A market-focused, or customer-focused, organization first determines what its potential Just Cheap Travel Insurance customers desire, and then builds the product or service. Just Cheap Travel Insurance Marketing theory and practice is Just Cheap Travel Insurance justified in the belief that customers use a product or service because they have Just Cheap Travel Insurance a Just Cheap Travel Insurance need, or Just Cheap Travel Insurance because it provides Just Cheap Travel Insurance a Just Cheap Travel Insurance perceived benefit.
Two major factors of marketing are the recruitment of new Just Cheap Travel Insurance 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 Just Cheap Travel Insurance 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 Just Cheap Travel Insurance improving the Just Cheap Travel Insurance product/service Just Cheap Travel Insurance continuously to protect the business from competitive encroachments.
For a marketing plan to be successful, the mix of the four "Ps" Just Cheap Travel Insurance must reflect the wants and desires of the consumers or Shoppers in the target market. Just Cheap Travel Insurance Trying to convince a market segment to buy something they Just Cheap Travel Insurance don't want Just Cheap Travel Insurance is extremely Just Cheap Travel Insurance expensive and seldom successful. Marketers Just Cheap Travel Insurance depend on insights from marketing research, both formal and informal, to determine what consumers want and what they are willing to pay for. Marketers Just Cheap Travel Insurance hope that this process will give them a sustainable competitive advantage. Marketing management is the practical application Just Cheap Travel Insurance of this process. Just Cheap Travel Insurance The offer is also an important addition to the 4P's theory.
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Within most organizations, Just Cheap Travel Insurance the activities encompassed by the Just Cheap Travel Insurance marketing function are led by a Vice President or Director of Marketing. A growing number of organizations, especially large Just Cheap Travel Insurance US companies, have a Chief Marketing 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, Just Cheap Travel Insurance and exchanging offerings that have value Just Cheap Travel Insurance for customers, clients, partners, and society at large.".
Marketing methods are informed by many of the social sciences, Just Cheap Travel Insurance 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 many 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 its Just Cheap Travel Insurance vocabulary according to the times and the culture.
Many Just Cheap Travel Insurance companies today have Just Cheap Travel Insurance a customer focus (or customer orientation). This implies that the company focuses its activities and products on consumer demands. Generally there Just Cheap Travel Insurance are three ways of doing this: the customer-driven approach, the sense of identifying market changes and the product innovation approach.
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In the Just Cheap Travel Insurance consumer-driven approach, consumer wants are the Just Cheap Travel Insurance drivers of all strategic marketing Just Cheap Travel Insurance decisions. No strategy is pursued until it passes the test of consumer research. Every aspect Just Cheap Travel Insurance of a market offering, including the nature of the product itself, is driven by the needs of potential Just Cheap Travel Insurance consumers. The starting point is always the consumer. The rationale for Just Cheap Travel Insurance this approach Just Cheap Travel Insurance is that there is no point spending R&D funds developing products that people will not buy. History attests to many products that Just Cheap Travel Insurance were commercial failures in spite of being technological breakthroughs.
A formal approach to this customer-focused Just Cheap Travel Insurance marketing is known as SIVA[3] (Solution, Information, Value, Access). This system is basically the four Ps renamed and 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, Just Cheap Travel Insurance price, Just Cheap Travel Insurance place, promotion) of marketing management.
In a product innovation approach, the company pursues product innovation, then tries to develop a market for the Just Cheap Travel Insurance product. Product innovation drives the process and marketing research is conducted primarily to Just Cheap Travel Insurance ensure that a profitable market segment(s) exists for the innovation. The rationale is that customers may not know what options will Just Cheap Travel Insurance be available to them in the Just Cheap Travel Insurance future so we should not expect them Just Cheap Travel Insurance to tell us what they will buy Just Cheap Travel Insurance in the future. However, marketers can aggressively Just Cheap Travel Insurance over-pursue product innovation and try to overcapitalize on a niche. When Just Cheap Travel Insurance pursuing a product innovation approach, marketers must ensure that Just Cheap Travel Insurance they have a varied and multi-tiered approach to product Just Cheap Travel Insurance innovation. It is claimed that if Thomas Edison depended on marketing research he would have produced larger candles rather than inventing Just Cheap Travel Insurance 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 games are Just Cheap Travel Insurance played). Many purists doubt whether this is really Just Cheap Travel Insurance a Just Cheap Travel Insurance form of marketing orientation at all, because of the Just Cheap Travel Insurance ex post status of Just Cheap Travel Insurance consumer research. Some even question whether it is marketing. |
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