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8_18 Notes.docx - Evolution of the Marketing Orientation...

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Evolution of the Marketing OrientationKEY POINTSThe marketing orientation is the most common orientation used in contemporarymarketing.Market orientation also involves monitoring competitors' actions and their effect oncustomer preferences, as well as analyzing the effect of other exogenous factors.Companies must understand that to find success using a marketing orientation, it is veryimportant that all the firm's resources reach for common goals.-Marketing orientation: focuses on delivering products designed according to thecustomers’ needs/wants/requirements, while promoting functionality and efficiency-Companies have focused on maximizing economies of scale and minimising productioncosts-In 1950-60s, companies focused on move from product-oriented to sales-oriented-Instead of manufacturing products solely for profit, also now develop products based onwants and needs.-Competitive analysis is also a significant component of market orientation. Generally,companies gather this information using market research, consumer surveys, and focusgroups with prospective customers to identify needs, preferences, as well as competitorstrengths and weaknesses.-Components which define a marketing orientated organization include:-1. Customer orientation-2. Competition orientation-3. Interfunctional coordination-The most important focus in a market-orientated business is the customer.

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Term
Fall
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NoProfessor
Tags
Marketing, Evolution of the Marketing Orientation

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