A market-focused, or customer-focused, organization first determines what its potential customers desire, and then builds the product or service. Marketing theory and practice is justified in the belief that Cheap Domain Hosting 55gb Htm customers use a product or service because they have a need, or Cheap Domain Hosting 55gb Htm because Cheap Domain Hosting 55gb Htm it provides Cheap Domain Hosting 55gb Htm a perceived benefit.
Two major factors of marketing are the recruitment of 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. Cheap Domain Hosting 55gb Htm The process for base management shifts the marketer Cheap Domain Hosting 55gb Htm to building a relationship, nurturing the links, enhancing the benefits that sold the Cheap Domain Hosting 55gb Htm buyer in Cheap Domain Hosting 55gb Htm the first place, and improving the Cheap Domain Hosting 55gb Htm product/service continuously to protect the business Cheap Domain Hosting 55gb Htm from competitive encroachments.
For a marketing plan to be successful, the mix of the four "Ps" must reflect the wants and desires of the consumers or Shoppers in the target market. Trying to Cheap Domain Hosting 55gb Htm convince a Cheap Domain Hosting 55gb Htm market segment to buy something they don't want is extremely expensive and seldom successful. Marketers depend on insights Cheap Domain Hosting 55gb Htm from Cheap Domain Hosting 55gb Htm marketing research, both formal and informal, to determine what Cheap Domain Hosting 55gb Htm consumers want and Cheap Domain Hosting 55gb Htm what they are willing to pay for. Marketers hope that Cheap Domain Hosting 55gb Htm this process will give them a sustainable competitive advantage. Marketing Cheap Domain Hosting 55gb Htm management is the Cheap Domain Hosting 55gb Htm practical application of this process. The offer is also an important addition to the 4P's theory.
Within most organizations, the activities encompassed Cheap Domain Hosting 55gb Htm by the Cheap Domain Hosting 55gb Htm marketing function are led by a Vice President or Director of Marketing. A growing Cheap Domain Hosting 55gb Htm number of Cheap Domain Hosting 55gb Htm organizations, especially large US companies, have a Chief Marketing Officer position, reporting to the Chief Executive Officer.
|
The American Cheap Domain Hosting 55gb Htm Marketing Association (AMA) states, �Marketing is the Cheap Domain Hosting 55gb Htm activity, Cheap Domain Hosting 55gb Htm set of institutions, Cheap Domain Hosting 55gb Htm and processes for creating, communicating, delivering, and exchanging offerings that have value for Cheap Domain Hosting 55gb Htm customers, clients, partners, and society Cheap Domain Hosting 55gb Htm at large.".
Marketing methods Cheap Domain Hosting 55gb Htm are informed by many of the social sciences, particularly psychology, sociology, Cheap Domain Hosting 55gb Htm and economics. Anthropology is also a small, but growing influence. Market Cheap Domain Hosting 55gb Htm research underpins these activities. Through advertising, it is also related to many of the creative arts. Marketing is a wide and heavily interconnected subject with Cheap Domain Hosting 55gb Htm extensive publications. It is also an area of activity infamous for re-inventing itself and Cheap Domain Hosting 55gb Htm its vocabulary according to the times and Cheap Domain Hosting 55gb Htm the culture.
Many companies today have a customer Cheap Domain Hosting 55gb Htm focus (or customer orientation). This implies that the 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 Domain Hosting 55gb Htm approach.
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 aspect of a market offering, including the nature of Cheap Domain Hosting 55gb Htm the Cheap Domain Hosting 55gb Htm product itself, is driven Cheap Domain Hosting 55gb Htm by Cheap Domain Hosting 55gb Htm 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. Cheap Domain Hosting 55gb Htm History attests to Cheap Domain Hosting 55gb Htm many products that were commercial failures in spite of being technological breakthroughs.
|
A formal approach to this customer-focused marketing is known as SIVA[3] (Solution, Information, Value, Access). This system is basically Cheap Domain Hosting 55gb Htm the four Ps renamed and reworded to provide a customer focus.
The SIVA Model provides Cheap Domain Hosting 55gb Htm 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 Cheap Domain Hosting 55gb Htm pursues product innovation, then tries to develop a market for the product. Product innovation drives the process and marketing Cheap Domain Hosting 55gb Htm research is conducted primarily to ensure that a profitable market segment(s) exists for the Cheap Domain Hosting 55gb Htm innovation. The rationale is that customers may Cheap Domain Hosting 55gb Htm not know what options will be available Cheap Domain Hosting 55gb Htm to them in the future so we should Cheap Domain Hosting 55gb Htm not expect them to tell us what Cheap Domain Hosting 55gb Htm they will buy in Cheap Domain Hosting 55gb Htm the future. However, marketers can aggressively over-pursue product innovation and try to Cheap Domain Hosting 55gb Htm overcapitalize on a niche. When pursuing a product innovation approach, marketers must ensure that they have a varied and multi-tiered approach Cheap Domain Hosting 55gb Htm to product innovation. It is claimed that if Thomas Edison depended on marketing research he would have produced larger candles rather than inventing light bulbs. Many firms, such as research and development focused companies, successfully focus on product innovation (Such as Nintendo who constantly change the way Video Cheap Domain Hosting 55gb Htm games are played). Many purists doubt whether this is really Cheap Domain Hosting 55gb Htm a Cheap Domain Hosting 55gb Htm form Cheap Domain Hosting 55gb Htm of marketing orientation at all, because of the ex post status of consumer research. Some even question whether it is marketing. |
