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