Principles of Marketing

2147 WordsMay 12, 20119 Pages
Principles Of Marketing Gregory Williams Principles Of Marketing BUS 330 Kristin Brocklesby 28 Sep 2009 The subject of my final paper is Principles of Marketing. I will cover the following topics: Definition of Marketing; The Marketing Process; An Understanding of the Marketplace; Marketing Strategies; and Marketing Ethics and Social Responsibilities. Marketing defined is the process by which companies create value for customers and build upon that value by forging strong relationships with the customers (Clark, 2007). Marketing involves more than just selling and advertising, but also involves understanding customer needs and developing products and services to satisfy those needs (Clark, 2007). It consists of those efforts which…show more content…
. The key questions ask by sales professionals were can we sell the product? Can sell enough of the product? Marketing – This concept states achieving organizational goals depends on knowing the need and wants of target markets and delivering the desired satisfactions better than competitors do (Blackwell, 2009). Customer focus and value are the paths to sales and profits under this concept (Kotler & Armstrong, 2008). Societal Marketing Concept – This concept questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare (Kotler & Armstrong, 2008). Once a strategy has been decided upon marketer must prepare an integrated marketing plan and program deliver the intended value to customers. To do this marketer develops a set of marketing tools to implement their strategy. These tools are classified into broad groups called the four Ps of marketing: product, price, place, and promotion (Kotler & Armstrong, 2008). Once the first three steps in the marketing process have been implemented, marketers begin building customer relationships. This process is by far the most important step in the marketing process. This concept involves managing detailed information about individual customers and carefully managing this information in order to maximize customer loyalty (Kotler & Armstrong, 2008). The final step in the marketing process

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