Question

What are the main principles of marketing?
How do they conflict with the general understandings of Byron Sharp mentioned in his book “How brands grow”?

Answer 1

The basic principles of marketing consist of product, price, place, and promotion. So these are famous 4p's work along with the integration of marketing.

a)Product: what product we are going to sell in the market so that is the main component or the core of the operation.

b) Price: it also an important factor to assist the marketing and also the factor to get success in marketing strategy.

c)Place: the place is the factor that has both a direct and indirect impact on marketing. it will define the value of the product along with time. A product may not be wrong but the place will determine the popularity of a product.

d) promotion: it is the core of marketing. it will make a product popular among the customer. it is important that the promi=otion should be done at the right time and in the right place.

along with these, there are another 3 P's are there which also define the marketing principle. they are physical evidence to prove the product, people to approve the product, and stick to the loyalty and process to define the product.

Now if we will define the marketing in terms of Byron Sharp's " how brand grows" then there is a conflict in these principals and their existence.

so the conflict basically based on:

1. Brands popularity define the customer number.loyalty declines with a market share

2. change in customer over time. loyal customers may shift, nonloyal customers can start believing the product and non-buyers begin to buy the brand.

3. All brands, within a category, share their customer base with other brands in line with the size of those other brands.