For the effective and efficient growth of the firm, planning plays an important role in it. These principles vary in specifics and are determined by the industry and target audience you deal with. 13 MKT3017 PRINCIPLES OF MARKETING MANAGEMENT International Journal of Retail & Distribution Management, Vol. All rights reserved. Hence, to motivate the subordinates, the responsibility of marketing manager is to link the interests and needs of subordinates with their unit tasks and missions, reward them, create an open, trusting communication bond between the members of the chain of command, set examples in all things, etc. Principle of Co-ordination. © Copyright 2009-2019 GKToday | All Rights Reserved, Important Days & Events in Current Affairs. Once the reason for the decline is determined, the promotion can be altered and redistributed to the consumer, after which a second round of analysis will reveal whether you are on the right track or not. In simple words, he guide, inspire, supervises and lead people for the accomplishment of pre-determined objectives of the business enterprise. When you combine all your marketing goals and objectives into one plan, you have a marketing strategy. Plans outline the initiatives of each proposed campaign and state the cost to the customer versus the projected return on investment. The basic principles of sales promotion are to create message content, appeals and sculpting the message. Principle of Planning. According to the principle of motivation, needs motivate people. It can be achieved only if the consumers are satisfied. They are ‘controllable’ because our efforts affect them or their outcomes. First Published: April 13, 2016 | Last Updated:June 28, 2017. Home » Marketing » Blog » Management Fundamentals » 12 Major Principles of Brand Management for successful Business Brand Management – In a situation where you are selling your product or service to many customers, it’s best to first connect all of them to a common platform, and then articulate clearly what’s there for each of them. Why Is Logistical Efficiency Important in Marketing? Essentially, strategic marketing management is the act of making strategic decisions within a marketing plan to better the plan. The economic principle of marketing management is customer satisfaction. It   establishes link between various marketing activities viz. According to it, the firm should develop its’ products and services for customer satisfaction. Principle of Control. 256-271. Plans must address the marketing desires of each marketing partner or of the company itself and rely heavily on organization to manage the process. We refer to them as four ‘controllable‘ categories. He also establishes relationships and responsibilities for the purpose of enabling people to work. Differences Between a Short & Long-Term Period of a Marketing Plan, How to Write a Marketing Promotion Schedule, How to Differentiate Between an Organization's Communication Objectives & Its Marketing Objectives. Philip Kotler 2008 Principles of Marketing BBA | BBA-BI | BBA-TT | BCIS Management Notes. Thus, marketing managers need to understand how customers make purchasing decisions and how they react with the changes in prices and other factors. The effective coordination encourages team spirit, gives right direction, motivates employees and makes proper utilization of resources. The principle of the 4P Marketing Strategy or Matrix is that marketing decisions tend to fall into four categories – product, place, price, and promotion. Product Concept. Philip Kotler 1976 •Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

principles of marketing management

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