principles of marketing book

The principles of marketing follow from the essence of marketing.

                In the marketing literature, the interpretation of “marketing principles” is very different. Let’s consider several positions:

• focus on achieving the ultimate practical result of production and marketing activities;

• concentration of research, production and sales efforts in the overriding areas of marketing activities;

• the company’s focus is not on temporary, but on long-term results

• marketing work. This requires special attention to predictive research, development on the basis of their market novelty products, ensuring a highly profitable economic activity;

• application in the unity and interconnection of the strategy and tactics of active adaptation to the requirements of potential buyers with a simultaneously targeted impact on them.

• in-depth and comprehensive scientific and practical investigation of the market and economic conditions, as well as the company’s production and marketing capabilities;

• market share;

• flexible response of production and sales to the requirements of active and potential demand;

• innovation;

• schedule.               

                In our opinion, the most complete understanding of the principles of marketing is given in the work “Practical Marketing”:

                marketing research – research (comprehensive and in-depth); the context of the study of the economic situation and the company’s production and marketing capacities is also used;

                segmentation – market segment;

                adaptation – response to the requirements of active and potential demand;

                innovation – creation of a new product;

                planning – setting up various marketing programs, long, medium and short term planning of the company’s marketing activities;

                promotion – (literal translation: “promotion with support”);

                market management – “global”management, which determines the “main course of events” in the company’s operations;

                management of market – marketing management, mainly understood as a solution for short-term tasks to achieve the desired sales levels in different markets (such as what to sell, who to sell to, why it should be sold, where and how to sell it, when it all must be sold) and how to manage all these movements of goods and services). These principles were distinguished according to the criterion: first conduct specific empirical consumer research and then start production itself on the basis of marketing. Moreover, in identifying the marketing principles, the criterion was used to analyze the logic of the market activity of many Western companies.

Let’s take a closer look at the marketing principles mentioned to at least briefly outline the limits of their application.

                The first principle of marketing is “market research” or marketing research. This principle is understood as the work of a professional (requiring a sufficiently high qualification) in studying and analyzing market conditions, and also includes the actual marketing research of commodities and other similar markets. The definition shows that marketing research comprises two components: “business cycle” and “proprietary marketing research”, also referred to as “comprehensive market analysis”.

In general, market research is related to the study of demand, supply and prices for individual market segments, in relation to the capacity and volume of segments of interest to the business, elasticity of demand and elasticity of supply, competitive conditions, etc. ., And, as a rule, also in three time intervals – strategic, tactical and operational.

                Note that in practice good (qualitative) market research is a fairly expensive activity and more of an economic than a marketing activity. Market research is thus the study of the reasons for fluctuations in supply and demand for particular market segments, which are designed to develop forecasts for the long-term development of market segments. But as a rule, the actual market research acts as a kind of ‘background’ for the actual marketing research of the market.

                Let’s move on to consider the second part of the principle of marketing research – a comprehensive analysis of the market that is not related to pure market research. The second part of marketing research (comprehensive market analysis) includes the following variables:

• study of demand (as well as demand volumes);

• study of the product (in comparison to competitors);

• market research (by development trends) and determination of the market structure;

• study of buyers (by strata and segments);

• study of competitors and competitive conditions;

• analysis of shapes and marketing methods;

• study of the legal aspects of trade in this market.

                The second marketing principle is segmentation.

                Market segmentation is one of the most important features of marketing theory and practice. A market segment is a part of the market, a group of consumers, a group of goods, a group of companies, etc. groups that have certain common characteristics.

                Segmentation achieves the following goals:

• strengthening competitive advantages;

• avoiding competition, if necessary, by moving to an undeveloped market segment;

• identifying the requests of clearly defined consumer groups and, moreover, strictly “linking” the scientific and technical policies of the company to these requests;

• increase the competitiveness of both the product (service) and the manufacturer itself;

• enhancing overall competitive advantages;

• orientation of all marketing work towards specific customer segments;

• “growth” of new segments based on studying and forecasting future requirements for new goods (services);

                The ultimate meaning of competent segmentation is to create such a product (such a service), that (what) has its own differences and that (that) is aimed at a particular market segment.

The third marketing principle is adaptation.

                Customization is a flexible response from production to the requirements of active and potential demand.

                The adaptation principle of marketing assumes the mobility of the company’s production and sales management, depending on changing market requirements and specific customer-consumer requests, needs and requirements, elasticity of demand, elasticity of supply, both in price and in other important marketing terms. The adaptation market principle requires that production be directed to the specifics of customer-consumer demand and requirements, i.e. the improvement of the entire work of the company in relation to innovative processes and organizational structure in the context of flexible implementation according to environmental factors, active improvement of industrial equipment, transfer of technology to flexible production lines, transition to active forms of innovation.

                The fourth marketing principle is innovation.

                In marketing, innovation means improving, modifying, and updating goods and services, creating new goods and services, creating new technologies, developing new directions, as well as all innovations in the system, advertising and other marketing activities of the company. Innovation as part of marketing activities also implies the incorporation of new forms of product (service) access to new (and old) markets, the introduction of novelty and sales promotion in advertising, the identification of fundamentally new channels in the distribution of goods, the formation of new organizational development services for the company, enabling new markets to be conquered …

                The fifth marketing principle is planning.

                In marketing, planning (planning) refers to the construction of value-added programs and long, medium, short, and operational programs in the field of the company’s market activities. These programs are generally based on the complex development of market and business cycle forecasts, scientific and technological revolution development forecasts, analysis of the growth of particular market segments, etc. Marketing planning must be such that it is “closely related” to the market and its “addition and logical continuation” is.

                The fifth principle of marketing (planning) is based on the fact that it is implemented in the “marketing program”. In developing (creating) marketing programs, the company’s long-term planning incorporates fairly realistic specific strategies and other various regulatory measures aimed at implementing the complex of long, medium, and short-term and operational objectives set for the company.

                The sixth principle is promotion. This is the promotion of goods and services; any form of communication used by a company for information, belief or reminder of its goods, services, company, trademark, etc.

                The seventh principle is marketing management.

                Marketing management includes two concepts: “market management”, “market management”. In general, the phrase “market management” can be translated as “global marketing management”. The phrase “market management” can be translated as “direct marketing management”.

                Hence, the peculiarities of the differences between the principles of “market management” and “market management” become more apparent. If “market management” – in a conceptual sense primarily focuses on strategic marketing, then the principle of “market management” – is on tactical or operational marketing.

                Marketing management in the context of “market management” is the solution of global problems to achieve the desired sales levels in the target markets. “Market management” marketing management is an operational activity designed to establish, enhance and maintain favorable exchanges with target customers in order to achieve the immediate objectives of the company.

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