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The Market Orientated Firm.

Good Essays
The Market Orientated Firm.

1.0 Introduction

In understanding what it is to be a marketing orientated firm; firstly

a business needs to know what marketing is. According to the UK's

Chartered institute of Marketing (CIM):

'Marketing is the management process responsible for identifying,

anticipating and satisfying customer requirements profitably (CIM1) '

Marketing is the only process that goes hand in hand with the company

strategy and is integrated in all functions and departments of the

firm. People tend to think marketing is about advertising, promotion

and ultimately selling. Marketing is a strategic function that is more

complex than this. Its main focus is in bringing the consumer,

products or a particular service they need, where they want them, and

at affordable prices, with all the information needed to make an

informed choice. These decisions are reached through a structured

process of planning.

GRAPH

2.0 Marketing Orientation

Marketing as a major function of corporate strategy, developed in the

latter period of the last century, as Hannagan states 'The second half

of the twentieth century has seen the development of an increasing

customer orientation… …based on determining the needs and wants of the

customers and satisfying them (Hannagan, 2002).' It is this customer

orientation of which is the fundamental focus in the marketing process

and in becoming marketing orientated; before this organisational

strategies stemmed from internal goals such as productivity and sales.

This philosophy of satisfying the customer in order to be profitable

will create the quality of valuing the customer, which in turn leads

to their loyalty.

2.1 The Marketing Audit

In considering marketing analysis 'An external and internal audit is

carried out as part of the broader process of market analysis to

determine the opportunities existing in the marketplace (Gilbert,

1999).' To do this, at stage one, the company needs to gather

information for the external audit. This information can be

categorised using PESTLE analysis. This acronym stands for and

considers the following issues that may affect the company:

· Political - i.e. Regulations such as planning permission will

influence where you can locate

· Economic - i.e. Disposable income levels influence consumer spendi...

... middle of paper ...

...and keep up

with the competition.

6.0 References

CIM1- CIM; http://www.cim.co.uk, Accessed (15th December 2003)

Hannagan T. (2002), Management Concepts and Practices, FT Prentice

Hall

Gilbert D. (1999), Retail Marketing Management, FT Prentice Hall

Thomas B. & Housden M. (2002), Direct Marketing in Practice, Heinemann

Westwood J. (1998), The Marketing Plan: A Practitioner's Guide, Koban

Page Ltd

7.0 Bibliography

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1. Hannagan T. (2002), Management Concepts and Practices, FT

Prentice Hall

2. Gilbert D. (1999), Retail Marketing Management, FT Prentice Hall

3. Thomas B. & Housden M. (2002), Direct Marketing in Practice,

Heinemann

4. Westwood J. (1998), The Marketing Plan: A Practitioner's Guide,

Koban Page Ltd

5. Atkinson J. & Wilson I. (1996), Strategic Marketing: Cases,

Concepts & Challenges, Harper Collins

6. Booth D. (1990), Principles of Strategic Marketing, Tudor

Publishing

7. Randall G. (1994), Effective Marketing, Routledge

8. Vassus T. (1996), Strategic Marketing Management, Que

9. Pidgeon J. & Foley J. (1999), Marketing: The Foundations of

Successful Business, Guild of Master Craftsmen
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