A market-focused, Midtown Ga Cheap Food 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 product or service because Midtown Ga Cheap Food they have a need, or because it provides a perceived benefit.
Two major factors of marketing are the Midtown Ga Cheap Food recruitment of new customers (acquisition) and Midtown Ga Cheap Food the retention and expansion of relationships with existing customers Midtown Ga Cheap Food (base management). Once a Midtown Ga Cheap Food marketer has converted the prospective buyer, base management marketing takes over. The process Midtown Ga Cheap Food for Midtown Ga Cheap Food base management shifts the marketer to building a relationship, nurturing the links, enhancing the benefits that sold the buyer in the first place, and improving the product/service continuously Midtown Ga Cheap Food to protect the Midtown Ga Cheap Food business from competitive encroachments.
For Midtown Ga Cheap Food a marketing Midtown Ga Cheap Food plan to be successful, the mix of the four "Ps" must reflect the wants and desires of the consumers or Shoppers in the target market. Trying to convince Midtown Ga Cheap Food a market segment to buy something they don't want is extremely expensive and Midtown Ga Cheap Food seldom successful. Marketers depend on insights from marketing research, both formal and informal, to determine Cheap Chain Link Fence Slats Inserts what Midtown Ga Cheap Food 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 offer is also an important addition to Midtown Ga Cheap Food 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 Midtown Ga Cheap Food growing number of organizations, especially large US companies, have a Chief Marketing Officer position, reporting to the Chief Executive Officer.
The Midtown Ga Cheap Food American Marketing Association (AMA) states, �Marketing is the activity, Midtown Ga Cheap Food set of institutions, and processes for creating, communicating, delivering, and Midtown Ga Cheap Food exchanging offerings that have value for customers, clients, partners, and society at large.".
Marketing methods are Midtown Ga Cheap Food informed by many of Midtown Ga Cheap Food the social sciences, Midtown Ga Cheap Food particularly psychology, sociology, and economics. Anthropology is also Midtown Ga Cheap Food 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 subject with extensive publications. It is also an area Midtown Ga Cheap Food of activity infamous for re-inventing itself Midtown Ga Cheap Food and its vocabulary according to Midtown Ga Cheap Food the times Midtown Ga Cheap Food and the culture.
Many companies today have a customer Cheap Tickets Flights focus Midtown Ga Cheap Food (or customer orientation). This implies that the company focuses Midtown Ga Cheap Food its activities and products on consumer demands. Generally there are three ways of doing this: the customer-driven approach, the sense of identifying market changes and the Midtown Ga Cheap Food product innovation approach.
In the consumer-driven approach, consumer Midtown Ga Cheap Food wants are the drivers of all strategic marketing decisions. No strategy is pursued Midtown Ga Cheap Food until it passes the test of consumer research. Every aspect of a market offering, including the nature of the product itself, is driven by the needs of potential consumers. The Midtown Ga Cheap Food starting Midtown Ga Cheap Food point is always the consumer. The rationale for this approach is that there is no point spending R&D funds developing products that people will not buy. Midtown Ga Cheap Food History attests to many products that were commercial failures in spite of being technological Midtown Ga Cheap Food breakthroughs.
A formal approach to this customer-focused marketing is Midtown Ga Cheap Food known as SIVA[3] Midtown Ga Cheap Food (Solution, Information, Value, Access). This system is basically the four Midtown Ga Cheap Food Ps renamed and reworded to provide a customer focus.
The SIVA Model provides a demand/customer centric version Midtown Ga Cheap Food alternative to the well-known 4Ps supply side model (product, price, place, promotion) of marketing management.
In a product innovation approach, Midtown Ga Cheap Food the company pursues product innovation, then tries to develop a market for Midtown Ga Cheap Food 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. The rationale is Midtown Ga Cheap Food that customers may Midtown Ga Cheap Food not know what options will Midtown Ga Cheap Food be available to them in the future so we should not expect them Midtown Ga Cheap Food to tell us what they will buy in the Midtown Ga Cheap Food future. Midtown Ga Cheap Food However, marketers can aggressively over-pursue product innovation Midtown Ga Cheap Food and try to overcapitalize on a niche. When pursuing a product innovation Midtown Ga Cheap Food approach, marketers must ensure that they have a Midtown Ga Cheap Food varied and multi-tiered Midtown Ga Cheap Food approach to product innovation. Midtown Ga Cheap Food It is Midtown Ga Cheap Food claimed that if Thomas Edison depended on marketing research he would have 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 who constantly change the way Video games are played). Many purists doubt whether this is really a Midtown Ga Cheap Food form of marketing orientation at all, because of the Midtown Ga Cheap Food ex post status Midtown Ga Cheap Food of consumer research. Some even question whether Midtown Ga Cheap Food it is marketing. |
