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 use a Cheap Gold Pendant product or service because they have a need, or because Cheap Gold Pendant it provides a perceived benefit.
Two major factors of marketing are the recruitment of new Cheap Gold Pendant customers (acquisition) and the retention and expansion of relationships with existing customers (base Cheap Gold Pendant management). Once a marketer has converted the prospective buyer, base management marketing takes over. The Cheap Gold Pendant process for base Cheap Gold Pendant management shifts the Cheap Gold Pendant marketer to building a relationship, nurturing the links, Cheap Gold Pendant enhancing the benefits that sold the buyer in the first place, and improving the product/service continuously to protect Cheap Gold Pendant the business from competitive encroachments.
For a marketing plan to be successful, the mix of the four Cheap Gold Pendant "Ps" must reflect the wants and desires of the consumers or Shoppers Cheap Gold Pendant in the target market. Trying to convince a market segment Cheap Gold Pendant to buy something they don't want is extremely expensive and seldom successful. Marketers depend on Cheap Gold Pendant insights from marketing research, both formal and informal, to determine what consumers want and what they are willing to pay for. Marketers hope that this process will give them a sustainable competitive advantage. Marketing Cheap Gold Pendant management is the practical application of this process. The offer is also Cheap Gold Pendant an important addition to the 4P's theory.
Within most organizations, the activities Cheap Gold Pendant encompassed by the marketing function are led Cheap Gold Pendant by a Vice President or Director Cheap Gold Pendant of Marketing. A growing Cheap Gold Pendant number of organizations, Cheap Gold Pendant especially large US companies, have a Cheap Gold Pendant Chief Marketing Officer Cheap Gold Pendant position, Cheap Gold Pendant reporting to the Chief Executive Cheap Gold Pendant Officer.
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The American Marketing Cheap Gold Pendant Association (AMA) Cheap Gold Pendant states, �Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at Cheap Gold Pendant large.".
Marketing methods are informed by many of the social sciences, 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 Cheap Gold Pendant 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 Cheap Gold Pendant focus Cheap Gold Pendant (or customer orientation). This implies that the company focuses its activities and products on consumer demands. Generally there are three Cheap Gold Pendant ways of doing this: the customer-driven approach, the sense of identifying market changes and the product innovation approach.
In the Cheap Gold Pendant consumer-driven approach, consumer wants are Cheap Gold Pendant the drivers of all strategic Cheap Gold Pendant marketing decisions. No strategy is pursued until it passes the test of consumer Cheap Gold Pendant research. Every Cheap Gold Pendant aspect of a market offering, including the nature of the Cheap Gold Pendant product itself, is driven by the needs of potential consumers. The starting point is always the consumer. The rationale for Cheap Gold Pendant 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 Cheap Gold Pendant failures in spite of being technological breakthroughs.
A formal approach to this customer-focused marketing is known as SIVA[3] (Solution, Information, Value, Access). This system is Cheap Gold Pendant basically Cheap Gold Pendant the four Ps renamed and reworded to provide a customer focus.
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The SIVA Model provides a demand/customer centric version alternative to the well-known 4Ps supply side model (product, price, place, Cheap Gold Pendant promotion) of marketing management.
In a Cheap Gold Pendant product innovation approach, the company pursues product innovation, then tries to develop a market for the product. Product innovation drives the process and marketing research is conducted primarily to Cheap Gold Pendant ensure that a profitable market segment(s) exists for the innovation. The rationale is that customers may not know what Cheap Gold Pendant options will be available to them in the future so we Cheap Gold Pendant should not expect them to tell us what they Cheap Gold Pendant will buy in the future. However, marketers can Cheap Gold Pendant aggressively Cheap Gold Pendant over-pursue product Cheap Gold Pendant innovation and try to overcapitalize on a niche. Cheap Gold Pendant When pursuing a product Cheap Gold Pendant innovation approach, marketers must ensure Cheap Gold Pendant that they have a varied and multi-tiered approach to product innovation. It is claimed that if Thomas Edison depended on marketing research he would have produced larger candles Cheap Gold Pendant rather Cheap Gold Pendant than inventing 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 played). Many purists doubt whether this is really a Cheap Gold Pendant form of Cheap Gold Pendant marketing orientation Cheap Gold Pendant at all, because of the ex post status Cheap Gold Pendant of consumer research. Some even question whether it is marketing. |
