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FUNDAMENTAL MARKETING PRINCIPLES AND ETHICAL ISSUES IN MARKETING

This paper analyses the fundamental marketing principles and ethical issues in marketing. Marketing is a broad discipline that ensures products reach customers. Additionally, it is essential for developing an effective business plan. The marketing principles give guidelines for business improvement. The laws are the 4P’s of marketing. One, the product which is a good or service offered for sale. All products go through a cycle to meet customer needs and wants. Secondly, price determination varies from factors such as production cost, customer income and demand. Thirdly, the place is the product’s point of sale. Lastly, promotion entails the techniques of communicating with customer and customer retention strategies.
fundamental marketing principles and ethical issues in marketing

EXAMINING THE ETHICAL ISSUES IN MARKETING AND THE FUNDAMENTAL MARKETING PRINCIPLES

The ethical issues in marketing result from conflicts arising from a lack of consensus on various matters. There are multiple issues in each marketing concept. One is ethical problems in marketing research which is guided by the fundamental marketing principles. Some methods of carrying out marketing research are considered unethical due to consumer privacy evasion.  Secondly, the segmentation of customers is another ethical issue. Some customers feel undesired compared to others based on segmentation. Moreover, ethics in advertising and promotion are the most. There are a lot of topics on advertising based on appropriateness, originality and offensiveness. It is, therefore, essential to consider ethical issues when implementing customer retention strategies.
examining the ethical issues in marketing

METHODS OF CREATING CUSTOMER LOYALTY AND RETENTION

Customer loyalty is the continuity in a customer’s buying behaviours. Loyal customers believe in the business’s ability to meet their expectation. In other cases, their commitment results from the favourable pricing of the organization. Customer retention strategies relate to techniques for attracting loyal customers. One approach is creating awareness of brand value. Achieved by clearly defining a product to use, purpose and advantages of acquiring from only that company. Moreover, while considering the ethical issues in marketing. Secondly, by undertaking loyalty programs of rewarding loyal customers. Thirdly, following up on dormant customers who have not made purchases in an extended period. Lastly, using customer retention software. The principles of marketing are crucial for incorporating customer retention strategies.
 methods of creating customer loyalty and retention

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