Marketing can be define as “the process of creating, distributing, promotion and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers in a dynamic environment” (Pride et al. 2007). Marketing concept shows an organisation always try to provide goods and services to satisfy consumers’ needs and wants. It may help the organisation to achieve their goals. The evolution of marketing concept is from production orientation to sales orientation, continuously it becomes market orientation and societal market orientation (Pride et al. 2007). So, the purpose of this essay is to discuss what market orientation is and whether market orientation is sufficient for business success in the business world. This essay has divided into three parts, which are introduction, body and conclusion.
Market orientation is “an organisationwide commitment to researching and responding to customer needs” (Pride et al. 2007). The organisation will satisfy customers’ needs and wants by using their products, services and ideas (, 2007-2008). A market- oriented company is always focuses on customers’ needs. So, the relationship between market oriented company and customers’ will become closer and it is easier for the company to get the information from the customers (Jobber David 2007). Basically, the goal for a market-oriented company is to earn profit from the consumers’ satisfaction. They will achieve their goal by coordinated marketing and interfunctional activities (Lamb, Hair & McDaniel 2002). Market orientation can be shown as figure:
Figure 1 (Adapted from Jobber David 2007 p. 6)
Customer orientation, competitor focus, and cross-functional coordination are the three major components of market orientation. According to Kohli and Jaworski says that market orientation gives “a unifying focus for the efforts and projects of individuals, thereby leading to superior performance” after having interviews with some managers. The major component of market orientation is customer orientation. The business need to understand the value chain of customers all the time. So, the managers and employees can know that by customer calls (Slater & Narver March-April 1994). A market oriented company is always focuses and driven on customers’ needs (Casper April 1989). For example, a company has a program that encourages their employees to visit the customers once a month to receive new information from them. Besides, some company cares about the services before and after sales. All the effort is to meet the customer satisfaction (Slater & Narver March-April 1994).
Secondly, competitor is one of the market orientation components.
A characteristic of the marketing concept is customer orientation. Business activities are mostly engaged to produce a satisfied customer. They are there to Stress on the desires and wishes of a customer this keeps businesses on track with their target market. The best marketing decisions are completed on the foundation of making a massive impact in the market and towards customers. The consumers/people
Implementing factors provides an overall corporate strategy meaning, helping an organisation strive towards achieving company goals (Thomas, 2013). To develop new strategies, market research would have to be carried out both from primary and secondary sources about what consumers would favour in terms of product and service provision (Ebert, Griffin, 2011). Therefore, a market orientated culture is integrated in businesses to focus solely on customers opinions of their products and services to gain a competitive advantage( Slater and Narve, 1995).Market orientation has a direct correlation with improving performances of companies, due to a central role of customers, helping develop existing strategies (Slater and Narve, 1995). Furthermore, demographic and geographic variables could help businesses decide which area is a priority to co...
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
The societal marketing orientation extends the marketing concept by acknowledging that some products that customers want may not really be in their best interests or in the best interests of society as a whole. (Lamb, 2014). The products are less toxic, more durable, contain recycled or reusable materials. This is much better than the production orientation which only focuses on the business and not what is best for society.
It is a well-known fact that marketing is a way to get the business off the ground. Without marketing, then no one will know about the goods and services a brand is selling. “Good marketing makes the company look smart. Great marketing makes the customer feel smart.” (Chernov).
Slater, S. and Narver, J. (1995) 'Market orientation and the learning organization', Journal of Marketing 59(3): 63-74.
The purpose of this section of this report is to define the marketing concept; to explain what it means to be a market-orientated organisation; and to show that Tesco’s appear to be a successful, market-orientated company. Furthermore, that Tesco’s employ strategic relationship marketing to offer value to customers’; and achieve higher revenues and brand loyalty in return. Finally, to explain that being market oriented may also have some disadvantages if not carried out effectively.
The major objective of any company is to make profits. Marketing is responsible for identifying a company’s customers anticipating their needs and wants, satisfying theses needs while keeping the its major goal which maximizing profits
Marketing is defined as the process whereby organisations create value for its users and develop a firm customer relationship as to get back value from their customers (Phillip et al, 2008). Marketing Orientation is whereby companies are more focused on customers and rivals when making their decisions and plan improvement (Johnson, 1998). Companies have to understand the consumer and think like them. Businesses drive growth and sustain competitive advantage by practicing the following;
According to this, it is obvious that the objective of marketing is to satisfy demand of customers by those ‘individual and organizational activities’ like promotion or pricing of goods, which are all just means to achieve that. Additionally, organizations could stand out from their competitors once they meet the needs of customers better than others. Thus, it can be said that the successful marketing is to provide competitive advantages for organizations by doing better in satisfying customers’ desires through products and other marketing activities.
Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses.
Customer orientation refers to customer-centric business. This model provides a customized client expertise that focuses on establishing healthy relationships between service suppliers and customers by initial characteristic a customer's desires.
For a marketing orientated business, the findings from any research will be put to use primarily to aid the business in satisfying the needs and wants of its customers; this type of business has become more popular since 1970, where prior to this business’ were production orientated (until the 1950’s) where the business was concerned with improving its distribution methods, and product orientated (until the 1960’s) where the business’ main concern was the product rather than the satisfaction of the customer. The idea of a marketing orientated business has been explored by Fahy and Jobber (2012) who concurred that a market orientated business is one that considers its customers and the external environment to be an intricate part of the business; This type of business will explore the different aspects of the external environment, and take from its observations ways in which it can continue to trade in an effective, profitable way. A marketing orientated business will also use its findings to help it take advantage of any opportunities in a market and to lessen any threats that could be...
According to David Jobber (1995), marketing- oriented organization endeavor to create customer value with a specific end goal of attracting and retaining customers. Their main aim is to deliver better esteem to their targeted customers. In doing as such, they actualize the advertising idea by meeting and exceeding customer’s needs better than the competitions.
The main topic for this Extended Essay is to analyze the effectiveness of company’s market strategy. A marketing strategy can be defined as a process that helps a business to optimize the opportunities in order to complete business objectives, which mainly gain profits. It includes all basic and long-term field activities of marketing that deal with the analyzing of initial strategy, evaluation of the strategy, and making of a new strategy if the initial strategy is found to be ineffective or even might cause loss. (Homburg, Kuester and Krohmer 2009) To make sure the effectiveness of marketing strategy, its crucial to establish the right marketing mix which cover all the element needed in marketing a product. (Clark, et al. 2009)