For those unfamiliar with Marketing Principles, it is a series of books and articles written by Robert C. Morrison, which covers various marketing theories. Marketing Principles 2.0 is an updated version of the first version of this book. It focuses on the need for more effective marketing strategies. The book covers aspects such as competitive marketing, alternative marketing, creative marketing, advertising theories, branding, and customer needs and wants.
This is not a book that defines every marketing principle you can come up with, but it should get you pointed in the right direction. The key concepts it contains are: Competition and Licensing, Branding and Promotion, Customer Needs and Wants, Branding Elements, Customer Support and Loyalty, Sales Techniques, Advertising and Branding, SalesPerson Skills, and Selling Techniques. These are just some of the many topics covered in Marketing Principles.
This is a basic summary of the content in the book, and a quick overview of the key marketing principles covered in it. Although these concepts and ideas were discussed at length throughout the text, it is safe to say that this review will not discuss every idea in full detail. As such, it is safe to assume that the reader already has a good understanding of the concepts described above.
Marketing tactics include:
The first concept introduced in Marketing Principles 2.0 is competition. This is based off of Robert C. Morrison’s famous “arms race” phrase from his book Back to the Future II. According to this principle, a marketer must ensure that their product or service is not out competing with similar products or services in the market. However, there is a way to ensure that you aren’t actually “outcompeting” in the eyes of the law – a designated marketing principle known as Non-Competition. The concept is explained thus:
In order to avoid the law of competition, a marketer needs to do market research in order to identify what types of products or services are not competing with each other.
Non-competitor marketing principles state that a marketer cannot legally serve two consumers in the same manner. Additionally, the marketing principle also states that if a marketer serves more consumers than competitors, they are not obligated to compete against that business in order to do so. The idea behind this particular marketing principle is to ensure that consumers have options to choose between, and that no business is forced to choose between its customers.
One of the most heavily weighted marketing principles is that a company must build its brand.
Brand building is defined as creating and maintaining a positive perception and reputation in order to encourage repeat sales. The foundation of brand building is a basic understanding of customer experience, identifying the four basic principles of customer experience, and then crafting a campaign that encourages those principles while addressing potential drawbacks.
One of the most important marketing principles is the discussion question rule.
This rule states that any marketing communication will only contain one or two discussion questions. A marketing communication’s goal is to encourage customer loyalty, participation and repeat purchases. Therefore, the discussion questions in every marketing communication will target these key factors.As a result of understanding these marketing principles, you will be able to develop a marketing strategy that satisfies the demands of your market. You will also understand your product life cycle, and know when a marketing strategy is not effectively communicating the benefits of your product. By addressing potential problems in advance, you will be able to eliminate the majority of marketing problems. Finally, having a marketing strategy that has the support of your team, your executive leadership and your entire team members, will provide you with the foundation for long term success.