Definition of Orientation in a Business Marketing Essay
Market orientation is defined as “only when a company fully understands its markets and the people who decide whether to buy its products or services.” Source: Harvard Business Review. The. This comparative essay analyzes the marketing strategies of Coca-Cola and PepsiCo. Coca-Cola is known for its classic marketing campaigns that focus on emotions and memories. One of their best-known campaigns is the Share a Coke campaign, where the company personalized its products with customers' names. Definition · Product orientation is a business approach in which a company focuses primarily on the quality and features of its products or services. The company believes that producing superior products will lead to customer demand and market success. · Market orientation is a business approach that prioritizes understanding. The four phases of the EPRG framework. 1. Ethnocentric orientation. Companies that adopt or function in this style believe that their native country is superior and therefore they look for similarities when seeking international prospects. These companies rarely adapt their products to the tastes and needs of the new market. An organizational focus and subsequently its marketing is centered around five main categories, classified into the following orientation groups: production orientation, product orientation, sales orientation, social orientation. and market orientation. These approaches determine the priorities and processes within the organization. Marks amp Spencer M amp S is an international, multi-channel retailer specializing in food and fashion. Currently, the food businesses are responsible for percent of the company's total sales, while clothing and home businesses - percent M amp a. Quality and innovation are the core values included in the organizational marketing of Mamp S. 5 Customer focus. Customer centricity is a business strategy that puts the customer's needs first. This is about helping customers achieve their goals. It emphasizes customer retention and satisfaction by anticipating customer needs, responding quickly and rewarding loyalty. Sharing competitors' capabilities and strategies. that intelligence across the organization and take coordinated action to create superior. customer value e.g. Kohli and Jaworski, 1990. The concept of market orientation is based on three pillars: customer orientation, coordinated marketing and profitability. Customer focus: Central to creating a future business strategy is putting the consumer first. Serving customers instead of selling products is a main philosophy of the company. Here are the major marketing orientations, their goals and assumptions. Production Orientation - Emphasizes the availability and accessibility of a product through cheap pricing. Assumes that consumers will buy cheap and affordable products instead of more expensive, customized products. Product orientation - Pays attention to the different. Cooke, Rayburn, and Abercrombie 1992 use historical definitions of marketing to define four major schools of thought in marketing. These four schools include the first point of view of economic utility, the second point of view of the consumer, the third point of view of society, and the fourth point of view of management. We recommend that the AMA definition of marketing creates: This page of the essay, Download the full version above. 1 INTRODUCTION. Market orientation is considered a very important concept in the field of marketing today. The companies that follow the concept of market orientation try their 'understanding.”.