Finally, several principles are proposed that could guide the formulation of a public policy towards marketing. These principles reflect assumptions on which much of modern marketing theory and practice is based.
The principle of freedom of consumers and producers.
As far as possible, consumers and producers should make their marketing decisions in conditions of relative freedom.
Marketing freedom is important for a marketing system to provide a high standard of living. People can achieve satisfaction on their own terms defined by someone else.
This leads to higher compliance because products and wishes are more consistent.
Principle of stopping possible damage.
The political system limits the freedom of the producer or consumer only in order to avoid transitions that harm or threaten to harm the producer, consumer or third parties.
Principle of satisfaction of basic needs.
In a free enterprise system, producers make goods for markets that are willing and able to buy them. Certain purchasing power groups may have to do without the goods and services they need, causing them physical or psychological harm.
Principle of economic efficiency.
The marketing system strives to supply goods and services efficiently and at low prices.
The degree to which the needs and desires of a society can be satisfied depends on the efficiency with which scarce resources are used. Free economies need active competition and informed buyers for the market to be efficient.
To make a profit, competitors must carefully watch their time consuming product development, pricing, and marketing programs that serve buyers' needs.
Principle of innovation.
The marketing system encourages authentic innovation to reduce production and distribution costs, and develop new products that meet the changing needs of buyers. In large part, the innovation is actually an imitation of other brands, with a small difference that serves as an incentive to buy; the consumer will be able to face 10 very similar brands within a class of products.
Principle of consumer education and information.
An effective marketing system invests heavily in informing and educating consumers in order to increase their long-term satisfaction and well-being. The principle of economic efficiency requires this investment, especially in cases where the products cause confusion due to their number and the claims found.
Principle of consumer protection.
Consumer education and information cannot fully protect the consumer. Modern products are so complex that even trained consumers cannot confidently evaluate them.
Consumers do not know if a mobile phone generates radiation that causes cancer; if a car has safety defects; or whether a pharmaceutical product has dangerous side effects or not.
Consumer protection prevents deceptive practices and high pressure sales techniques, against which consumers are defenseless.
Bibliography:
Marketing 8th. Kotler-Armstrong Edition
