For
a marketing plan to be successful, the mix of the
four "p's" must reflect the wants and desires
of the consumers 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 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 practical application
of this process.
Most companies today have a customer orientation (also
called customer focus). This implies that the company
focuses its activities and products on customer needs.
Generally there are two ways of doing this: the customer-driven
approach and the product innovation approach. In the
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 of potential
consumers. |
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