What are marketing orientations briefly explain them with suitable example?
Market Orientation is a marketing concept wherein the company focuses on identifying the customer needs and preferences and, accordingly, designs and sells products and services based on those needs and preferences with the primary objective to earn profits. Show
This strategy suggests that businesses shall observe the requirements and needs of the customer, and based on those demands, they shall design and sell their products and services. Table of contents
CharacteristicsThe Following are characteristics of market orientation. #1 – Customer-OrientedThe strategy is based on the demands and requirements of the customer and advises that enterprises shall, to be profitable, turn their focus on customer preferences. The enterprises that follow this strategy deploy their resources to fulfill customer needs. #2 – Realizes CompetitionThis strategy also realizes that it is vital to identify competition and threats to the business, apart from identifying customer needs. A business that cannot identify potential threats may incur damage in the future. #3 – Product DevelopmentThe enterprises which follow this strategy are involved in product innovation and development to enable themselves to meet the changing needs of customers. #4 – Functional CoordinationIn an enterprise that follows the strategy, the different functional departments tend to coordinate with each other for the excellent quality of goods and services. You are free to use this image on your website, templates, etc., Please provide us with an attribution linkHow to Provide Attribution?Article Link to be Hyperlinked How Does it Work?Market orientation is a business marketing strategy that focuses on its customer base to design and sell products and services. The strategy involves analyzing and researching the customers’ requirements, concerns, and suggestions concerning the particular product or service the enterprise deals with. This way, the enterprise will be aware of the trends in customer preferences. It will enable the company to modify or design its product or services according to customer preferences. Example of Market OrientationLet us take an example of an automobile manufacturing unit that produces cars. It might be producing different models and categories of cars. However, if it follows market orientation, it will conduct research as to the models demanded by the customers and the features they look for in the cars! Stages of Market OrientationYou are free to use this image on your website, templates, etc., Please provide us with an attribution linkHow to Provide Attribution?Article Link to be Hyperlinked There are various stages involved in market orientation creation.
Market Orientation vs. Product OrientationMarket orientation is a strategy that focuses on customer preferences and requirements. It suggests that the company should focus its design and sale of products based on the requirements and demands of the customers to be profitable. On the other hand, the product orientation strategy focuses on improving the quality of the regularly made product. It does not associate itself with the customers’ requirements, instead of focusing on how it can improve its product. AdvantagesCompanies that follow market orientation enjoy various benefits.
Disadvantages
ConclusionMarket orientation is based on customer needs and preferences. This strategy, combined with other business strategies, may become very useful for the companies. Recommended ArticlesThis article has been a guide. What market orientation is and its definition. Here we discuss an example of market orientation and its types, characteristics, and differences. You can learn more from the following articles – What are the 5 marketing orientations with examples?Five orientations (philosophical concepts to the marketplace have guided and continue to guide organizational activities:. The Production Concept.. The Product Concept.. The Selling Concept.. The Marketing Concept.. The Societal Marketing Concept.. What is the marketing orientation?Market orientation is a marketing approach wherein the processes of product development and creation are focused on satisfying the needs of consumers. Marketing orientation is the business approach that dictates all the processes within that organization.
What are the 4 types of orientation?Understanding each orientation can help you better decide which one best suits your business.. Production orientation.. Product orientation.. Sales orientation.. Market orientation.. Societal marketing orientation.. What is marketing orientation PDF?Abstract. A market orientation is a business culture in which all employees are committed to the continuous creation of superior value for customers. However, businesses report limited success in developing such a culture.
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