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