4 Analyses and results
4.1 Validation of measures
This study refines the measures and assesses the reliability and validity. First, the values of Cronbach’s alphas for three components of market orientation, incremental and radical service innovations, market and financial performances, market turbulence, technological turbulence, and competitive intensity range from 0.70 to 0.92, all of which are greater than the recommended level of 0.70 (Nunnally, 1978). Based on the first cut, the internal consistency and reliability of the four scales were established. Next, to understand the factor structure and the measurement quality, a principal component analysis was conducted with varimax rotation. An evaluation of the eigenvalues was used to identify the number of factors to retain. Throughout this process, factors are loaded as expected. Thus, these results indicate the unidimensionality of the various constructs.
Then, this study estimated a 12-factor confirmatory measurement model, including 10 focal constructs and two controls. For the multi-item scales, this study set each questionnaire item to load only on its respective latent construct, and allowed the latent constructs to correlate. After dropping one item that possessed low factor loading, the confirmatory model fit the data satisfactorily (X / d.f. = 1.32, RMSEA= 0.05, CFI = 0.92, NNFI = 0.95, PNFI = 0.76). All factor loadings are statistically significant (from 0.62 to 0.91) as they are higher than the recommended level of 0.60 (Hair et al., 2006). The t-value of each factor loading is also significant (p < .01). The composite reliabilities of constructs exceed the usual 0.60 benchmark, ranging from 0.80 to 0.91 (Bagozzi and Yi, 1988), and all of the extracted average v...
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... could potentially overcome such biases. Third, because the sample for this study is drawn from a wide range of service sectors, the applicability of these findings to other industries should be considered with caution. Fourth, this study focuses on the mediating role of the market orientation and performance relationship. Further research could examine the boundary conditions of market orientation. For example, the role of customer orientation may be particularly salient in interaction needed service sectors while competitor orientation may be significant in self-service technologies needed areas. Finally, this study was conducted in Taiwan where there may be a higher inclination toward the service industry than many other countries. Replication of this research in other countries should help to verify the applicability of the results for other parts of the world.
The desired outcomes from reorientation of the company’s business were to reduce risk of increasing prices, decrease costs and increase sales. These desired outcomes have ap...
When testing if a corporate strategy is leading the company to success, there are techniques that can be used to project data collected from the company. Long term attractiveness, competitive strength, and the nine cell industry attractiveness/business strength matrix are used to highlight strategic positions of each business in a diversified company. The industry attractiveness gages the prospects for long-term performance. Competitive strength measures how strong the units are positioned in a business in their industry. Lastly, the nine cell industry attractiveness/business strength matrix merges information on attractiveness and competitiveness to show where in the industry does a unit fit when it comes to long-term success. Walt Disney
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
The empirical data offered by the Technical Manual shows strong and distinctive correlational findings, and consistent measures of the constructs the scales target. These findings provide strong evidence supporting the construct validity and reliability of the 51 Scales found in the MMPI-2-RF. There is much research supporting or opposing the claim of reliability in the MMPI-2-RF.... ... middle of paper ... ... Diagnostic construct validity of MMPI-2 restructured form (MMPI-2-RF) scale scores.
The Values and Motives Questionnaire (VMQ) manual explained two types of reliability that they utilized to assess the consistency of the assessment: test-retest reliability and homogeneity reliability (Psytech, 2016). The test-retest reliability assesses compares the scales that occurred at two or more separate testings, whereas the homogeneity assesses if the items within the test are similar in their ability to test the target attribute. (Drummond, Sheperis, & Jones, 2016). The two types of validity the VMQ manual acknowledged wereconstruct and criterion validity (Psytech, 2016). Construct validity is an assessment that tests if the target attribute is effectively being measured. The test needs to reflect meaning and be consistent with other established tests measuring the same attribute. Criterion validity measures the tests ability to predict the target attribute successfully, this is especially important since most assessment are given in order to predict wellness or behaviors (Drummond et al., 2016). The primary reliability assessment used to portray reliability in the manual is the homogeneity. It was reported that all of the scales have a strong measurement, except for achievement and infrequency (Psychnet, 2016). This means that of all the sub-categories that are in the VMQ are asking questions that are similar in their measurement of the target category. For validity, the inter-correlations were assessed. The results indicated that the sub-scales did not directly impact each other and that they did measure the specific sub-scales they were intending to measure (Psychnet, 2016).
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.
Zeithaml, Valarie A, Berry, Leonard L, & Parasuraman, A. (1996). The behavioral consequences of service quality. Journal of Marketing, 60(2), 31. Retrieved April 1, 2011, from ABI/INFORM Global. (Document ID: 9401886).
Marketing is a core pillar of an organization and contribute significantly in its prosperity through attaining the laid down targets as well as scope of development. The position of an organization is hugely based on its competitiveness and capacity to capture a significant portion of the market in relation to the prevailing needs of consumers. Interaction of the organization with the consumers and the potential consumer in the market arena is attained through the marketing wing of the organization (Ferrell& Hartline, 2012). The preferences of the consumer and avenues of satisfaction are aligned to the established marketing frameworks. However, the success of organization marketing is highly inclined to the marketing strategies formulated and adapted towards coping with competition and eventually enhancing firm competitiveness.
Williams, P. & Naumann, E. 2011, "Customer satisfaction and business performance: a firm-level analysis", The Journal of Services Marketing, vol. 25, no. 1, pp. 20-32.
A key part of an organizational strategy is to identify market opportunities by finding a niche or a gap in the marketplace that they can pursue to take their company ahead of all their competitors. An organiz...
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.
[2] Aaker, D.A. and Jacobson, R. (2001) The Value Relevance of Brand Attitude In High-Technology Markets. Journal of Marketing Research 38, 485–93.
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...
For assessing the industry profitability, Porter 5 Forces analysis tools were used to analyze one organization evaluation. In this case, the technique were used to analyze 7-Eleven Convenience Store specifically in Malaysia. Porter 5 Forces consists of 5 important area which is Threat of New Entrants, Bargaining Power of customers, Threat of substitute Products and services, Bargaining Power of suppliers, and competitive rivalry within the industry. Theoretically, the more powerful these forces in an industry, the lower its profit potential. The strength of each force differs by industry and changes over time. The competitive advantage that 7-Eleven has using these five forces is it has raised the barrier of entry for other competitors to enter the convenience store market as new competitors will require a huge capital investment in order to implement the information technology in their business in order to be competitive. Also, hypothetically being the first in the market, 7-Eleven could have made contracts with the Malaysia government to not allow other 24-hour convenience stores in the market for a certain time period, such as Astro had done, thus having a monopoly market in the beginning of their operations which will allow them to target a bigger market share.
As a result of the above they were giving less importance to customer satisfaction and customer relationship building. This form of strategy conformed to short term business motives. In a globalised and highly competitive world, modern marketing is about concentrating ...