PRINCIPLES OF MARKETING
Marketing is a strategic process of attracting and maintaining a customer base. Many people incorrectly believe that marketing and advertising are one in the same. In reality, advertising is just one of many tools used in marketing, which is the process by which firms determine which products to offer, how to price those products, and to whom they should be made available.
Of course, in a marketing, there should be a laboratory customer such as physician, patient, employer etc. Also, purchasing decision makers are divided into two:
- Captive users
- Discretionary buyers
It is also important to acknowledge the customer's expectations. The three segments involved are best total production, best total solution and best total costs. The strategy a marketing firm chooses for a particular product is vital to the success of the product.
In marketing, it is important to know the 4 P's:
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"Behind every great company there is an exceptional marketing strategy in place. Every marketer has his/her own unique strategy but most marketing professionals agree on a few fundamental principles of marketing."
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