Marketing Principle are the principles which are used for the marketing business by different ideas and concepts which widen the process. In many business their use varieties of marketing principles in terms of optimizing the performance of the market to launch a product for the successful business. Marketing principle are the types of promotional strategies of the product in the market. Next PLC is a company is a British multinational clothing, footwear and home products. It opens new larger stores in different countries which also acquires young women's fashion brands with huge collections and styles. This company includes home, garden and fashion.
A. Marketing Principles of the business
Its the key word which is used to plan strategies to launch a product in the market. Marketing principles are the objectives of the company's efforts of marketing which develops a satisfying relationship with customers who benefits both the organisation and the customers. These are some of the efforts made by the organisation which serves a great role in the market society. Its a task which brings revenue and profits hopefully for the organisation which are responsible for the marketing. It is a type of mission to attract the customers by different logics. Marketing is a business area which mostly interacts with public which shows that how much the customers knows its product or the company. Next PLC is a big brand which provides great range in clothing. There are different ways to introduce the product in the market because the product is made for the use of the customer. This company can use a way of time utility by buying a product when the customer wants to buy. The store manager of the food store can store the certain amount of foods until the prime season they are brought in the market which makes the customers ensure about the food when ever they need or have desire to buy. Company should open the stores in such a place where there is crowd and it becomes convenient to the customer to visit the stores. The product should be of reasonable price so that the customer can easily buy the product from the market is process built a good relationship between the brand which means the organisation and customer. Promotions should be more attractive so that the customers are eager to buy the product after the launch and advice others to do the same, which makes the product selling high.
B. Four Marketing Principles
Marketing Principles is a term which is one of the most famous word used in marketing. Its a set of tools or the concepts which refers to the sets of actions to promote the products or the brand in the market. Marketing mix are the elements which are influence each other, which makes the plans for the company to handle it right. Marketing needs lots of research and understanding with different people. Its also generates optimum income for the organisation. There are four principles or elements followed by the organisation’s: Product-Product is the main player of the organisation which provides services to the customers. The products should be best in quality wise, in different colour and size so that every customer can choose the product accordingly. Its a item which is produced to satisfy the needs of the customers. Products may be goods or service which can be intangible or tangible which depends on the customers. Price- Its a rate or the value of the product to which its going to be purchased by the customer. It should be competitive and beneficial to make profit to the organisation this is called price. Its a rate basically a customer pays to buy the product. Its a important part of the marketing mix because it determines the profits of the organisation and its survival in the market between it competitors. Place- Its a area where the firm sells its product or provide services is called place. The place should be so accessible that the customers can easily visit the store and buy the products, which increases the potential buyers. Promotion- Its a method or the way to introduce the products to the customer in different ways. Promotion of a brand boost the sales of the product. To promote the product advertising is the most important step should be taken which helps the promotion of the product.
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C. Techniques used in marketing the product or services
Marketing technique is a plan or strategies made by the organisation before launching of the product in the market. Its a designed plan to meet the desires, requirements of the customers which is totally based on clear objectives. The plans should be made so effective that the customers needs are met. Its also a explosive way which the company uses to do cross promotion of the product according to the competition in the market . Advertising is one of the technique used in the marketing which makes the product appear good in the public. Its also done by the help of internet, the company can give the ads by the help of internet by which the customer can meet with the launching of the product which will increase the sale of the product. In the advance time print media is the one way to introduce the product by giving ads in the newspaper, magazines and social media because everyone reads newspaper and magazine through which the product ads can be read and the promotion is done in such a way. Public relation is also a technique through which the promotion is done much easy way by face to face. Low price strategies are also useful when the competition is too much in the market and when launching a new product which will increase the sale. Marketing is mainly used to understand the needs or the requirements of the customers whereas advertising is the part which is used to seek attention of the customer by promotions. Marketing's main aspects are product, price, promotion, people and place but advertising mainly focus on the products promotion. But both are similar because it is done for the product to launch in the market. Marketing in done for long time but advertising is done for a short period of time. Marketing's main aim is to produces more and more sale whereas advertising is to create awareness of the product in the market and for the customers. Marketing is done to create a brand image in the market to rise the sale of the product and advertising is to grab attention of the people towards the product. Basically the motive of both the terms are same in terms of the product.
D. The stages of new product development
Its is often referred as the new developing innovation process. Which includes: Generating means in the current marketing use of internal and external SWOT analysis by generating ideals which is affordable. Its a process in which the customers needs are understood by different ideas. Screening idea means if the ideas or the plan made is good for the company then only the organisation will apply the idea for the future use. Testing the concept is the step done after screening in which new product development is involved after knowing the place where the product information can work. Business analytics is a step in which feedbacks are kept in every launch of product which will be useful for the organisation's agreement. All the input metrics are important for the company's feedback because its a valuable asset for the future use. Marketability test is done before launching of the product in the market because all the tests are done at the last times so that the customer meets with the good variety of the product and the customer should be satisfied by the products.
Relation between marketing and HR is that the HR will help in recruiting the candidates, train them in other departments and improve their skills and appoint the desired candidates to the post in the company and then the marketing is done by them in the proper ways.
Production and marketing has a direct relation because marketing will provide information about the products needs so that the production is done in such a quantity that the costing is saved by the help of marketing (Rimal and Creel , 2008). If marketing is done in proper way and public understands the product well automatically the production will increase which is the positive thing for the company.
Sales and marketing are interrelated because marketing is done to promote and motive the customers so that the sales will increase. This relation is vis versa because if sales increase then the marketing is also done which increases the production in the market. To increase the sales every organisation makes different plans to increase the marketing of the product.
Research and sales plays a important role when the research is done in a proper way by different logics by which the needs of the customer for the product is understood in proper way which increases the sales of the production.
Marketing principles are the wide business oriented function or plans which are used to make the easy business. Its the way to find out about the needs and desires about the product through which the services are provided to them. Its a process to find out the wants and needs of the customers. Different techniques are used to meet the needs of the marketing principles.
Next PLC organisation should use different marketing principles so that the company can achieve its targets easily and earn good profit of sales. It should consider four different elements to achieve the success in the market. By using different techniques in marketing the production and sales will increase and also increase the finance.
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