Marketing principles Major marketing issues
This paper focuses on MRKT 303–marketing principles. What are the major marketing issues your article discusses? what ideas does the article offer to address these marketing issues?
MRKT 303–marketing principles-major marketing issues
MRKT 303 – Marketing Principles
1a) (10 pts.) Firstly, what are the major marketing issues your article discusses?
1b) (10 pts.) Secondly, what ideas does the article offer to address these marketing issues?
2a) (5 pts.) Thirdly, what are the advantages of the ideas suggested?
2b) (5 pts.)Fourthly, what are the disadvantages of the ideas suggested?
3) (20 pts.) Further, what are your alternative ideas (different from the ideas the article suggests) to address the very same marketing issue(s)?
Also, Feel free to use concepts/theories from class to support your ideas.
(Finally, your answers to these 5 questions should cover 3 double-spaced pages with question 3 being the longest response.)
Marketing principles or principles of marketing are agreed-upon marketing ideas companies use for an effective marketing strategy. They are the principles upon which we build product promotion strategies. We can use the marketing principles for the effective promotion of either goods or services.
Some companies, may follow the 4Ps Strategy (or 4P Strategy). The term ‘4Ps’ stands for product, price, place, and promotion. Some people refer to it as the 4P Marketing Matrix.
Other companies, on the other hand, may have built up their own marketing principles. In most cases, they are the same as or vary slightly from the 4P strategy.
The principle of the 4P Marketing Strategy or Matrix is that marketing decisions tend to fall into four categories – product, place, price, and promotion. We refer to them as four ‘controllable‘ categories. They are ‘controllable’ because our efforts affect them or their outcomes.
Marketing principles – 4P Strategy/Matrix
When you combine all your marketing goals and objectives into one plan, you have a marketing strategy.
Government policy or rules and regulations, on the other hand, are ‘uncontrollable‘ categories – our efforts do not influence their outcomes.
A good marketing executive will carefully position the company’s product in each category. The strategy will subsequently generate the greatest response from the target market.