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 Cheap Pc Speakers the belief that customers use a product or service because they have a need, Cheap Pc Speakers or because it provides a perceived benefit.
Two major factors of marketing are the recruitment of Cheap Pc Speakers new customers (acquisition) Cheap Pc Speakers 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 Cheap Pc Speakers the marketer to building a relationship, nurturing the links, enhancing the benefits that sold the buyer in the first place, and improving the Cheap Pc Speakers product/service continuously to protect the business from competitive encroachments.
For a marketing plan to be successful, the mix of the four "Ps" Cheap Pc Speakers 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 want is extremely expensive and seldom successful. Marketers depend on insights Cheap Pc Speakers from marketing research, both formal and informal, to Cheap Pc Speakers determine what consumers want and what they are willing to pay for. Cheap Pc Speakers Marketers hope that this process will give Cheap Pc Speakers them a sustainable competitive advantage. Marketing management is the practical application of this process. The offer is also an Cheap Pc Speakers 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 a Chief Marketing Officer position, reporting to the Chief Executive Officer.
The American Marketing Association (AMA) Cheap Pc Speakers states, Cheap Pc Speakers �Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that Cheap Pc Speakers have value for customers, clients, partners, and society at Cheap Pc Speakers large.".
Marketing Cheap Pc Speakers methods Cheap Pc Speakers are informed Cheap Pc Speakers by Cheap Pc Speakers many of the social sciences, Cheap Pc Speakers particularly psychology, sociology, and economics. Anthropology Cheap Pc Speakers is also a small, but growing influence. Market research underpins these activities. Through advertising, it is also related to many of the Cheap Pc Speakers creative arts. Marketing is a wide and heavily interconnected Cheap Pc Speakers 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 Cheap Pc Speakers have a customer focus (or customer orientation). This Cheap Pc Speakers implies that the company focuses its activities and products Cheap Pc Speakers on consumer Cheap Pc Speakers demands. Generally there are Cheap Pc Speakers three ways of doing this: the customer-driven approach, the sense of identifying market changes and the product innovation approach.
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In the consumer-driven approach, consumer wants Cheap Pc Speakers are the drivers Cheap Pc Speakers of all strategic marketing decisions. No strategy is pursued until it passes the test of consumer research. Every Cheap Pc Speakers aspect of Cheap Pc Speakers a market offering, including the nature of the product itself, is driven by the needs Cheap Pc Speakers of potential consumers. The starting point is always the consumer. The rationale for this approach is that there Cheap Pc Speakers is no point spending R&D Cheap Pc Speakers funds developing products that people will not buy. History attests to many products that were commercial failures in spite of being technological breakthroughs.
A formal approach to this customer-focused marketing is known as SIVA[3] Cheap Pc Speakers (Solution, Information, Value, Access). This system is basically the four Cheap Pc Speakers Ps renamed and reworded to provide a customer focus.
The SIVA Model provides a demand/customer centric Cheap Pc Speakers 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 develop a market for the Cheap Pc Speakers product. Product innovation drives the Cheap Pc Speakers process and Cheap Pc Speakers marketing research is conducted primarily to ensure that a profitable Cheap Pc Speakers market Cheap Pc Speakers segment(s) exists for the innovation. The rationale is that customers may not know what options will be available to Cheap Pc Speakers them in the future so we Cheap Pc Speakers should not expect them to Cheap Pc Speakers tell us Cheap Pc Speakers what Cheap Pc Speakers they will buy in the future. However, marketers can aggressively over-pursue product innovation Cheap Pc Speakers and try to overcapitalize on a niche. When pursuing a product innovation approach, marketers must Cheap Pc Speakers ensure that they Cheap Pc Speakers have a varied and multi-tiered approach to product innovation. Cheap Pc Speakers It is claimed that if Thomas Edison depended on marketing research he would have Cheap Pc Speakers produced larger candles rather than inventing light bulbs. Many firms, such as research and development focused companies, successfully focus on product innovation (Such as Nintendo Cheap Pc Speakers who constantly change the way Video games are played). Many purists doubt whether this is really Cheap Pc Speakers a Cheap Pc Speakers form of marketing orientation Cheap Pc Speakers at all, because of the ex post status of consumer research. Some even Cheap Pc Speakers question whether it is marketing. Cheap Macbooks |
