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Principles of Marketing

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Principles of Marketing

Customer satisfaction is a priority for most brands. Companies go the extra mile to assure

customers are convinced that the purchase of their product will satisfy their needs. In the recent

past, I acquired a new laptop from a company that marketed its products with an assurance of

follow-up even after purchase. The company promised that a technician would be available in

case of any problems. All it took was a call and the response would not take longer than a day.

However, after purchase, I noticed the laptop had several technical problems. It had

lagging issues and the battery got depleted too fast. So, I made the call requesting technical

support using the number provided to me during purchase. the technician on the other end

promised to look into the issue but after a week, I realized the technician had no intentions of

helping me. Calls to the number proved futile. The dealer also refused to replace the laptop when

I tried returning it. Considering all the promotion tactics used to market their devices, I was

disappointed by the way the matter was handled.

Difference between marketing strategy and marketing mix

Marketing strategy is defined as how a company is set for it to generate sales and ensure

its brands remain competitive in the market (Lamb, 2020). It looks at the bigger picture to

provide products or services that are profitable while keeping in mind that competitors are also

trying to lure their customers with their products or service. The company, therefore, has to

consider the competitors’ prices and quality so that they can decide as to how they will ensure

that the customer chooses to get the products or services they are providing from them.

On the other hand, marketing mix can be termed as the controllable tools that can be

utilized by a company to influence the wanted response from the target market (Lamb, 2020).
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These are the actions a company can employ to solicit demand for their products or services. The

marketing mix is composed of four main modules commonly referred to as the 4Ps (Kotler, n.d.).

These are price, product, place, and promotion. The price refers to the amount paid by customers

to acquire the product or service. Products are the goods or services provided by the company.

Place, also described as distribution, are the activities availing the product to consumers.

Promotion describes the activities used to inform the customer of the product’s benefits and

specifications.

Therefore, the marketing mix is co-dependent on the marketing strategy as its

components are utilized in the marketing strategy for the business to be successful (Lamb, 2020).

For instance, the decision as to whether an air conditioner company should offer higher quality

air conditioners at higher prices or stick to the same quality products but offer lower prices can

be decided by looking at the marketing strategy. The marketing mix comes in when the company

deems it wise to produce more of its products and sell them during the winter season when most

customers need to keep warm.

Social and ethical issues a company should consider when entering a foreign market

When a company decides to venture into new markets, there are several social and ethical

issues the company encounters that need to be considered. An example of such is consideration

of the working conditions (Sroka & Szántó, 2018). The working conditions vary from country to

country and market to market. In some places, people work for longer hours and in hazardous

conditions as compared to others. The Occupational Safety and Health Administration created in

1970 sets standards to guide workplace conditions (Sroka & Szántó, 2018). It seeks to reduce

workplace injuries and improve working conditions. A company entering a new market is faced

with the question of whether to implement these or accept the existing conditions of the market.
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Another issue faced is that of equal opportunities regardless of diversity. The company

should allow equal opportunities when it comes to hiring or promotions. In some places, certain

jobs in certain fields are offered based on factors like gender (Sroka & Szántó, 2018). A

company is faced with the moral choice of whether to follow these stereotypes or allow equal

opportunities for all people seeking jobs and promotions.

Moreover, the cultural and social norms of different markets vary. Barriers like language

are often faced in new markets. Even the use of translators may sometimes lead to

miscommunication and misinterpretation of the intended message (Sroka & Szántó, 2018). A

company has to be keen to understand the differences in culture before entering a new market.

Respect should be accorded to people’s beliefs and social behavior.

In addition to these, the issue of bribery and corruption also faces companies in new

markets. A company may be tempted to use bribery as a way of growing fast and gaining favors

(Sroka & Szántó, 2018). An example is the bribing of authorities to allow the company

loopholes. Some markets have adopted this behavior as normal. A company entering such a

market could either adopt this tendency or take the high road and do things by the book.

In conclusion, companies have to consider a variety of issues before commencing their

business. This not only includes coming up with a working strategy to ensure they are profitable

but also considering the ethics that should be followed to ensure the business is acceptable to the

market. These practices could be the deciding factor as to whether a company succeeds or fails.
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References

Kotler, P. (n.d.). Principles of Marketing.

Lamb, C. W. (2020). MKTG Principles of Marketing.

Sroka, W., & Szántó, R. (2018). Corporate Social Responsibility and Business Ethics in

Controversial Sectors: Analysis of Research Results. Journal of Entrepreneurship,

Management and Innovation, 14(3), 111–126. https://doi.org/10.7341/20181435