurred, then it can be said to have achieved a competitive advantage according to Michael Porter, a

As per Ian Ruskin Brown and Greg Clark “ Marketing mix is the term used explaining the different elements comprising the offer that the different companies makes to their customers”. (Brown and Clarke, 2000:44). E.Jerome McCarthy in early 1960s came up with the four Ps in the marketing mix. According to him these 4ps are “ Product, price, place and promotion”.( McCarthy and Shapiro 1975: 35). Refer Appendix I for the pictorial representation. But the view of Richard Sandhusen is that the four marketing mixes should be ‘price, product, promotion and distribution’ (Sadhusen, 2000:319). According to Steven Stralser ‘in order to create a marketing strategy and plan that touch all the areas of marketing to position a product, maximise revenue etc a few more components have to be considered which are, Marketing segmentation, Marketing Strategy, Marketing research , Pricing, placement and value chain.’(Stralser,

A Competitive Advantage is a peculiarity for an organization between it's competitors . It's achieved either by lowering prices or by greatening the value of the product or by offering luxury service and benefits to cope with high prices .

The marketing mix is a combination of 4 P’s (product, price, place and promotion) that should be used in conjunction with each other to ensure a competitive edge over other companies. ‘The marketing mix is designed to produce mutually satisfying exchanges with a target market’.

Competitive advantage is that a company has better ability in earning profit and profit growth compared to its competitors for the same group of customers in one industry.

Competitive advantage(CA) is an advantage competitors gain by providing or offering customers or consumers greater value for their money through product and service differentiation or through lower prices. Maintaining competitive advantage is crucial to many businesses or organizations' success in order to survive in the market. Competitive advantage is characterized by superior performance which could be an attribute to outperform the competitors whether current or potential; or gaining a higher market share in a particular industry thereby ensuring market leadership; or ultimately, maximization of profit.(JOBBER 2010)

Marketing mix can be describes as "the use and specification of the 4 Ps describing the strategic position of a product in the marketplace… A prominent person to take centre stage was E. Jerome McCarthy in 1960; he proposed a four-P classification which was popularized. (wikipedia.com)" The marketing mix approach to marketing is a model of creating and implementing market strategies. The marketing mix stresses the mixing of different factors in a way that both organizational and consumer or target markets objectives are attained. The 4 Ps of marketing are Product, Place, Promotion and Price. Each plays a key factor in the overall successful marketing of a product or service.

The four P’s of a marketing mix are as follows, product, price, place, and promotion. Each of these offers a marketing parameter for the management and company team to control. With each marketing tool there are decisions that should be met as far as the business is concerned. Therefore, there is a list for each one that should be analyzed to meet the business standards.

Marketing mix is also called 4P’s of marketing .It can also be used to find existing market strategy. 4P of marketing represents:

Competitive advantage refers to a situation that puts a company or an organization in a position that is more favourable compared to others in the business (McGrath, 2013). This circumstance where a business has competitive advantage makes customers view a business as better than others. However, before describing the competitive advantage in a business several determinants should be considered. The first is the benefit, here a business should be clear what benefits the services and products offered provide. These benefit should be something which the customers are in need of and the business, in turn, offers it in real value. A business owner should know the features of the products and also know in what ways the product in question is of benefit to the customer. This means that a business owner should be constantly aware of the trends that may affect the products, especially trends related to technology.

The competitive advantage is the favorable position an organization seeks in order to be more profitable than its competitors. Competitive advantage involves communicating a greater perceived value to a target market than its competitors can provide. This can be achieved through many avenues including offering a better-quality product or service, lowering prices and increasing marketing efforts. Sustainable competitive advantage refers to maintaining a favorable position over the long term, which can help boost a company's image in the marketplace, its valuation and its future earning potential. (Margaret Rouse, November 2012).

exists when the firm is able to deliver the same benefits as competitors but at a