The marketing environment of today has changed dramatically and thus companies must effectively devise strategies for responding to, and dealing with this change, while ensuring maximum customer value and satisfaction (McFarlane & Britt, 2007). In order to achieve organizational goals therefore, an organization should be more effective than competitors in integrating marketing activities towards determining and satisfying the needs and wants of the target markets (Kotler & Armstrong, 2010). This assertion is consistent with McFarlane, (2013) view that businesses cannot survive without creating value for customers because that is why they exist; they are driven and shaped by customer needs and wants, and the degree to which they are able to meet these needs and wants through value creation. This perspective of focusing organizations’ activities on the customer can be summed up in the term ‘Marketing concept’ (Zeithaml, Bitner & Wilson, 2013).
Slater and Narver, (2000) holds the view that marketing orientation as a business culture enables businesses to understand the market and develop appropriate customer focused strategies. These strategies translate into high levels of customer
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It is a concept that challenges the traditional three concepts namely: production concept, where a company focused upon the science of manufacturing; product concept, where a business focused on the production processes and the quality of a particular product and selling concept whereby products are proactively sold based upon features rather than the benefits to the individual customer and his or her needs (Keller & Kotler, 2009). Marketing concept is therefore a management philosophy and an integrated approach that needs to be implemented across the firm in order to achieve its full benefits (Zeithaml et al.,
The marketing concept is producing a product that people want to buy and that the business is not selling because it likes making the product there doing it because they know people will buy their product. The marketing concept can be looked as a philosophy that potentially determines what type of marketing tools/ strategy can be used a company.
Churchill, Jr., Gilbert A., and J. Paul Peter. Marketing: Creating Value for Customers. Burr Ridge: Austen Press, 1995.
The marketing process encompasses the entire chain of value creation – from identification of a latent need among the target consumer market that a business enterprise is confident of fulfilling to profitable delivery of a solution to that need. The process is dynamic, as successful businesses must continue to monitor their value-addition proposition through careful analysis of changing trends in consumer preferences, changing nature o...
According to Kotler ‘Marketing is more than any other business function, deals with customers. Creating customer value and satisfaction are at the very heart of modern marketing thinking and practice.’
The key aspect of a market orientation is listening to customers by including their desires and concerns into the company’s decisions. While businesses have varying degrees of interaction with their customers, all create a product or service to market to a customer. Consequentially, this business orientation can lead to multiple benefits for an organization to include “increased customer satisfaction and loyalty, higher finical performance, and improved new product creativity” (Reed, Goolsby, & Johnston, 2016b, p. 3591). Ultimately, the goal of a market orientation is to gain a competitive advantage over competitors, A market orientation has been proven to lead to a higher
For organisations to be truly marketed-orientated they must exceed the value offered by their competitors; and at the same time, the overall goals of the organisation must be achieved. Additionally, for marketing to be carried out effectively and efficiently throughout the organisation, then it must involve analysing, planning, implementation, and control (Kottler and Armstrong, 2012). According to Kottler and Armstrong (2012, p. 5), the modern marketing concept can be expressed as “the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return”. Tesco’s, it appears, may have managed to successfully achieve this.
The customer value proposition is arguably the most important tool in the product marketer’s toolset. It is the foundation for understanding how the product will realistically be valued by the target user. Unlike a benefits statement, a customer value proposition is more balanced. It certainly includes the advantages a target user would experience. But to these benefits it adds the tension of disadvantages and parity experiences. The sum of all of these experiences provides a much more accurate assessment of the product in its marketplace. In the absence of customer value propositions, companies are walking blindly in the marketplace. Businesses underplay the fact that their target users have other options. They ignore that fact that their product has deficiencies some of which may significantly hamper their efforts in the marketplace. The customer value proposition is the keystone for effective product marketing activities. It brings together customer intelligence, competitive insight, and product valuation. It delivers a concise, supportable statement of the product’s value. It quantifies how that value is realized based on all of the target user’s likely product experiences. The customer value proposition provides a focused approach to understanding the target user in the context of your
It is not secret that marketing plays one of the key roles of a successful business. As Phillip Kotler said: “Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential”. Simply stated, marketing is everything you do to place your product or service in the hands of a potential customer.
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.
According to the definition gave by Kotler and Keller(2006), marketing is a process for an organization to create, communicate and deliver value to their customers, and at the same time manage customer relationships to benefit stakeholders and the organization itself. The definition above illustrates the importance of value exchange between customers and companies. From the definition, the role played by marketing is to help company create value and make sure it is delivered to their customers correctly. There are many reasons which can lead a company to failure in the development and launch of new products. And some of the reasons behind those unsuccessful products can be categorized into one major reason, that is, the company just fail to bring value to customers. For example, the product may be launched at bad timing, designed poorly, priced higher than customers can afford or the companies fail to advertise the products well(Kolter et al.,2013). Therefore companies must think carefully what value they are going to convey to their customers while developing new products and develop marketing mix strategy to help them communicate to consumers
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;
Market orientation is one of the marketing strategies used by a company to attract consumers. Market orientation can be defined as the “focus of discovering and meeting the need and desires of its consumers through its product mix” : (Investopedia, 2010). Market orientation works in reverse as it attempts to tailor products to meet the demands of the customer (Investopedia, 2010). It can also be though as a coordinated mark...
Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.
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.
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...