University Marketing Principles: Applications of Marketing Approaches

This essay provides an overview of marketing principles, emphasizing the necessity of effective marketing plans for business sustainability. It explores various marketing approaches, including qualitative, quantitative, experimental, and ethnographic methods, and their applications in understanding consumer behavior. The essay highlights the influence of factors like demographics, competition, suppliers, government policies, economic conditions, and technology on marketing strategies. It also discusses different types of buying behaviors—complex, dissonance-reducing, variety-seeking, and habitual—and underscores the importance of research, planning, strategy, market segmentation, targeting, positioning, and pricing in successful marketing endeavors. The document is contributed by a student and available on Desklib, which provides a platform for students to access study resources.

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Marketing Principles
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Marketing Principles
Contents
Introduction.............................................................................................................................................3
A brief discussion and applications of different marketing approaches...................................................4
References...................................................................................................................................................7
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Marketing Principles
Introduction
Marketing has been defined in several ways. No organization can sustain their business without
an effective marketing plan. A company which develops an excellent product with unique
features, excellent qualities, and effective packaging but does not acquire that much popularity to
its customers or clients is always at a loss. Because no one gets aware of that product, which
effects the business as well as reduces the sale. That’s where marketing is needed. Through an
effective marketing process, the customers become more aware, and it also helps them to buy the
product or service presented by the organization. Thus the sale increases and makes profits.
There is strong competition in the market, that’s why a product or service offered to the
customers from several organizations. But one product or service different from another. Due to
this competition, it is important to make a product or service popular to the customers. Smart
marketing process helps a company to increase the number of the customers and make new
customers as well. Not only that but through this, it is very much possible to retain customers,
seize the maximum share of the market. It helps to enhance the trust of the brand name. Due to
these benefits maximum organizations has created an individual designation for marketing in
today’s market. Retention of customers and share of the markets are the biggest challenge that an
organization faces. Some factors affect the marketing process. One of those factors is the
demographic of the market significantly impact the marketing approach of a company. It can
monitor the buying habits of the customers (Bradford, Erickson and McDonald, 2012).
Competitors are another factor that influences the buying process. According to the recent
studies, articulate an effective marketing plan is must require the thing. The suppliers and
distributors are an integrated part of the operating area that impacts the marketing strategy of a
company. A less number of suppliers reduces the popularity of a product or a service.
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Marketing Principles
Government principles and norms also have a large effect on marketing. Though it varies place
to place. The Economic condition of a region or state is also imperative. As an example, if the
inflation of a country is high, then the customers can only go for the necessities. That’s why an
effective marketing with attractive price rates need to be planned. Last but not the least,
technology and the choice of the media also affects the marketing process of an organization. If
an organization chooses the favorite medium to place their product or service, then it will reach a
large number of people. A brilliant marketing plan is essential, but the intellectual execution of
those plans is also very significant (Cohen, 2006).
A brief discussion and applications of different marketing approaches
Use of marketing concepts: According to some experts, there are four basic methods such as
qualitative, quantitative, experimental techniques, and ethnographic. The first two approaches
depend upon enquiring whereas the other two methods are carried out through observation. A
qualitative approach is that what discovers a less number of the population through interviews,
questionnaire. The qualitative approach is used to depict the outcomes or analyses a precise
concept. Experimental methods are used by scholars through a creation of an article environment
and then changing one or more factors to get required outcomes (Johnson, 2007). The scholars or
researchers perceives a group at one time to figure out a particular social behavior in
ethnographic approach.
How customers makes decisions (Locally and Internationally)
Marketing activity of a company depends upon the buying nature of the customers. A client can
highly or lowly involve with a product or service, and it based on an obvious and imperceptible
value of the products. There are several kinds of buying natures, and they are as follows:
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Marketing Principles
 If the customers are highly involved, and they spend a significant amount of time
selecting a product or services, then it is known as complex buying behavior. These
products are costly, and customers ask several questions before buying a product or
service. Buying a precious jewelry or getting admitted in a university are the examples
where customers have this buying behavior (Simkin, 2000).
 If customers are highly involved, but the product options are less, then it can be called
dissonance buying nature. For instance, customers of floor tiles have this buying quality.
 When customers involved lowly with the product, but there are several options available
for the same item, then it is known as variety seeking behavior. As an example, there are
various kinds of fragrances, for which manufacturers give several offers to the consumers
that help them to increase the sale of the products.
 If customers or consumers have low involvement with the product or service, but there
are a lot of same quality products available in the market and that product are listed under
the necessities of the customers, then that will be known as habitual buying behavior
(Westwood, 2016).
The marketing process is not only to create, deliver and communicate but also to value the
customers. Many more procedures are undertaken in marketing such as branding, advertising,
pricing and product placement, etc. However, there are also some vital elements that affect the
marketing plan of an organization. They are research, planning and tactics, strategy. Research
has to be done before launching a product in the market. Research is necessary to calculate
customer's need and scopes available in the region. Research is also critical to figure out the way
the organization communicates with its clients and customers. Marketing is an integrated part of
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Marketing Principles
business. A proper market segmentation, targeting, positioning and pricing for a product can do
business to make the profit by meeting all the parameters (Winer, 2009).
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References
Bradford, E., Erickson, S. and McDonald, M. (2012). Marketing Navigation. 1st ed. Oxford:
Goodfellow Publishers Ltd.
Cohen, W. (2006). The marketing plan. 1st ed. Hoboken, NJ: J. Wiley & Sons.
Johnson, j. (2007). Marketing Intelligence & Planning. Marketing Intelligence & Planning,
11(5), pp.1-47.
Simkin, L. (2000). Marketing is marketing – maybe!. Marketing Intelligence & Planning, 18(3),
pp.154-158.
Westwood, J. (2016). How to write a marketing plan. 1st ed. London: Kogan Page.
Winer, R. (2009). New Communications Approaches in Marketing: Issues and Research
Directions. Journal of Interactive Marketing, 23(2), pp.108-117.
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