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discuss marketing orientation
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The world population, from day to day, has been increasing progressively which makes the market demand becoming greater. Nowadays, responding to the globalization and the life in an innovative world, the demand of people is becoming wider and more various. Meanwhile, a huge amount of businesses have been created in order to fulfill those demands. The increment of global economy has been providing more and more choices to consumers. From these consequences, the market becomes more and more competitive for businesses as well. Thus those businesses must be adapting their market orientation in order to stay in competitive market, otherwise, they could not be able to stand in the market; or in other word, their business operation will be bankrupt or running unsuccessfully. According to Kolter, Keller and Burton (2009, p. 18), the companies which practice market orientation approach are likely to be the most successful . Indeed, the company orientation towards the marketplace could be done through many concepts such as production concept, product concept, selling concept as well as marketing concept. Market orientation is a business approach or philosophy that implements the marketing concept by focusing on identifying and meeting the stated or hidden needs or wants of customers. The concept of Marketing orientation was developed in the late 1960s and early 1970s after selling concept and production concept. Meanwhile, this concept replaced the previous sales orientation which was dominated between the mid-1950s and the early 1970s, and the production orientation which was prevailing before the mid-1950s. Market orientation is developed by market-driving through producing the right product at the right price at the right time. The most...
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Jonh C. Narver and Stanley F. Slater (1990), “The Effect of a Market Orientation on Business Profitability”, Journal of Marketing, (October), retrieved from http://bear.warrington.ufl.edu/ weitz/mar7786/Articles/narver%20and%20slatter.pdf https://www.inkling.com/read/strategic-marketing-cravens-piercy-10th/chapter-1/market-driven-strategy George S. Day (1994), “The Capacities of Market-Driven Organizations”, Journal of Marketing, (October), Vol.58, 37-62 http://www.acledabank.com.kh/kh/eng/index.php http://www.acledabank.com.kh/kh/eng/bp_sustainabilityreport.php http://www.acledabank.com.kh/kh/eng/bp_fact_figure.php http://gdrc.org/icm/country/acleda.html http://www.prasac.com.kh/ http://www.prasac.com.kh/index.php?option=com_content&view=article&id=1&Itemid=134&lang=en#sthash.Ecs69NEg.dpuf
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
E., Brodie, R. J., Danaher, P. J. and Johnston, W. J. (2002). "How Firms Relate to Their Markets: An Empirical Examination of Contemporary Marketing Practices." Journal of Marketing, Vol 66, No 3, pp. 33-46.
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill.
Kotler, P., & Keller, K. (2012). Marketing management (14th ed., Global ed.). Boston, [Mass.: Pearson.
Marketing oriented companies are ones that allow the wants and needs of consumers and potential customers to drive the firm's tactical decisions.
... P.H. (1988). Marketing Management: Analysis, Planning, Implementation and Control. (6th ed.). Prentice-Hall: Englewood Cliffs.
Kotler, P. & Keller, K.L., (2009), A Framework for Marketing Management. 4th edition, Pearson Prentice Hall: USA
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.
Petty Ross D. Editor's Introduction: The What and Why of Marketing; American Business Journal, Vol. 36, 1999
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...
Studies and analyses regarding variations between companies performing higher or lower regarding their marketing practices has helped out to assure that a central textbook marketing strategy principle; which is to achieve success regarding that in the long term the products and services of a firm have to be well ‘positioned’ in the market. This paper aims to highlight the common formulations or ‘anatomies’ for strategies and the isolation of some of the most important inclusions that were thought to be really important in achieving success. Just to bring some “flesh on the bones”, this article examines the method through which theory is translated into practice.
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.
Armstrong G. & Kotler P. (2007) Marketing: An Introduction 8E Upper Saddle River, NJ Pearson Prentice Hall Publishers
Traditionally, marketers were focused mainly on selling a product. They started with production and marketing was done while selling and promoting the product to attain sales at a profit. In this technique, they were of the view that the product should be brought in the market with an aggressive selling strategy and imposed in the market through promotional pressures. Their marketing purview was limited to 4P’s which are product, promotion, price and place for profit maximisation.
Philip Kotler; Kevin Lane Keller (2009): “Marketing Management”, 13th edition, Pearson Prentice Hall, pg 61-62