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M2-FULL - Marketing Principles and Processes Module 2...

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Marketing Principles and Processes Module 2 Market Orientation Variation in demand The changing supply is always changing buyer’s preferences (demand) Variation in supply Changing demand changes supply (products and processes) that changes the economic structure that changes the social and political structure of an economy. Supply shifts to serve the variation in demand (market segments) that is most profitable. Supply competition forces sellers to try new ways of serving customers and reducing costs Suppliers learn by doing and observing other suppliers how to add customer and shareholder value. Effective products, services and processes are innovated, imitated and improved. Suppliers who implement effectively, efficiently and faster are more competitive Suppliers with superior market orientation skills and business development planning skills are more competitive Suppliers with an insatiable improvement drive are more competitive. Markets are always in disequilibrium. Competition increases as supply exceeds demand. As described in the What is Marketing competitive dynamic, the organization that is market oriented (gathers good market intelligence, analyzes it, disseminates it, learns from it and then responds to the intelligence) is competitively successful. This chapter prepares your minds to do this. Louis Pasteur, the developer of the germ theory of disease and inventor of pasteurization said, “In the fields of observation chance favors only the prepared mind” in a lecture at the University of Lille, December, 7 1854 (see Wikipedia.org) Peter R. Dickson ©Backbone Press 2010
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