- Published: October 4, 2022
- Updated: October 4, 2022
- University / College: Queen's University Belfast
- Language: English
- Downloads: 10
Describe any universal rules of marketing that might be applied to most products, markets, customers and situations.
All marketing activities have one thing in common and that is to give customers a reason to buy the company’s product. One of the most important universal rules of marketing is that marketers need to find a way to break out of commodity status to meet customers’ needs better than competing firms. All organizations both for profit and non-profit require effective planning and a sound marketing strategy to do this effectively.
The Internet has shifted the power to customers not marketers. The reason for that is, the customer has access to more information and is now able to do comparison shopping. Marketers often conduct and analyze research to see the needs, opinions, and attitudes of the customers.
Marketing strategy helps companies to evaluate the usage of their strengths and capabilities to meet the needs and requirements of the market. Due to the customers constant new needs and wants, marketing is forced to continuously change and adapt to its dynamic environment. Having the right information is just as important as having the right product.
Marketers have learned that by establishing a long-term customer relationship, they can increase customer sales and gain important marketing information about their customers. Having a good relationship with customers is a great benefit to have, then marketing is people driven and it is all fulfilling the needs of customers, shareholders, partners, society and the organization itself.
