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The requirement is for a 2,000 word essay (worth 40% of the overall mark on the module). The essay is designed to assess the following module learning outcomes: understand the main marketing concepts, principles and techniques and their application Essay Example

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The requirement is for a 2,000 word essay (worth 40% of the overall mark on the module). The essay is designed to assess the following module learning outcomes: understand the main marketing concepts, principles and techniques and their application

There are certain advantages of being market oriented. The firms are much more aware of the customer needs & wants and hence able to produce products that are close to their expectations. This approach also allows organisations not to worry about whether product will be accepted in the market or not. The demands of consumers regarding researched products may not be a hassle in this approach as everything is being worked according to the requirements of the customer. This approach allows product teams to be streamlined and concentrate on all the products that are in demand and leave off the product streams for which there is no market existing.The importance of giving customers value has also increased immensely since a last decade or so and hence there have been changes observed in the business practices accordingly. This has led the strategies of the organisation to entirely focus upon the customer needs and demands. According to Zhou et al. (2008) strategies that most management of firms tends to employ includes: production orientation, product oriented, selling orientation, marketing orientation and social marketing orientation.Customers that become brand loyal for the organisation tend to have a major advantage from its competitors as it allows customer to be retained towards a particular brand rather than the chances of switching brands. Loyal customers may be willing to pay premium prices for their advanced products as well as they trust the quality of the brand.Homberg & Jensen (2007) defines the product oriented firms as, “a production unit which is organised and equipped in such a way that it can independently manufacture a certain finished product or product family.” The main aim of the product oriented firms is to achieve economies of scale by aligning processes that are specific. This strategy is more based upon the internal capabilities of the firm rather than the demands of the market.The advantages of product oriented approach are that it focuses mainly on the quality of the product. The design, features and quality of the product are the main elements of concentration of the product. Product oriented approach do not worry about the economy of any market and they also do not focus on the wants of the customer. They just focus on the product and the product caters towards a certain market segment according to its

References

Homberg, C. and Jensen, O., 2007. The thought worlds of marketing and sales: Which differences make a difference? Journal of Marketing, 71(July), pp. 124-142.

Inoguchi, J., 2011. Implementation of market orientation in small sized company: Case study on a Japanese apparel manufacturer. International Journal of Emerging Sciences, 1(3), pp. 200-210.

Kianto, A., Hurmelinna-Laukkanen, P. and Ritala, P., 2010. Intellectual capital in service- and product-oriented companies. Journal of Intellectual Capital, 11(3), pp. 305-325.

Kotler, P. and Keller, K.L., 2009. Marketing Management. 13th ed. New Jersey: Pearson Education.

Lukas, B.A., 2008. When a firm is market-oriented: product and brand management implications. [Online] Available at: <http://insights.unimelb.edu.au/vol4/02_lukas.html> [Accessed 8 December 2012]

Narver, J.C. and Slater, S.F., 1990. The effect of a market orientation on business profitability. Journal of Marketing, 54(4), pp. 20-35.

Turnois, L., 2004. Creating customer value: Bridging Theory and Practice. The Marketing Management Journal, 14(2), pp. 13-23.

Zhou, K.Z., Li, J.J., Zhou, N. and Su, C., 2008. Market orientation, job satisfaction, product quality and firm performance: Evidence from China. Strategic Management Journal, 29, pp. 985-1000.

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preview essay on The requirement is for a 2,000 word essay (worth 40% of the overall mark on the module). The essay is designed to assess the following module learning outcomes: understand the main marketing concepts, principles and techniques and their application
  • Pages: 8 (2000 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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