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 product or service Annual Cheap Insurance Online Travel because they have a need, or because it provides a perceived benefit.
Two Annual Cheap Insurance Online Travel major factors of marketing are the Annual Cheap Insurance Online Travel 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 management marketing takes over. The process for base management shifts the marketer to building a relationship, nurturing Annual Cheap Insurance Online Travel the links, enhancing the benefits that sold the buyer in the first place, and improving the product/service continuously to protect the business from Annual Cheap Insurance Online Travel competitive encroachments.
For a marketing plan to be successful, the mix of the four "Ps" must reflect the wants Annual Cheap Insurance Online Travel and desires of the consumers or Annual Cheap Insurance Online Travel Shoppers Annual Cheap Insurance Online Travel in the target market. Trying to convince Annual Cheap Insurance Online Travel a Annual Cheap Insurance Online Travel market segment to buy something they don't want is extremely Book Cheap Flights To Spain expensive and Annual Cheap Insurance Online Travel seldom successful. Marketers depend on insights from marketing research, both formal and Annual Cheap Insurance Online Travel informal, to determine what consumers want and what they are willing to pay for. Marketers hope that Annual Cheap Insurance Online Travel this process will Annual Cheap Insurance Online Travel give them a sustainable competitive Annual Cheap Insurance Online Travel advantage. Marketing management is the practical application Annual Cheap Insurance Online Travel of this process. The Annual Cheap Insurance Online Travel offer is also an important addition to the 4P's theory.
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Within most organizations, the activities encompassed by the marketing function are led by a Vice President or Director of Marketing. A growing number of Cheap Check Advance Payday Loans organizations, Annual Cheap Insurance Online Travel especially large US companies, have a Chief Marketing Officer position, reporting to the Chief Executive Officer.
The American Annual Cheap Insurance Online Travel Marketing Association (AMA) states, Annual Cheap Insurance Online Travel �Marketing is the activity, set of institutions, and processes for creating, Annual Cheap Insurance Online Travel communicating, delivering, and exchanging offerings that have value for Annual Cheap Insurance Online Travel customers, clients, partners, and society at 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 Annual Cheap Insurance Online Travel research underpins these activities. Italy Vacation Cheap Inexpensive Through advertising, it is also related to many of the creative arts. Marketing is a Annual Cheap Insurance Online Travel wide and heavily interconnected subject with extensive publications. It is also an Annual Cheap Insurance Online Travel area of activity infamous for re-inventing itself and its vocabulary Montana Cheap High Speed Internet Access according Annual Cheap Insurance Online Travel 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 products on consumer demands. Generally there are three Annual Cheap Insurance Online Travel ways Annual Cheap Insurance Online Travel 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 are the drivers of all strategic marketing decisions. No strategy is pursued until Annual Cheap Insurance Online Travel it passes the test of consumer research. Every aspect Annual Cheap Insurance Online Travel of a market offering, including the nature of the product itself, Annual Cheap Insurance Online Travel is driven by the needs of potential consumers. The starting point is always the consumer. The rationale for this approach is Annual Cheap Insurance Online Travel that there Annual Cheap Insurance Online Travel is no point spending R&D Annual Cheap Insurance Online Travel 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 Annual Cheap Insurance Online Travel this customer-focused marketing is known as SIVA[3] (Solution, Information, Value, Annual Cheap Insurance Online Travel Access). This system is basically the four Ps renamed and reworded to provide a customer Annual Cheap Insurance Online Travel focus.
The SIVA Model provides a demand/customer Annual Cheap Insurance Online Travel centric version alternative to the well-known 4Ps Annual Cheap Insurance Online Travel supply side model Annual Cheap Insurance Online Travel (product, Annual Cheap Insurance Online Travel price, place, promotion) of marketing management.
In a product innovation approach, the company Annual Cheap Insurance Online Travel pursues product innovation, then tries to develop Annual Cheap Insurance Online Travel a market for the product. Cheap Flights London Scotland Product innovation drives the process and marketing research is conducted primarily to ensure that a profitable market Annual Cheap Insurance Online Travel segment(s) exists for the innovation. The Annual Cheap Insurance Online Travel rationale is that Annual Cheap Insurance Online Travel customers Annual Cheap Insurance Online Travel may not know what options will Annual Cheap Insurance Online Travel be available to them in the future so we should not expect Annual Cheap Insurance Online Travel them to tell us Annual Cheap Insurance Online Travel what Annual Cheap Insurance Online Travel they will buy in the future. However, marketers can aggressively over-pursue product innovation and try to Annual Cheap Insurance Online Travel overcapitalize on a niche. Annual Cheap Insurance Online Travel When pursuing a product innovation approach, marketers must ensure that they have a varied and multi-tiered approach to product Annual Cheap Insurance Online Travel innovation. It is claimed Annual Cheap Insurance Online Travel 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 Annual Cheap Insurance Online Travel is really Melbourne Italy Cheap Flights a form of Annual Cheap Insurance Online Travel marketing orientation at all, because of the ex post Annual Cheap Insurance Online Travel status of Annual Cheap Insurance Online Travel consumer research. Some even question whether it is marketing. |
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