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Principles of Marketing - Book Report/Review Example

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This paper focuses upon theoretical review of marketing. Kotler & Armstrong define marketing as a fundamental management function whose key mandate is to determine the product for a particular product or service. The definition implies that marketing is a vital function…
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Download file to see previous pages In doing this, the marketers must investigate the nature of the market thereby introducing a product that has value in the market and would, therefore, claim a share of its own in the market.
Marketers use various effective marketing tools and strategies in achieving profitability and longevity for their products and services. Key among such tools is the marketing mix. The marketing mix provides marketers with four vital elements they must consider when positioning a new product. The four are the product, promotion, price, and place. The four factors influence the profitability of a product and are therefore vital in marketing a product. Launching a new product is more difficult and therefore requires the marketers to employ such strategies systematically and with both caution and information about the market thereby ensuring that every activity enhances the profitability of either the product or service. STP is yet another marketing tool that enhances the launch and creation of a successful brand. It refers to segmentation, targeting and positioning. Such are vital marketing endeavors whose success contributes to the success of the product.
Promotion refers to the process of raising market awareness on the existence of either a product or service. A product requires adequate visibility in a particular target market. This way, the target market recognizes the product or service thus purchasing it from the stores. Advertising is the surest way of enhancing the awareness of a particular product in a particular market. Marketers use various media to advertise their products. Such media include the traditional media and the new media. The traditional media consists of the television, radio, newspapers, and magazines among many others while the new media consists of the internet and its inherent features such as the social media and websites among others. ...Download file to see next pagesRead More
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