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 Cheap Online Shopping Travel Insurance Online or service because they Cheap Online Shopping Travel Insurance Online have a need, or because it provides a perceived benefit.
Two major factors Cheap Online Shopping Travel Insurance Online of marketing Cheap Online Shopping Travel Insurance Online are the recruitment of new customers (acquisition) and the retention and expansion Cheap Online Shopping Travel Insurance Online of relationships with existing customers Cheap Online Shopping Travel Insurance Online (base management). Once a marketer has converted the prospective buyer, base Cheap Online Shopping Travel Insurance Online management marketing takes over. The process for base Cheap Online Shopping Travel Insurance Online management shifts the marketer to building a relationship, nurturing the links, enhancing the benefits that Cheap Online Shopping Travel Insurance Online sold the buyer in the first Cheap Online Shopping Travel Insurance Online place, and improving the product/service continuously to protect the business from competitive encroachments.
For Cheap Online Shopping Travel Insurance Online a marketing plan to be successful, the mix of the four "Ps" must Cheap Online Shopping Travel Insurance Online reflect the wants and desires of Cheap Online Shopping Travel Insurance Online 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 Cheap Online Shopping Travel Insurance Online seldom successful. Marketers depend on insights from marketing research, both formal and informal, to Cheap Online Shopping Travel Insurance Online determine what consumers want and what they are willing to pay for. Marketers hope that this process will give them a sustainable Cheap Online Shopping Travel Insurance Online competitive advantage. Marketing management is Cheap Online Shopping Travel Insurance Online the practical application of this process. The offer Cheap Online Shopping Travel Insurance Online is also an important addition Cheap Online Shopping Travel Insurance Online to the 4P's theory.
Within Cheap Online Shopping Travel Insurance Online most organizations, the activities encompassed Cheap Online Shopping Travel Insurance Online 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 Cheap Online Shopping Travel Insurance Online (AMA) states, �Marketing is Cheap Online Shopping Travel Insurance Online the activity, set of institutions, Cheap Online Shopping Travel Insurance Online and processes for creating, communicating, delivering, and exchanging offerings that have value for Cheap Online Shopping Travel Insurance Online customers, clients, partners, and society at large.".
Marketing methods are informed by many of the social Cheap Online Shopping Travel Insurance Online sciences, particularly psychology, Cheap Online Shopping Travel Insurance Online sociology, and economics. Anthropology is also a small, but growing influence. Market research underpins these activities. Through advertising, it Cheap Online Shopping Travel Insurance Online is also related to many Cheap Online Shopping Travel Insurance Online of the creative arts. Marketing is a Cheap Umbrella Stroller wide and heavily interconnected subject with extensive publications. It is also Cheap Online Shopping Travel Insurance Online an area of activity infamous for re-inventing itself and its vocabulary Cheap Online Shopping Travel Insurance Online according to the times and the culture.
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Many companies today have a customer focus (or customer orientation). This implies that the company focuses Cheap Online Shopping Travel Insurance Online its activities and products on consumer demands. Generally there are three ways of doing this: the customer-driven approach, the sense of identifying Cheap Online Shopping Travel Insurance Online market changes and the product innovation approach.
In the consumer-driven approach, consumer wants are the drivers of all Cheap Online Shopping Travel Insurance Online strategic marketing decisions. No strategy is pursued until it passes the test of consumer research. Every Cheap Online Shopping Travel Insurance Online aspect of a market offering, Cheap Online Shopping Travel Insurance Online including the Cheap Online Shopping Travel Insurance Online nature of the product itself, is driven by Cheap Online Shopping Travel Insurance Online the needs of potential consumers. The starting point Cheap Online Shopping Travel Insurance Online is always the consumer. The rationale for Cheap Online Shopping Travel Insurance Online this approach is that there is no point spending R&D funds Cheap Online Shopping Travel Insurance Online developing products that people will not buy. History attests to many products that were Cheap Online Shopping Travel Insurance Online 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 Cheap Online Shopping Travel Insurance Online reworded to Cheap Online Shopping Travel Insurance Online provide a customer focus.
The SIVA Model provides Cheap Online Shopping Travel Insurance Online a demand/customer centric version alternative to the well-known 4Ps supply side Cheap Online Shopping Travel Insurance Online model (product, Cheap Online Shopping Travel Insurance Online price, place, promotion) of Cheap Online Shopping Travel Insurance Online marketing management.
In a product innovation approach, the company Cheap Online Shopping Travel Insurance Online pursues product innovation, then tries to develop a market for the product. Product innovation drives the process and marketing research is conducted primarily to ensure that a profitable Cheap Online Shopping Travel Insurance Online market segment(s) exists for the innovation. The Cheap Online Shopping Travel Insurance Online rationale is that customers Cheap Online Shopping Travel Insurance Online may not know what options will be available to them in the future Cheap Online Shopping Travel Insurance Online so we should not expect them to tell us what Cheap Online Shopping Travel Insurance Online they will buy in the future. However, marketers can aggressively over-pursue product innovation and try to overcapitalize on a niche. When pursuing a product innovation approach, marketers must ensure that they have a varied and multi-tiered approach to product innovation. It is claimed that if Thomas Edison depended on marketing research he would have produced larger candles rather than inventing light bulbs. Many firms, such as Cheap Online Shopping Travel Insurance Online research and development focused companies, successfully focus on product Cheap Online Shopping Travel Insurance Online innovation (Such as Nintendo who constantly change the way Cheap Online Shopping Travel Insurance Online Video games are played). Many purists doubt whether this is really a form of marketing orientation at Cheap Online Shopping Travel Insurance Online all, because of the ex post status of consumer research. Some even question whether it is Cheap Online Shopping Travel Insurance Online marketing. |
