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 Log Splitter Cheap justified in the belief Log Splitter Cheap that customers use a product or service because they have a need, or because it provides a perceived benefit.
Two major factors of marketing are the recruitment of new customers (acquisition) Log Splitter Cheap and the retention and expansion of Log Splitter Cheap relationships with existing customers (base management). Once a marketer has converted the prospective buyer, base management marketing takes over. The process Log Splitter Cheap for base management shifts the marketer to building a Log Splitter Cheap relationship, nurturing the links, enhancing Log Splitter Cheap the benefits that sold the buyer in the first place, and improving the Log Splitter Cheap product/service continuously Log Splitter Cheap to protect the business 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 Log Splitter Cheap the target market. Trying to convince a market segment to buy something they don't want is extremely Log Splitter Cheap expensive and seldom successful. Marketers depend on insights from marketing research, both formal and informal, to determine what consumers want and what Log Splitter Cheap they are Log Splitter Cheap willing to pay for. Marketers hope that Log Splitter Cheap this process will give them a sustainable competitive advantage. Marketing management is the 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 led by a Vice Log Splitter Cheap President or Director of Log Splitter Cheap Marketing. A Log Splitter Cheap growing number of organizations, especially large US companies, have a Chief Marketing Officer Log Splitter Cheap position, reporting to the Chief Executive Officer.
The American Log Splitter Cheap Marketing Association Log Splitter Cheap (AMA) states, �Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for Log Splitter Cheap customers, Log Splitter Cheap clients, partners, and society at large.".
Marketing methods are informed Log Splitter Cheap by many of the social sciences, particularly psychology, sociology, and economics. Anthropology is also a Log Splitter Cheap small, but Log Splitter Cheap growing influence. Market research underpins these activities. Through advertising, it is also related to many of the creative arts. Marketing is Log Splitter Cheap a wide and heavily interconnected subject with extensive Log Splitter Cheap 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 Log Splitter Cheap Zune 4gb Cheap 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 approach.
In the consumer-driven approach, consumer wants are the drivers Log Splitter Cheap of all strategic Log Splitter Cheap marketing decisions. No strategy is pursued until it passes the test of consumer research. Every Log Splitter Cheap aspect of a market offering, including the nature of the product itself, is driven by the needs Log Splitter Cheap of potential consumers. The starting point is always Log Splitter Cheap the consumer. The rationale for this approach is that there is no Log Splitter Cheap point spending Log Splitter Cheap R&D funds Log Splitter Cheap developing products that people will not Cheap Flights From Ukraine To England buy. History attests to many products that were commercial failures in Log Splitter Cheap spite Log Splitter Cheap 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 the four Ps renamed and reworded to provide a customer focus.
The SIVA Log Splitter Cheap Model provides a demand/customer Log Splitter Cheap centric version alternative to the well-known 4Ps supply side model (product, price, place, promotion) Log Splitter Cheap of marketing management.
In a product innovation Log Splitter Cheap approach, the company pursues product innovation, Log Splitter Cheap then tries to develop a market Log Splitter Cheap for the Log Splitter Cheap product. Product innovation drives the process and marketing research is conducted primarily to ensure that a profitable market segment(s) exists for the innovation. The rationale is that customers may not know what options will be available to Log Splitter Cheap 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 try to overcapitalize on Log Splitter Cheap a niche. When pursuing a product innovation approach, marketers must ensure that they Log Splitter Cheap have a varied and multi-tiered approach to product innovation. It Log Splitter Cheap is claimed that if Thomas Edison depended Log Splitter Cheap on marketing research he would have produced larger candles rather than inventing light bulbs. Many firms, Log Splitter Cheap such as research and Log Splitter Cheap development focused Log Splitter Cheap companies, successfully focus on product innovation (Such as Log Splitter Cheap Nintendo who constantly change the Log Splitter Cheap way Video games are played). Many purists doubt whether this is really a form of marketing orientation Log Splitter Cheap at all, because of the Log Splitter Cheap ex post status of consumer research. Some Log Splitter Cheap even Log Splitter Cheap question whether it is marketing. |
