| A market-focused, or customer-focused, organization first Cheap Student Loan Consolidation determines what its Cheap Student Loan Consolidation potential customers desire, and then builds the product Cheap Used Military Humvee or service. Marketing theory and practice is Cheap Student Loan Consolidation justified in the Cheap Student Loan Consolidation belief that customers use a product or service because they Cheap Student Loan Consolidation have a need, Cheap Student Loan Consolidation or Cheap Las Vegas Rooms because it provides a perceived benefit.
Two major factors Cheap Student Loan Consolidation 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. The process for base management shifts the marketer to building a Cheap Student Loan Consolidation relationship, nurturing the links, enhancing the benefits that sold the buyer in the first place, and Cheap Student Loan Consolidation improving the product/service continuously to protect the business from competitive encroachments.
For a marketing plan to be Cheap Student Loan Consolidation successful, the mix of the four "Ps" must reflect the wants and desires Cheap Student Loan Consolidation of the consumers or Shoppers in the target market. Trying to convince a market Cheap Student Loan Consolidation segment to buy something they don't want is extremely expensive Cheap Student Loan Consolidation and seldom successful. Marketers depend on Cheap Vacation Packages To Las Vegas insights from Cheap Student Loan Consolidation marketing research, both formal and Cheap Student Loan Consolidation informal, to determine what consumers want and what they are willing to pay for. Marketers hope that Cheap Phentermine Free Shipping this Cheap Student Loan Consolidation process will Cheap Student Loan Consolidation give them a sustainable competitive advantage. Marketing management is the practical application of this process. Cheap Student Loan Consolidation The offer is also an important addition to the 4P's theory.
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Within most organizations, the activities encompassed by the marketing function Cheap Student Loan Consolidation are led by a Vice President or Director of Marketing. A growing Cheap Travel In Europe number of organizations, especially Cheap Student Loan Consolidation large US companies, have a Chief Marketing Officer position, reporting to the Chief Executive Officer.
The American Marketing Association (AMA) states, �Marketing is the activity, Cheap Student Loan Consolidation set of institutions, and processes for creating, communicating, delivering, Cheap Student Loan Consolidation and exchanging offerings that Cheap Student Loan Consolidation have value for customers, clients, partners, and society at large.".
Marketing methods are informed by many of the social sciences, particularly psychology, Cheap Student Loan Consolidation sociology, and economics. Anthropology is also a small, Cheap Student Loan Consolidation 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 Cheap Student Loan Consolidation extensive publications. Cheap Student Loan Consolidation It is also an area of activity infamous for re-inventing itself and Cheap Student Loan Consolidation its vocabulary according to Cheap Student Loan Consolidation the times and the culture.
Many companies today have a customer focus (or customer Cheap Student Loan Consolidation orientation). This implies that the company focuses Cheap Student Loan Consolidation its activities and products on consumer demands. Generally there are three ways of Cheap Student Loan Consolidation doing Cheap Student Loan Consolidation this: the customer-driven approach, the Cheap Student Loan Consolidation sense of identifying market Cheap Student Loan Consolidation changes and the product innovation approach.
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In Cheap Student Loan Consolidation 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. Cheap Student Loan Consolidation Every aspect of a market offering, including Cheap Student Loan Consolidation the nature of the product itself, is driven Cheap Student Loan Consolidation by the needs of potential consumers. The starting point is Cheap Student Loan Consolidation always the consumer. Cheap Student Loan Consolidation The rationale for Cheap Student Loan Consolidation this approach is that there is no point spending R&D funds developing products that people will not buy. History attests to Cheap Student Loan Consolidation many products that were commercial failures in spite of being technological breakthroughs.
A formal approach to this customer-focused Cheap Student Loan Consolidation marketing is known as SIVA[3] (Solution, Information, Value, Access). This system is basically Cheap Student Loan Consolidation the four Ps renamed and reworded to Cheap Student Loan Consolidation 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 Cheap Student Loan Consolidation develop a market for the product. Cheap Student Loan Consolidation Product innovation drives the process and marketing research is conducted primarily Cheap Student Loan Consolidation to ensure that a profitable market segment(s) exists for the innovation. The rationale is that Cheap Flights London To Tenerife customers may not know what options will be available to Cheap Student Loan Consolidation them in the future so we should not expect them to tell us what they will buy in the future. However, Cheap Student Loan Consolidation marketers can aggressively over-pursue product innovation and try to overcapitalize on a niche. When pursuing a product innovation approach, marketers must ensure Cheap Student Loan Consolidation that they have a varied and multi-tiered approach to product innovation. Cheap Student Loan Consolidation It Cheap Student Loan Consolidation is claimed that if Thomas Edison Cheap Student Loan Consolidation depended on marketing research he would have produced larger candles Cheap Student Loan Consolidation rather than inventing light bulbs. Many firms, such as research and development focused companies, successfully focus on product innovation (Such as Nintendo who constantly Cheap Student Loan Consolidation change the way Video games are played). Many purists doubt whether this is really a form of marketing orientation at all, because of the ex post Cheap Student Loan Consolidation status of Cheap Student Loan Consolidation consumer research. Some even question whether it is marketing. |
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