Marketing is the process, framework, and set of systems for generating, communicating, delivering and sharing goods that have both technical and social value to buyers, users, clients, and the public at large. Acknowledged by The Organization for Competitive Application (OCCA), there are four marketing principles. They include the following: competitive advantage, financial returns, multiple benefits, and positive impacts on the environment. In marketing studies, these four marketing principles are considered essential for a marketing strategy.
Breaking Down The Main Marketing Principles
Among the marketing principles, the most important one is the competitive advantage, which is defined as the ability to create and deliver quality goods and services within a price range that is economically feasible for all. The second most important principle is financial returns. This principle states that the returns from marketing activities should exceed the costs from marketing. Financial returns, also known as cost-return, allow marketers to quantify and forecast profitability.
Another marketing concept is the product concept. This marketing concept is an economic system of distributing and marketing goods and services based on the customer needs. For example, in food retailing, the marketing concept will state that the best selling products will be those that satisfy customer needs such as clean, fresh, durable, tasty, convenient, fast, and affordable. In this marketing concept, a good product idea is always relevant, because it satisfies a need in people’s lives.
The third marketing concept is financial returns. This marketing concept involves marketing to customers to achieve a return on investment (ROI). ROI is the excess or surplus money obtained from a sale more than the cost of production or marketing. Return on investment is a monetary amount obtained for the marketing effort after the expenses have been deducted. In marketing, marketers should make sure that they sell products that can generate profit, thus, meet the customer needs and requirements, in order to attain financial ROI.
Some Other Things That Need To Be Taken Into Consideration
The Marketing Strategies used by marketers is guided by these four principles. However, marketers must constantly improve their knowledge and skills to continuously devise new ways of marketing to meet the demands of customers. These four marketing principles have been formulated because each person’s wants and needs differ from another person. Marketers therefore, must continuously evaluate the current needs and wants of their target market and design strategies to target customers efficiently.
Marketing using keywords is now an integral part of any marketing strategy. Keyword marketing is a technique that uses keywords, or words linked to your company and product, to help others in searching for information related to your product and company. When people search for keywords related to your product, your website pops up in the top of the list. This is because of the fact that when people type in a keyword or word, you are placed at the top of the list.