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