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