Marketing Topics

• marketing orientation
• long term relationship
• don e schultz
• guiltinan
• commercial failures
• thomas edison
• current marketing
• relationship marketing
• product innovation
• light bulbs
• model services
• formal approach
• even question
• tiered approach
• marketing mix
• marketing management
• developing products
• technological breakthroughs
• customer focus
• services marketing

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Marketing, Marketing

Industrial products, services, high value consumer products require adjustments to this model. Services marketing must account for the unique nature of services.

Relationship marketing attempts to do this by looking at marketing from a long term relationship perspective rather than individual transactions.

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. The starting point 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 breakthroughs. "Marketing Management: Strategies and Programs", Guiltinan et al, McGraw Hill/Irwin, 1996 A formal approach to this customer-focused marketing is known as SIVA "In the Mix: A Customer-Focused Approach Can Bring the Current Marketing Mix into the 21st Century". Chekitan S. Dev and Don E. Schultz, Marketing Management v.14 n.1 January/February 2005 (Solution, Information, Value, Access). This system is basically the four Ps renamed and reworded to provide a customer focus.

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. 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 purists doubt 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.

Source: Wikipedia > Marketing