A market-focused, or customer-focused, Cheap Flights London Luton organization first determines what its Cheap Flights London Luton potential customers desire, and then builds the product Cheap Flights London Luton or service. Marketing theory Cheap Flights London Luton and practice is justified in the belief that customers Cheap Flights London Luton use a product or Cheap Flights London Luton service because they have a need, or because it provides Cheap Flights London Luton a Cheap Flights London Luton perceived benefit.
Two major Cheap Flights London Luton factors of marketing are the recruitment of new customers (acquisition) and the retention and expansion of relationships with existing customers (base Cheap Flights London Luton management). Once a marketer Cheap Flights London Luton has converted Cheap Flights London Luton the prospective buyer, base management marketing takes over. The process for base management shifts the Cheap Flights London Luton marketer to building a relationship, nurturing the links, enhancing the benefits that sold the buyer in the Cheap Flights London Luton first place, and improving the product/service continuously to protect the business from competitive encroachments.
For a marketing plan Cheap Flights London Luton to be Cheap Flights London Luton successful, the mix of the Cheap Flights London Luton four "Ps" must reflect the wants and desires of the consumers or Shoppers in Cheap Flights London Luton the target market. Trying to convince a market segment Cheap Flights London Luton to buy something Cheap Flights London Luton they don't want is extremely expensive and Cheap Flights London Luton seldom Cheap Flights London Luton successful. Marketers depend on insights Cheap Flights London Luton from marketing 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 Cheap Flights London Luton practical application of this process. The offer is also an important addition to the 4P's theory.
Within most organizations, the activities encompassed by the marketing function are led by a Vice Cheap Flights London Luton President or Director of Marketing. A growing number of organizations, especially large US companies, Cheap Flights London Luton have a Cheap Flights London Luton Chief Marketing Officer position, reporting to the Chief Executive Cheap Flights London Luton Officer.
The American Marketing Association Cheap Flights London Luton (AMA) states, �Marketing is the activity, set of institutions, and processes for Cheap Flights London Luton creating, communicating, delivering, and exchanging offerings that Cheap Flights London Luton have Cheap Flights London Luton value Cheap Flights London Luton for 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 Cheap Flights London Luton small, but growing Cheap Flights London Luton 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 of activity Cheap Flights London Luton infamous for re-inventing itself and its vocabulary according to the Cheap Flights London Luton times and Cheap Flights London Luton the culture.
Many companies today have a customer focus (or Cheap Flights London Luton customer orientation). This implies that the company focuses 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 product innovation approach.
In the Cheap Flights London Luton consumer-driven approach, consumer wants are the drivers of all strategic marketing decisions. No strategy is pursued 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 Cheap Flights London Luton of potential consumers. The starting Cheap Flights London Luton point Cheap Flights London Luton 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. History attests to many products that were commercial failures in spite of being technological Cheap Flights London Luton breakthroughs.
A formal approach to this customer-focused marketing is known as SIVA[3] (Solution, Information, Value, Access). Cheap Flights London Luton This system is basically Cheap Flights London Luton the four Cheap Flights London Luton Ps renamed and reworded to provide a customer focus.
The SIVA Model provides a demand/customer centric version alternative to the well-known 4Ps supply side model (product, price, Cheap Flights London Luton place, promotion) of Cheap Flights London Luton marketing management.
In a product innovation approach, the company 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 Cheap Flights London Luton that Cheap Flights London Luton a profitable market segment(s) exists for Cheap Flights London Luton the innovation. The rationale is that customers may not know what options will be available to them in the future so we should not expect them to tell us what they will buy in the future. However, marketers can aggressively over-pursue product innovation and try to overcapitalize on a niche. Cheap Flights London Luton 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 Cheap Flights London Luton larger candles rather than inventing light bulbs. Many firms, such as research and development focused companies, successfully focus on product innovation (Such Cheap Flights London Luton as Nintendo who constantly change the way Cheap Flights London Luton Video Cheap Flights London Luton games are played). Many purists doubt Cheap Flights London Luton whether this is really a form of marketing Cheap Flights London Luton orientation at all, because of the ex post status of consumer research. Some even question whether it is marketing. |
