Market Orientation Benefit an Organization Essay
Market Orientation Benefit an Organization
Definition of Market Orientation : A business approach or philosophy that focuses on identifying and meeting the stated or hidden needs or wants of customers. See also product orientation and sales orientation. ‘Market orientation”’ perspectives include the decision-making perspective, market intelligence perspective, culturally based behavioral perspective, strategic perspective. Developing a Market Orientation: An Organizational Strategy Perspective. International Journal of Research in Marketing, and customer orientation perspective. Corporate culture, customer orientation,
According to them, the marketing concept is a business philosophy, whereas the term market orientation refers to the actual implementation of the marketing concept. They added that “a market orientation appears to provide a unifying focus for the efforts and projects of individuals and departments within the organization.”
On the other hand, the market orientation as ‘the organization culture that most effectively and efficient creates the necessary behaviours for the creation of superior value for buyers and, thus, continuous superior performance for the business.
As such, they consider market orientation as an organisational culture consisting of three behavioral components, namely, i) customer orientation, ii) competitor orientation and iii) interfunctional coordination.
Product Orientation : A business approach or philosophy in which whatever a company makes or supplies is the focus of the management’s attention. See also market orientation and sales orientation.
Customer Orientation : 1. General: A party that receives or consumes products (goods or services) and has the ability to choose between different products and suppliers. See also buyer. 2. Quality control: Entity within a firm who establishes the requirement of a process (accounting, for example) and receives the output of that process (a financial statement, for example)
from one or more internal or external suppliers.
An organization’s strategy that combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business. The marketing strategy is the foundation of a marketing plan
1. General: A motivating force that compels action for its satisfaction. Needs range from basic survival needs (common to all human beings) satisfied by necessities, to cultural, intellectual, and social needs (varying from place to place and age group to age group) satisfied by necessaries. Needs are finite but, in contrast, wants (which spring from desires or wishes) are boundless. See also Maslow’s hierarchy of needs. 2. Marketing: A driver of human action which marketers try to identify, emphasize, and satisfy, and around which promotional efforts are organized.
Sales Orientation : A business approach or philosophy that focuses on promoting sales of whatever a company makes or supplies, through marketing and sales calls. See also market orientation and product orientation.