Explain why the market oriented philosophy is so important.
The phrase market-oriented is used in marketing conversations as an adjective describing a company with a marketing orientation. Market orientation more describes the company's approach to doing business. Market-oriented defines the company itself. If a company is market-oriented, its board and executive leadership believe that the best way to succeed is to prioritize the marketplace above products. This usually goes over well with customers, but the company also must have adequate research and development to provide what the market wants. Hence, a market-oriented organization is one whose actions are consistent with the marketing concept.
Difference Between Marketing
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According to the American Marketing Association definition, Marketing is “an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders"
Studies show that the marketing planning process is a logical process consisting of analyzing marketing opportunities, selecting target markets, designing marketing strategies, developing marketing programs, and managing the marketing effort.
Hence, the market oriented philosophy is so important because it shed more lights on the importance of the marketing role instead of other philosophies roles such as in product, selling, and production concepts. The marketing concept specifies that the main task of the company is to determine the needs, wants, and preferences of a target group of customers and deliver customers’ satisfactions to generate customer satisfaction and long-run customers’ relationship and gain more profits to the organization.
Now, more organizations and firms domestically and globaly started to recognize how marketing contributes to improved performance in the marketplace.
References:
1- Kotler, P., & Keller, K, L. R., (2008). A Framework for
The American Marketing Association defines marketing as "an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders". (2005) Simply put, marketing is the process by which businesses assess the needs and desires of consumers in order to provide products and/or services to meet those needs in the most efficient and cost effective manner. Truly effective marketers do market research in an effort to understand their target market and create marketing strategies based on the characterization of those in the target area.
Marketing is about understanding and acknowledging the needs of customers and leaving an impact on developing the absolute best product to meet their needs by the business. Marketing comes into account for any business and how they can develop to be the best and deliver the best customer satisfaction.
Smashburger is a rapidly expanding burger restaurant concept; they have announced a summary of its 2011 accomplishments and their marketing and expansion plans for 2012. Opening their first location in 2007 and growing rapidly ever since, now in 2011 Smashburger had yet another successful year of growth and consumer acceptance. Smashburger is quickly gaining national recognition for its juicy handmade burgers that are smashed fresh and served delicious, along with its localized recipes that celebrate regional taste profiles in
According to Narver and Slatter (21), market oriented companies or businesses are doing much better. They go on to argue that there is no much evidence to support the view in that there is no direct relationship between succeeding companies and being market oriented. Minimal research has been done to support the claim and the authors say there might be other factors that make a company succeed apart from being market oriented. This claim is also supported by another study conducted by Helfert, Ritter and Walter (11). The authors say other factors like links with other organizations might be helpful in making an organization succeed.
The overall concept of marketing is a management philosophy according to which a firm 's goals can be best achieved through identification and satisfaction of the customers stated and unstated needs and wants. Companies should identify the needs of their customer and produce products and
| The marketing concept stresses the commitment to satisfying customer needs and wants with an entire range of marketing tools, not just selling or advertising.
He is a professionally-trained cabinet maker from Montreal. Gill makes hand-made wooden jewelry, with products ranging from rings, bracelets and earrings. He sells his products mostly on Etsy. Currently, Ébéniste has direct and indirect competitors within the retail and online stores. In the next three years, Ébéniste will focus towards increasing profit and exposure in order to gain market share.
This analysis paper will explain if Dr. DoRight of Universal Human Care Hospital can manage when he discovers that patients inside the hospital are dying as a results of a extent of illegal practices by doctors, nurses and careless supervision of oversight on their be half. Also question the rights of staff to health and safety within the work place and address the duty of loyalty, and conflicts of interest between internal and external
The Marketing Concept. This is a business philosophy that challenges the above three business orientations. Its central tenets crystallized in the 1950s. It holds that the key to achieving its organizational goals (goals of the selling company) consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its selected target customers. The Marketing Concept represents the major change in today’s company orientation that provides the foundation to achieve competitive advantage. This philosophy is the foundation of consultative selling.
In today’s competitive world putting the customer at the heart of the operation is strategically important. Whilst some organizations in certain industries may follow anything other then the market orientation concept, those that follow the market orientation concept have a greater chance of being successful.
Marketing is an essentially about marshalling the resources of the organization so that they can meet the changing needs of the customers on whom the organization depends. As a verb, marketing is all about how an organization addresses its markets. Marketing is “The management process which identifies, anticipates and supplies the customer requirements efficiently and profitability”.
In order to examine this premise, we report the results of part of a large scale programme of work in the UK, sponsored by the Energy Technologies Institute, to model the consumer response to EVs. In this paper we concentrate on two closely related strands of this work: (i) the systematic review of theoretical and empirical studies in the area of car purchasing in general and EV adoption more specifically; (ii) the preliminary results from a field study conducted in 2010 using a unique two-wave research design in which 2,729 respondents completed both waves. The aim of this paper is to promote discussion on how the challenges presented by this novel technology can be addressed by both academic research and commercial marketers of EVs, particularly given dynamic consumer preferences and attitudes. Secondly, the preliminary results suggest that symbolic motivations of consumers may be more important than instrumental or demographic
Marketing is about being consumer orientated. All the marketing and the business activities involved should be directed to create and satisfy consumers’ needs and wants. The goal should be consumer satisfaction in order to succeed. The product or service which is being offered should be purely focused on customers/consumers.