Marketing Management and Market Orientation Essay
Marketing Management and Market Orientation
People are exposed to marketing in almost everything and they can see the results of marketing in the advertisements on television, internet, and so on and in the abundance of many products. So marketing can be define as an area that has been evolved over time and its process is a set of activities that includes understand, deliver, create and communicate about a product or service to customers, clients. According to The Chartered Institute of Marketing marketing is “The management process responsible for identifying, anticipating and satisfying customer requirements profitably” (The Chartered Institute of Marketing). Among the management functions like organizing, financing and producing, marketing is recognized as a vital function by many companies. In the opinion of Prf. Rustom S. Davar Marketing Management is the discovering of the consumers’ needs, converting them into the products or service to the ultimate consumer, so that needs of specific categories or groups of the customers could be so satisfied that by the most favorable utilization of the resources, the could derive the maximum benefits (Mundra, 2010). Physical and psychological factors are the main focus in the Marketing Management, also motivate, coordinate, control and direct are one of the principal resposibility to achieve marketing management goals.
Define the Market Orientation
Naver and Slater (1990) define Market Orientation as “the culture” that most effectively and efficiently creates the necessary behaviours for the creation of superior value for buyers. They measure the extent of market orientation through the behaviours that are the manifestations of those values. These authors define three basic components as: customer orientation, competition orientation and inter-functional coordination (Naver, 1995). Market Orientation is the business motivation within a company, because it is focus on identify and provide the needs and wants of a target customer, this includes develop new products or improve on exist products. The purpose of marketing orientation is to create superior buyer value that is the reason why all the decisions are based on information about the customers needs or wants instead of think what is good for the business.
Reflect on the Market Orientation and Management of an organisation you are aware of. Louis Vuitton has established in the market place with its own identity “LV” a brand recognized as one of the most luxurious and more exclusive brand in the fashion industry. Its marketing strategy is to provide their customers with the most luxurious products with a unique quality, which may the customers, choose between buying a Louis Vuitton or nothing. The way that LVMH (Louis Vuitton – Moët Hennessy) Group manages its market orientation and management makes the company enjoys a distinctive position in the competitive landscape. Louis Vuitton products are set by 18 principles such as Principle of Ostentation, Principle of Prohibiting Unfavorable Comparisons Designed to Support Other Brands, etcetera (Nagasawa, 2008). As well, has no policy of make rebate in their products in order to keep a higher perception of its products. All its products have a purpose and it is to make the customers feel part of a social reference group, a social status that is why many of its models campaign are famous celebrities in order to make customers feel part of that group.
To keep the luxury and exclusivity of the brand they work with famous designers such as Marc Jacobs, Stephen Sprouse, to create limited editions that are offered to the upper class. Some of this collaboration has completely forgotten the famous pattern LV that was the case of Kasuma a Japanese designer who is famous for its repetitive dots. Louis Vuitton creates a high loyalty with their customers by offering products with the maximum quality creating an endless desire in LV products. Also providing lifetime guarantee for its products. LV keep working with the technology by continuous work on improvement of quality also create a mobile apps so their customer can enjoy the experience by distance. They don’t have limit on how much they would invest in pleasing their customers from adequate their stores to please their customer to designs everything to keep customers and getting more.