Reflection and evaluation of the marketing principles using Toyota’s case study

Introduction

In this essay, I will reflect on my experience within Principles of Marketing module. To illustrate this I will use feedback obtained from my tutor, the information I have learnt from undergoing my presentation and verbal feedback from other group members. I will then briefly explain what the principles of marketing are and how these principles relate to modern marketing practices. I will address both the negative and positive feedback I received and explain how I will use the feedback to improve on my strengths and mend my weakness so that I may do better in future presentations.

My view on the Principles of Marketing

During Principles of Marketing module, I learnt that marketing principles is mainly about finding out what the consumer wants and going the extra mile to provide this at a high standard whether it’s goods or service. I understood that there are key elements involved with marketing process; the 4P’s for goods and the 7P’s for services. The 7P’s of the marketing mix are price, place, product, promotion, people, process and physical environment. By understanding, the marketing mix a corporation will have more knowledge about how to plan, distribute and promote their products. Without these fundamental elements, it is unlikely for managers to formulate a feasible marketing plan. For a business to be successful, an appropriate composition of the marketing mix should be appropriately used. To be able to dominate the market, managers have to understand the needs of their consumers and provide excellent services to them in order to build a strong brand name.

Toyota’s Principles of Marketing

When these principles are explored at Toyota, we found out that Toyota could have a more successful marketing principle by ensuring they provide