A market-focused, or customer-focused, organization first determines what its potential customers Cheap Furniture desire, and then builds the product or service. Marketing theory and practice is justified in the belief Cheap Furniture that customers use a product or service because Cheap Furniture they have a need, or Cheap Furniture because it provides a perceived benefit.
Two major factors of marketing are the recruitment of new customers Cheap Furniture (acquisition) and the retention and expansion of relationships with existing customers (base management). Once a marketer has converted the prospective buyer, Cheap Furniture base management Cheap Furniture marketing takes over. The process for base management shifts the marketer to building a relationship, nurturing the links, Cheap Furniture enhancing the Cheap Furniture benefits Cheap Furniture that Cheap Furniture sold the buyer in the first place, and improving the product/service continuously to protect Cheap Travel the business from competitive encroachments.
For a marketing plan to be successful, the mix of the four "Ps" must reflect Cheap Uggs the Cheap Furniture wants and desires of the consumers or Shoppers in the target market. Trying Cheap Furniture to convince a market segment to buy something Cheap Textbooks they Cheap Furniture don't want is extremely expensive and seldom successful. Marketers depend on insights from marketing research, both formal and informal, to determine what consumers want and what Cheap Furniture they are willing to pay for. Cheap Furniture Marketers hope that this process will give them a sustainable competitive advantage. Cheap Furniture Marketing management is the practical application of this process. The offer is also an important addition to the 4P's theory.
Within most organizations, the activities encompassed by the marketing function Cheap Furniture are Cheap Gas led by a Vice President or Cheap Furniture Director of Marketing. A growing number of Cheap Furniture organizations, especially large US companies, have a Cheap Furniture Chief Marketing Officer position, reporting to the Chief Executive Officer.
The American Marketing Association (AMA) states, �Marketing is the Cheap Furniture activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, Cheap Furniture clients, partners, and society at large.".
Marketing methods are informed by many of the social sciences, particularly psychology, sociology, and economics. Anthropology is also a small, but growing influence. Market research underpins these Cheap Furniture activities. Through advertising, it is also related to many of the creative arts. Marketing is a wide and heavily interconnected subject with extensive publications. Cheap Furniture It is also an area of activity infamous for re-inventing itself and its vocabulary according to the times and the culture.
Many companies today have a customer focus (or customer orientation). This implies that the Cheap Furniture company focuses its activities and products on consumer demands. Generally there are Cheap Furniture three ways of doing this: the customer-driven approach, the sense of identifying Cheap Furniture market changes and the product innovation approach.
In the consumer-driven approach, consumer wants are the drivers of all strategic marketing decisions. No strategy is pursued until it passes the Cheap Furniture test Cheap Furniture of consumer research. Every aspect of a market offering, including Cheap Furniture the nature of the product itself, is driven by the needs of potential consumers. The starting point is always Cheap Furniture the Cheap Student Airfares consumer. The rationale for this approach is that there is Cheap Furniture no point spending R&D funds developing products that Cheap Furniture people Cheap Furniture will not buy. History attests to many products that were commercial failures in spite Cheap Furniture of being technological breakthroughs.
A formal approach to this customer-focused Cheap marketing is known as SIVA[3] (Solution, Information, Value, Access). This system Cheap Books is basically the Cheap Furniture four Ps renamed and reworded to Cheap Furniture provide a customer focus.
The SIVA Model provides Cheap Furniture a demand/customer centric version alternative to the Cheap Furniture well-known 4Ps Cheap Furniture supply side model (product, price, place, promotion) of marketing management.
In a product innovation approach, the company pursues product Cheap Furniture innovation, then tries to develop a market for the product. Product innovation drives the process and marketing research is conducted primarily to ensure that a profitable Cheap Furniture market segment(s) exists Cheap Furniture for the innovation. The Cheap Furniture rationale is that customers may Cheap Furniture not Cheap Furniture know what options will be available to them in the future Cheap Furniture so we Cheap Furniture should not expect them to tell us what they will buy in the future. However, marketers can aggressively over-pursue product innovation and try to overcapitalize on Cheap Furniture a niche. Cheap Furniture When Cheap Furniture pursuing a Cheap Furniture product innovation approach, marketers must ensure that they have a varied and multi-tiered approach to product innovation. It is claimed that if Cheap Furniture Thomas Edison depended on marketing research he would have produced larger Cheap Checks candles rather than inventing light bulbs. Cheap Furniture Many Cheap Furniture firms, such as Cheap Furniture research and development focused companies, Cheap Furniture successfully focus on Cheap Furniture product innovation (Such as Nintendo who constantly change the way Video games are played). Many purists doubt whether this is really a form of marketing orientation at all, because of the ex post status of consumer research. Some even question whether it is marketing. |
