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