Marketing entails all the processes concerned with value and awareness creation on products and services through research, communication and delivery. This article briefly reviews how a business can handle various aspects of its marketing campaign based on these six marketing principles already established in the marketing field.
1. Understand the marketplace and customer needs and wants
In order to develop an understanding of the market and the needs and wants of consumers, the company needs to conduct a market research that will identify the consumers’ needs (created by states of deprivation) and wants (formed by societal perception) (Armstrong & Kotler, 2010). This can be done by asking consumers what they want or desire on certain aspects of specific services and products. Similarly, an analysis of what the market offers and to whom it offers in relation to this category of services and products could help in shading light on how the market is segmented. This kind of inquiry should be sufficient in creating some understanding about the market (Armstrong & Kotler, 2010).
2. Research customers and the marketplace
The Company’s research of the market could be assisted by already existent statistical data about the market. This could be sourced from previous consumer records within the company or other companies in the same industry. Similarly, market regulators in the industry keep records on sales and industry players, and these could assist in any market research. Where all this is not available, the company could start keeping consumer records that could assist in research. This is limiting because it relies on data generated from within the active clientele and players. Therefore, the company may have to venture out into the field and seek information from prospective clients too, in order to have a comprehensive view of the market (Armstrong & Kotler, 2010).
3. Manage marketing information and customer data
The managing of consumer data and market information can best be facilitated via current information communication technology. For example, point of sale (POS) terminals could be used to gather data from consumers including their purchases, personal information and contacts. This information could then be stored in an active customer database and applied in marketing research and inquiry (Armstrong & Kotler, 2010). Similarly, online sales platforms such as websites could be used to gather information on prospective clients that visit the sites of the company or those that make online purchases of services and goods. This data could also be stored and used in marketing endeavors (Armstrong & Kotler, 2010).
4. Harnessing marketing technology
The best bid in harnessing marketing technology can best be achieved through embracing the current marketing platforms such as World Wide Web and mobile telephony. These offer new marketing tools such SEO (search engine optimization) which increase traffic to companies’ sites and e-mail and text message marketing which are more direct in reaching the targeted market segment (Armstrong & Kotler, 2010).
5. Manage global markets
The management of global markets is a little complicated, but nevertheless within the reach due to globalization trends. The best way to manage marketing in the global arena would be through harnessing the power of ICT under the World Wide Web. This provides a marketing platform to push products as well as gather and disseminate information globally and thus enabling reach and efficiency in delivery (Armstrong & Kotler, 2010).
6. Ensure ethical social responsibility
Ethical social responsibility is mainly reached through increasing Corporate Social Responsibility (CSR) programs, through which the organization will not only ensure that it is offering services in an ethical framework, but also give a hand back to community because of the role it plays in the organization. Environmental care programs and charity are some of the potential options under CSR programs (Armstrong & Kotler, 2010).
Armstrong, M. G. and Kotler, P. (2010). Principles of Marketing, 13th edition. Upper Saddle River, NJ: Prentice Hall