The essence of marketing can be summarized in three great principles.The first identifies the purpose and task of marketing, the second the competitive reality of marketing, and the third the principal means for achieving the first two.
value that is greater than the value created by competitions. The value equation, shown in survey is a guide to this task. As suggested in the equation, value for the customer can be increased by expanding or improving product and or service benefits, by reducing the price, or by a combination of these elements.This might come from cheap labor or access to cheap raw materials, or it might come from manufacturing scale or efficiency or more efficient management. Knowledge of the customer combined with innovation and creativity can lead to product improvements and service that matter to customers. If the benefits are strong enough and valued enough by customers, a company does not need to be low-price competitor in order to win customers.