A market-focused, or customer-focused, organization first Cheap Pool Table Coin Operated determines what its Cheap Pool Table Coin Operated potential customers desire, and then builds the product or service. Marketing Cheap Pool Table Coin Operated theory and Cheap Pool Table Coin Operated 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 Cheap Pool Table Coin Operated major factors of marketing are the recruitment of new customers (acquisition) and the retention and expansion of relationships with existing customers (base management). Once a marketer has Cheap Pool Table Coin Operated converted the prospective buyer, base management marketing takes over. The process for base management shifts the marketer to building a Cheap Pool Table Coin Operated relationship, nurturing the links, enhancing the Cheap Pool Table Coin Operated benefits that sold the buyer in the first place, and improving the product/service continuously to protect the Cheap Pool Table Coin Operated business from competitive encroachments.
For a marketing plan to Cheap Pool Table Coin Operated be successful, the mix of the four "Ps" must reflect the wants Cheap Pool Table Coin Operated and Cheap Pool Table Coin Operated desires of the Cheap Pool Table Coin Operated consumers or 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 research, both Cheap Pool Table Coin Operated formal and informal, to determine what Cheap Pool Table Coin Operated consumers want and what they are willing to pay for. Marketers hope that this Cheap Pool Table Coin Operated 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 the Cheap Pool Table Coin Operated 4P's theory.
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Within most organizations, the activities encompassed by the marketing function are led by a Cheap Pool Table Coin Operated Vice President or Director of Marketing. A growing Cheap Pool Table Coin Operated number of organizations, especially large US companies, have a Cheap Pool Table Coin Operated Chief Marketing Cheap Pool Table Coin Operated Officer position, reporting to the Chief Executive Officer.
The American Marketing Association (AMA) states, �Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that Cheap Pool Table Coin Operated have value 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 small, but growing influence. Market research underpins these activities. Through advertising, it is also related to many Cheap Pool Table Coin Operated of the creative arts. Marketing is a wide Cheap Pool Table Coin Operated and Cheap Pool Table Coin Operated heavily interconnected subject with extensive publications. It is also an area of activity infamous for re-inventing itself and its vocabulary according Cheap Pool Table Coin Operated to the times and the Cheap Pool Table Coin Operated culture.
Many companies Cheap Pool Table Coin Operated today have a Cheap Pool Table Coin Operated customer focus (or Cheap Pool Table Coin Operated customer orientation). This implies that the company focuses its activities and products on consumer Cheap Pool Table Coin Operated demands. Generally there are three ways of doing this: the customer-driven approach, the sense of identifying market changes and the Cheap Pool Table Coin Operated product innovation approach.
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In the consumer-driven approach, consumer wants are Cheap Pool Table Coin Operated the drivers of all strategic marketing decisions. No strategy is pursued until it passes the test of consumer research. Every Cheap Pool Table Coin Operated aspect of a market offering, including the nature of the product itself, is driven by Cheap Pool Table Coin Operated the needs of potential consumers. The starting point is always Cheap Pool Table Coin Operated the consumer. The rationale for this approach is Cheap Pool Table Coin Operated that there is no point Cheap Pool Table Coin Operated spending R&D funds developing Cheap Pool Table Coin Operated products that people will not Cheap Pool Table Coin Operated buy. History attests to many products that were commercial failures in spite Cheap Pool Table Coin Operated of being technological breakthroughs.
A formal approach to this customer-focused marketing is known as SIVA[3] (Solution, Information, Value, Access). This system Cheap Pool Table Coin Operated is basically the four Ps renamed and reworded to provide a customer focus.
The Cheap Pool Table Coin Operated SIVA Model provides a demand/customer centric version alternative to the well-known 4Ps supply side model (product, Cheap Pool Table Coin Operated price, place, promotion) of marketing management.
In a product innovation approach, the company pursues product innovation, then tries to develop Cheap Pool Table Coin Operated a market Cheap Pool Table Coin Operated for the product. Product innovation Cheap Pool Table Coin Operated drives the process and marketing research Cheap Pool Table Coin Operated is conducted primarily to ensure that a Cheap Pool Table Coin Operated profitable market segment(s) exists for Cheap Pool Table Coin Operated the innovation. The rationale is that customers may not know what options will be Cheap Pool Table Coin Operated available to them in the future so we should not expect them to Cheap Pool Table Coin Operated tell us what they will buy in the future. However, marketers can aggressively over-pursue product innovation and try to overcapitalize on a Cheap Pool Table Coin Operated niche. When pursuing a product innovation Cheap Pool Table Coin Operated approach, marketers must ensure that they have a varied Cheap Pool Table Coin Operated and multi-tiered approach to product innovation. It is claimed Cheap Pool Table Coin Operated 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, Cheap Pool Table Coin Operated successfully focus on Cheap Pool Table Coin Operated product innovation (Such as Nintendo who constantly change the way Video games are played). Many purists doubt Cheap Pool Table Coin Operated whether this is really a form of marketing orientation at all, because of the ex post status of consumer research. Some even question whether it is marketing. |
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