PRINCIPLES OF MARKETING:

MARKETING PRINCIPLES AND STRATEGIES

INTRODUCTION TO MARKETING PRINCIPLES

• refer to businesses' fundamental concepts and strategies

to promote their products or services.
• These principles are designed to help companies identify
their target audience, create effective marketing
campaigns, and build strong relationships with
customers.
 MARKETING PRINCIPLES

• Product development
• Pricing
• Promotion
• Distribution
 PRODUCT DEVELOPMENT

• Crucial aspect of marketing

• It involves creating new products or improving existing
ones to meet the needs and wants of consumers.
• Businesses must conduct market research to identify
consumer preferences and develop products that meet
those needs.
• Once a product has been developed, businesses must
use marketing strategies to promote it to potential
customers.
• This may involve advertising, social media marketing,
email marketing, or other forms of promotion. By
effectively promoting their products, businesses can
attract more customers and increase sales.
 PRICING STRATEGIES IN MARKETING

• Businesses must determine the right price for their products based on
factors such as production costs, competition, and consumer demand.
• Setting the right price can help businesses attract customers and maximize
profits.
• There are several pricing strategies that businesses can use, including cost-
plus pricing, value-based pricing, and penetration pricing.
• Each strategy has its own advantages and disadvantages, and businesses
must carefully consider their options before choosing a pricing strategy.
PROMOTION AND ADVERTISING IN MARKETING
• These strategies help businesses reach potential customers and build brand
awareness.
• Effective promotion and advertising can increase sales and revenue for
businesses.
• There are many different types of promotion and advertising, including
social media marketing, email marketing, print ads, television commercials,
and billboards.
• Each type of advertising has its own strengths and weaknesses, and
businesses must choose the right strategy based on their target audience
and marketing goals.
 DISTRIBUTION CHANNELS IN MARKETING
• Distribution channels are the methods that businesses use to get their
products to consumers.
• This may include direct sales, retail stores, online marketplaces, or
other methods of distribution. Choosing the right distribution channel
is crucial for businesses to reach their target audience effectively.
• Businesses must also consider factors such as shipping costs, inventory
management, and customer service when selecting a distribution
channel.
• By choosing the right distribution channel, businesses can ensure that
their products are available to customers when and where they want
them.
 BUILDING CUSTOMER RELATIONSHIPS IN
MARKETING
• Building strong relationships with customers is essential for businesses to
succeed in today's competitive marketplace.
• This involves listening to customer feedback, providing excellent customer
service, and creating a positive brand image.
• Businesses can also use loyalty programs, discounts, and other incentives to
encourage repeat business and build customer loyalty.
• By focusing on building strong relationships with their customers,
businesses can create a loyal customer base that will help them achieve
long-term success.