Core Marketing Principles: Definition, Evolution & Research

Core Marketing Principles Explained

What Is Marketing?

Marketing is a dynamic discipline encompassing technical and political, objective or subjective strategies. Its success depends on the activity of entering the market. Its use became widespread, evolving into an essential term for business. While synonymous with the Spanish terms "mercadotecnia" and "mercadeo," "marketing" was adopted among Spanish speakers. It affects not only business operations but also the entire company structure, which has adapted to meet the challenges of this strategy. Marketing is a process by which companies generate profits by offering goods and services in appropriate markets at suitable and profitable prices, using appropriate promotion and precise advertising targeted at specific people, i.e., potential customers or users.

The Evolution from Production to Customer Focus

In the past, the emphasis was on production, not selling. Companies manufactured their goods, and sellers then put them on the market. This approach created drawbacks, as the supply of goods did not always align with customer needs. In contrast, the modern approach involves producing goods specifically to be sold, ensuring the supply aligns with customer needs. Today, the primary concern is understanding customer wants before production begins.

Marketing's Goal: Influence and Satisfaction

Marketing aims to influence markets favorably. This is achieved through the study and analysis of all variables directly or indirectly affecting the market. The goal is twofold: achieving customer satisfaction for users and securing profitability for the company.

Understanding Market Research

Market research is a process consisting of a set of operations carried out by a company, potentially starting even before goods and services are ready for sale, and continuing until they are available to consumers. It involves an in-depth, systematic, and orderly examination of facts affecting the market and, consequently, the entire organization. Market research typically involves two stages:

1. Identifying all possible alternatives presented at the time of market selection.
2. Analyzing the different criteria for choosing the target market.

Goods and Key Market Variables

Goods refer to any item, consisting of physical and chemical elements, that provides desirable consumer satisfaction. Regarding utility, we can distinguish between primary and induced utility.

The key variables that influence the market include:

• Product
• Price
• Distribution (and point of sale)
• Promotion
• Advertising
• Public Relations