Principles of Marketing is an excellent choice for a business course for undergraduate students because it teaches core concepts and formulas that will serve you well throughout your business education. However, what makes this text stand out is the application of those concepts and how they apply to real-world situations. In other words, if you don’t understand what the author is talking about when he says, “the principles of marketing” or “marketing principles,” you’ll have to do some work to find out what they are. Fortunately, with this book, the principles of marketing are easy to understand and apply.
The book starts out with an explanation of the marketing principle, “the cost of one successful effort outweighs the combined efforts of all future attempts.” What makes this marketing principle sound so simple is that it is not. In fact, most people think it means that you should spend whatever it takes to promote your product or service. The reality is that you only need to spend a fraction of your time and money to be successful.
“The principles of marketing” goes into detail describing the four principles that are at the core of the whole process of marketing. These include the concept of the sales process, the power of the logos and images, the power of the customer and the importance of the promotions. In essence, these four principles help to explain how a business operates. The author does an excellent job of explaining each principle and applying it to various situations.
The principles of marketing used in this text include a marketing matrix that shows how different promotional methods affect the potential customers in different areas of the market. It also includes the marketing formula, a formula for creating a successful promotion. Although most of the chapters focus on different aspects of marketing, the marketing matrix gives a clear picture of the benefits of each method. This allows the marketer to focus more on the important aspects of the promotion. Each chapter focuses on one area of the target market, which helps the marketer determine which promotional method will be most effective.
There are four components of the marketing principles that the author describes. First, the promotional mix determines which promotional approach will work best in the area of the target market. Next, the customer service component provides a framework by which to evaluate customer service methods and evaluate the effects that they have had on customer satisfaction. Last, the other three marketing principles are used to evaluate the effectiveness of the promotion. The focus of each chapter is on one of these important components to ensure that the entire promotion is effective.
A marketing plan is the foundation of any successful marketing campaign. This chapter focuses on the basic elements of a good marketing strategy. Each of the principles of marketing are applied to a unique situation and the author makes certain that each principle is tested throughout the life of the marketing plan to ensure its effectiveness. This chapter describes each principle and how it applies to a situation.
In the next few chapters the principles of marketing are applied to other areas of the business. They are examined not only to identify successful practices, but also for the purposes of identifying those practices that are not as well suited for the different situations. Finally, the principles of marketing are examined for their effect on the overall results. The book concludes by discussing how other marketing principles can be applied to the company.
Marketing principles provide invaluable aid in the determination of which promotional method is best for the company. This evaluation helps to reduce the number of missed opportunities, and consequently, will increase the amount of profit gained through the successful application of the different methods. It should also help the company to determine the best course of action for the future. This information can allow the company to plan ahead for new opportunities in the area of promotion. This knowledge helps the company to make sound decisions about the next phase of its marketing mix.