A market-focused, or customer-focused, organization first determines what its potential customers desire, and then builds the product Cheap Loan Personal Secured or service. Marketing theory and practice is justified in the belief that customers use a product or service because they have a need, or because it provides a perceived benefit.
Two major factors of marketing are the recruitment of new customers (acquisition) and the retention Cheap Loan Personal Secured and expansion Cheap Loan Personal Secured of relationships Cheap Loan Personal Secured with existing customers (base management). Once a Cheap Loan Personal Secured marketer has converted the prospective buyer, base Cheap Loan Personal Secured management marketing takes over. The process for base management shifts the marketer to Cheap Loan Personal Secured building a relationship, Cheap Loan Personal Secured nurturing the links, enhancing the Cheap Loan Personal Secured benefits that sold Cheap Loan Personal Secured the buyer in the first place, and improving the product/service continuously to protect the business from competitive encroachments.
For a marketing plan to be successful, the mix of the four "Ps" must reflect the wants and desires of Cheap Flights To Paris Maldives the consumers or Cheap Loan Personal Secured 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 from marketing Cheap Loan Personal Secured 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 management is the practical application of this process. The Cheap Loan Personal Secured offer is also an important addition to the 4P's theory.
Within most organizations, the activities encompassed by the marketing function are led Cheap Loan Personal Secured by a Vice President or Director of Marketing. A growing number Cheap Loan Personal Secured of organizations, especially large US companies, have a Chief Cheap Loan Personal Secured Marketing Cheap Loan Personal Secured Officer position, reporting to the Chief Executive Officer.
The American Marketing Association (AMA) Cheap Loan Personal Secured states, Cheap Loan Personal Secured �Marketing is Cheap Loan Personal Secured the activity, set of institutions, and processes for creating, Cheap Loan Personal Secured communicating, delivering, Cheap Loan Personal Secured and exchanging offerings that have value for customers, clients, partners, Nickle Cadium Aa Batteries Cheap and society at large.".
Marketing methods are informed by many Cheap Loan Personal Secured of Cheap Loan Personal Secured the social sciences, particularly psychology, sociology, and economics. Anthropology is also a Cheap Loan Personal Secured small, but growing influence. Market research underpins these activities. Through advertising, it Cheap Loan Personal Secured is also related to many of the creative Cheap Loan Personal Secured arts. Marketing is a wide and Cheap Loan Personal Secured heavily interconnected 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 focus (or customer orientation). This implies that the company focuses its activities and Cheap Loan Personal Secured products on consumer demands. Generally there are three ways of doing this: the customer-driven approach, the Cheap Loan Personal Secured sense of identifying market changes and the product innovation approach.
In the consumer-driven approach, consumer wants are the drivers of all strategic marketing Cheap Loan Personal Secured decisions. No strategy is pursued until it passes the Cheap Loan Personal Secured test of consumer research. Every aspect of Cheap Loan Personal Secured a market offering, including the nature of the product itself, is driven by the needs of potential Cheap Loan Personal Secured consumers. The Cheap Loan Personal Secured starting point is always the consumer. The rationale for Cheap Loan Personal Secured this approach is that there is no point spending R&D funds developing products that people will not buy. Cheap Loan Personal Secured 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] (Solution, Information, Value, Access). This system is basically the four Ps renamed and reworded to provide Cheap Loan Personal Secured a Cheap Loan Personal Secured customer focus.
The SIVA Model provides a demand/customer Cheap Loan Personal Secured centric version alternative to the well-known 4Ps Cheap Loan Personal Secured supply side model (product, price, place, promotion) Cheap Loan Personal Secured of marketing Cheap Loan Personal Secured management.
In a product innovation approach, the company pursues product innovation, then tries to develop Cheap Loan Personal Secured a market for the product. Product innovation drives the process and marketing research is Cheap Loan Personal Secured conducted Cheap Loan Personal Secured primarily to ensure that a profitable market segment(s) exists for the innovation. The rationale is that customers may not know Cheap Loan Personal Secured what options will be available to them in the future so we should not Cheap Loan Personal Secured expect them to tell us what they will Cheap Loan Personal Secured buy in the future. However, marketers can aggressively Cheap Loan Personal Secured over-pursue product Cheap Loan Personal Secured innovation and try to overcapitalize on a niche. When pursuing a product innovation approach, marketers Cheap Loan Personal Secured must ensure that they have a varied and multi-tiered approach to product innovation. Cheap Loan Personal Secured It is claimed Cheap Loan Personal Secured that if Thomas Edison depended on marketing research he would have Cheap Loan Personal Secured produced larger candles rather Cheap Loan Personal Secured than inventing light bulbs. Many firms, such as research Cheap Loan Personal Secured 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 form of marketing orientation at all, because of the ex post status Cheap Loan Personal Secured of consumer research. Some even question whether it is marketing. Cheap Loan Personal Secured |
