Marketing Principles and Practices

Marketing principles
and practices

Table of Contents
Introduction......................................................................................................................................3
Main Body.......................................................................................................................................3
Key marketing concepts..............................................................................................................3
Conclusion and recommendations...................................................................................................5
References........................................................................................................................................6

Introduction
Marketing management is the process of planning and executing the idea of pricing, distributing
and promoting the product at right place on right time. Marketing is a wide concept which helps
to identify the needs and demand of customers at market place (Arora and Sanni, 2019). Ford
Motors is the company which is founded by Henry Ford in the year 1903. It is headquartered in
Dearborn, Michigan, US. They are dealing in serving automobiles, luxury vehicles, commercial
vehicles, automotive parts and SUVs. Their famous services are automotive finance, vehicle
leasing and vehicle service. Most of the time Ford Motors uses market-oriented pricing strategy
which states that price should be set according to affordability of customers and which further
help in gaining competitors advantage. They set the prices of their vehicle according to market
conditions. They use this pricing strategy for their most of the products like sedans and trucks.
Main Body
Key marketing concepts
Marketing is a wide area which describe how customers react to company’s change in strategy,
how consumer behave in launching new product and many other things. The main aim of
marketing concept is to earn profit by satisfying customer’s needs and wants. Some of the main
marketing concepts are explained below-
Production orientation- Here, the main objective of company is to produce mass
production (Na, Kang and Jeong, 2019). The main reason behind mass production is to lowering
total production cost which further helps in setting product price low. Hence, customers get more
attracted toward low price products. In context of Ford Motors, in 1913 they change their
manufacturing process and converted into production orientation approach where they
manufacture cars and trucks in bulks to reduce the cost of raw material and other costs.
Product orientation- Here, companies try to lead the market with their product quality
which they have increases by product orientation approach. This orientation may results in
increasing the price of product because in increasing the quality of product, company have to put
some extra cost in use. Therefore, indirectly prices will also be increased. This marketing
concept is made for those customers who are willing to pay any amount to increase their standard
of living (Javeda, Ullahb and Nawazc, 2021).. In context of Ford motors, they use product
orientation in some segments of customers. Their product like Ford Endeavour is an expensive