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 Car Insurance Cheap Travel Insurance product or service because they have a need, Cheap Car Insurance Cheap Travel Insurance or because it provides Cheap Car Insurance Cheap Travel Insurance a perceived Cheap Car Insurance Cheap Travel Insurance benefit.
Two 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 buyer, base Cheap Car Insurance Cheap Travel Insurance management marketing takes over. The process for base management shifts the Cheap Car Insurance Cheap Travel Insurance marketer to building a relationship, Cheap Car Insurance Cheap Travel Insurance nurturing the links, enhancing Cheap Car Insurance Cheap Travel Insurance the benefits that sold the buyer Cheap Car Insurance Cheap Travel Insurance in the first place, and improving the product/service continuously Cheap Car Insurance Cheap Travel Insurance to protect Cheap Car Insurance Cheap Travel Insurance the business from competitive encroachments.
For Cheap Car Insurance Cheap Travel Insurance a marketing plan to be successful, the mix of the four "Ps" must reflect the Cheap Car Insurance Cheap Travel Insurance wants and desires of the consumers or Shoppers in the target market. Trying to convince a market Cheap Car Insurance Cheap Travel Insurance segment to buy something they don't want is extremely expensive and seldom Cheap Car Insurance Cheap Travel Insurance successful. Marketers depend on insights from marketing research, both formal and informal, to determine what consumers want and what they are Cheap Car Insurance Cheap Travel Insurance willing Cheap Car Insurance Cheap Travel Insurance to pay for. Marketers Cheap Car Insurance Cheap Travel Insurance hope that 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 President or Director of Marketing. A growing number of organizations, especially large US companies, have Cheap Car Insurance Cheap Travel Insurance a Chief Marketing Officer position, reporting to the Chief Executive Officer.
The American Marketing Association (AMA) states, �Marketing is the activity, set of Cheap Car Insurance Cheap Travel Insurance institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for Cheap Car Insurance Cheap Travel Insurance customers, clients, partners, and society Cheap Car Insurance Cheap Travel Insurance at large.".
Marketing methods are informed by many of the Cheap Car Insurance Cheap Travel Insurance 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 Africa Cheap Cruises related to many of the creative arts. Marketing is a Cheap Car Insurance Cheap Travel Insurance wide and heavily interconnected subject with extensive publications. It is also an area of activity infamous for re-inventing itself and its vocabulary according to Cheap Car Insurance Cheap Travel Insurance the times and the culture.
Many companies today have a Cheap Car Insurance Cheap Travel Insurance customer Cheap Car Insurance Cheap Travel Insurance focus (or customer orientation). This implies that the company focuses its activities and products on consumer demands. Generally there are three ways of doing this: the customer-driven approach, the sense of Cheap Car Insurance Cheap Travel Insurance identifying market changes and the product innovation approach.
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In the consumer-driven approach, consumer wants are Cheap Trips To Austrial the drivers of all strategic Cheap Car Insurance Cheap Travel Insurance marketing decisions. No strategy is pursued until it passes the test of consumer Cheap Car Insurance Cheap Travel Insurance research. Every Cheap Car Insurance Cheap Travel Insurance aspect of a market Cheap Car Insurance Cheap Travel Insurance offering, including Cheap Cheap Cheap Air Line Tickets the nature Cheap Car Insurance Cheap Travel Insurance of the product itself, is driven by the needs of potential consumers. The starting Cheap Car Insurance Cheap Travel Insurance point is always the consumer. The rationale for this approach is that there is The Cheap Cruises no point spending R&D funds developing products that people will not buy. History attests to many products that Cheap Car Insurance Cheap Travel Insurance were commercial failures in spite of being technological breakthroughs.
A formal approach to this customer-focused marketing is known Cheap Car Insurance Cheap Travel Insurance as Cheap Car Insurance Cheap Travel Insurance SIVA[3] (Solution, Information, Cheap Trips To Paros Value, Access). This system is basically the four Ps renamed and reworded to provide a customer focus.
The Cheap Car Insurance Cheap Travel Insurance SIVA Model provides a Cheap Car Insurance Cheap Travel Insurance 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 Cheap Car Insurance Cheap Travel Insurance company pursues product innovation, then tries to develop a market for the product. Product innovation drives Cheap Car Insurance Cheap Travel Insurance the process and marketing Cheap Car Insurance Cheap Travel Insurance research is conducted primarily to ensure that a profitable market segment(s) exists for the innovation. The rationale is Cheap Car Insurance Cheap Travel Insurance that customers may not know what options Cheap Car Insurance Cheap Travel Insurance will be available Cheap Car Insurance Cheap Travel Insurance to them in Cheap Car Insurance Cheap Travel Insurance the future so we should not expect them to tell us what they will buy in Cheap Car Insurance Cheap Travel Insurance the Cheap Car Insurance Cheap Travel Insurance future. However, Cheap Car Insurance Cheap Travel Insurance marketers can aggressively Cheap Car Insurance Cheap Travel Insurance over-pursue product innovation Peru And Cheap Trips and try to overcapitalize on a niche. When pursuing Cheap Car Insurance Cheap Travel Insurance a product innovation approach, marketers must Cheap Car Insurance Cheap Travel Insurance ensure that they have a varied Cheap Car Insurance Cheap Travel Insurance and multi-tiered approach to product innovation. It is claimed that if Thomas Edison depended on Cheap Car Insurance Cheap Travel Insurance marketing research he would have Cheap Car Insurance Cheap Travel Insurance produced larger candles rather than inventing light bulbs. Many firms, such as research and development focused companies, successfully focus on Cheap Car Insurance Cheap Travel Insurance product innovation (Such as Nintendo who constantly change the way Video games are played). Many Cheap Car Insurance Cheap Travel Insurance purists doubt whether this is really a form of marketing orientation at all, because of Cheap Car Insurance Cheap Travel Insurance the ex post status Cheap Car Insurance Cheap Travel Insurance of consumer research. Some even question whether it is marketing. |
