Marketing is one of the most crucial functional disciplines in any business organization across the industries and it plays instrumental role in the revenue generation and profitability of the company. Whatever the excellence is achieved by the company in other departments or functional disciplines is ultimately tested in the acid test of marketing and sales and this is the precise reason why most of the large business organizations consider marketing as one of their prime focus areas. The basic principles of marketing management have been cultivated and researched too far for many successive decades and now the discipline of marketing management is one of the most enriched management disciplines in respect of standard of practice and scientific development. Here we would relate some of the basic principles of marketing management that are currently guiding the business world in their pursuits of better marketing strategy.
Market analysis is the first and very basic principle of marketing management. Market analysis is done with the objectives of consumer appreciation assessment, instrumental and influential market factors, demand analysis and forecast regarding the sales.
Marketing Strategy Development
Strategy is the important ground clearing operation for achieving expected grip over the market and is one of the elementary and basic principles of marketing management. Strategy development includes brand positioning, product development in conformity with the global trend in demand, challenges and opportunities.
Planning Marketing Programs
This is the most crucial step in implementing the basic principles of marketing management as this principle is more concerned in the application and implementation of all the marketing strategies. Some of the most important steps in the planning of marketing programs include transforming planning into program, managing product categories, branding and packaging, selecting marketing channels and strategy, advertisement and promotional programs, managing and sales force, etc.
Above mentioned basic principles of marketing management are continuously growing through the changes in the age of globalization and becoming more variant as well as market specific to address the evolving market challenges.
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