A marketing orientated approach means a business reacts to what customers want. The decisions taken are based on information about customers’ needs and wants, rather than what the business thinks is right for the customer. Most successful businesses take a market – orientated approach.
The 5 marketing management orientations are production concept , product concept, sales concept, marketing concept and social marketing concept .
Understanding Marketing Orientation Sales orientation . Market orientation. Production orientation . Societal orientation.
Marketing orientation means a company operates with a market – or customer-first approach. Market oriented is used in marketing , but it more typically describes a free enterprise economy where businesses and consumers are able to buy and sell freely.
These are some of the major benefits of a marketing orientation: Increased sales and income . Increased business volume and market share. Increased customer satisfaction and loyalty. Increased innovation by listening to the customer. Continuous improvement of efficiency and effectiveness.
In the real world, market and product orientation are closely intertwined so that companies like Gillette, Coca – Cola and Travis Perkins, will: carry out market research into what consumers want. organise product research in line with the results of market research.
These seven are: product, price, promotion, place, packaging, positioning and people. As products, markets, customers and needs change rapidly, you must continually revisit these seven Ps to make sure you’re on track and achieving the maximum results possible for you in today’s marketplace.
Marketing communication tools are a set of diversified programs designated to communicate with your target audience effectively. Deciding the best way to use these tools in order to effectively reach your audience is your marketing communication strategy, which is essential if you want your message to resonate.
five marketing orientations
Stages of Marketing Production Orientation. Product Orientation. Sales Orientation. Marketing Orientation.
Characteristics of marketing orientation Marketing oriented firms make the customers their focal point. Marketing oriented firms spend considerable amount of money in staff training and development so that better customer service can be provided. Marketing oriented firms focus on new product development. There are a number of benefits of marketing orientation .
Facebook’s mission is only a one-sentence statement that only includes company’s customers and markets . It scored 1.3 points out of 4.5 only because of a customer- oriented mission. Therefore, it serves as a poor communication tool, which is the main purpose of the mission in the first place.
A company using market orientation invests time researching current trends in a given market . For example , if a car company engages in market orientation , it will research what consumers most want and need in a car rather than produce models meant to follow the trends of other manufacturers.
However, Apple is not only product oriented . They do take on a market orientation approach as well as they also spend time figuring out what the customer wants through market research.
ECONOMICS. a market – oriented economy is organized so that companies, prices, and production are controlled naturally by the demand for goods and services rather than by government: A market – oriented economy may offer an uncertain future. See also. free market .