Business ethics and principles of marketing
In recent years, the Business ethics literature has exploded in both volume and importance. Because of the sheer volume and diversity of this literature, a review article was deemed necessary to provide focus and clarity to the area. The present paper reviews the literature on business ethics with a special focus on marketing ethics.
Marketing principles are the most commonly used principles that are around since the 1960s, these principles stood the test of time and have remained the same - with a little variation here and there - for decades. Businesses follow these principles for a successful marketing strategy.
1. Product
Dmytro Tsybuliak search marketing expert, and co-founder of nitrate, states that product is one of the most crucial principles of marketing. The product can be either a good or a service you provide to customers. One important thing that often marketers ignore is to see the appeal of your product and market for it before deciding what you want to offer.
.2. Price
The price is the money the customer has to pay for the product or services they receive. There are two types of pricing, such as cost-oriented prices and market-oriented prices.
3. Place
Place refers to the process of bringing your products and services to the customers. The place is wherever your product or services are available for purchase and customers can buy them. It could be a brick-and-mortar store, an online website, or you can use multiple channels to reach a broader audience.
4. Promotion
Promotion is creating awareness for your products, services, company, and brand. All the ways a company uses to build awareness for their product and services are known as promotion. Promotion should give customers a reason to choose your product or service, as well as show the prospective customers the benefits of using your product. Promotion is the backbone of marketing and as crucial for businesses as the quality of the products they produce. It refers to communicating with the target audience through different channels and creating awareness for your product and services.
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