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Marketing Principles for Business - Essay Example

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This essay "Marketing Principles for Business" discusses the principles and practice in marketing management that would involve an aspect of enchantment that would make aspirations for a lot of thrust on augmentation of revenues…
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Marketing Principles for Business
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Download file to see previous pages Excessive production as well as many players leads to hyper-competition that ultimately leads to price wars. (Kotler, 2003).
According to Kotler, marketing is too often confused with selling. But marketing is not just selling, and the price is not the only factor for competition. According to Peter Drucker, the aim of marketing is to make selling superfluous. This essentially means that marketers do not have to do much of selling if they are able to identify unconvinced requirements of customers and satisfy them (Drucker 1990). The term marketing refers to orders specifying the designs of the product and its features. It also generates passing on production requirements and catering to the needs of the market by the involvement of planning, organizing, developing, controlling the marketing functions including advertising and brand building. (Brassington & Pettitt, 2006)

Administration, finance, human resource, etc are staff functions and a company can afford to outsource them. But, it can prosper only through its marketing offerings and line ideas. Companies have realized the requirement to provide good customer service. However, increasing competitive pressures have forced companies to reduce their costs, which have had a negative impact on the levels of customer services. However, companies have to realize that customers now have many options to choose from. If a customer is not satisfied with a company’s product or service, he or she can immediately switch to a competitor. This leads to not only the loss of sales but also the loss of customer lifetime value. The cost of losing a customer can be quantified as 95% and it will be very difficult to build up marketing efficiencies. It is also necessary to create value, customer loyalty, and satisfaction that would be more relevant and recommended for profitability as well as deriving economic value-added including opportunity value-added. ...Download file to see next pages Read More
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