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What do you Understand by Terms Marketing and Marketing Orientation - Essay Example

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Marketing helps a company in searching appropriate markets, in building and sustaining competitive advantage in those markets and, and in managing the relationship with all the important stakeholders belonging to those markets. …
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What do you Understand by Terms Marketing and Marketing Orientation
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"What do you Understand by Terms Marketing and Marketing Orientation"

According to silk(2006,pg.23) “In general terms marketing refers to what an organization must do to create and exchange value with customers”.To be successful in marketing, a deep knowledge of customers, competitors and collaborators is necessary. The central role of marketing in the enterprise stem from the fact that marketing is the process via which a firm creates value for its chosen customers. Having created the value for its customers, the firm is then entitled to capture a portion of that value through pricing. Marketing is both philosophy of business as well as business function, a state of mind concerning the optimum approach to business, and the activities whereby such ideas are translated into practice. As per Viardot ,(2004,pg 56)“Marketing means “putting on the market”. Therefore the purpose of marketing is to act in such a way that company places on the market products that correspond to demand and satisfy needs and wants of the customers at an acceptable return” For example in marketing for a hotel firm, the nature of tourist arriving to a particular city is analyzed first. According to that a survey is conducted as to the purpose of their visit .A hotel firm will design their products and services according to the needs and wants of their potential customer. ...
Marketing has different business orientation according to organizational priorities and one among them is the marketing orientation. Marketing orientation Market orientation is a set of organization – wide activities coordinated in such a way that derives customer satisfaction through superior performance of products while still being competitive in market place. The concept of market orientation is believed to be the corner stone of marketing management because of the prevailing wisdom that having a marketing orientation is critical to superior performance and long term success in today’s highly competitive business environment. According to Singh (2004,pg 34)“Implementation of marketing concept is marketing orientation”.A Market orientation has helped companies such as the Royal Bank of Canada and South west Airlines outperform their competitors. These companies put customers at the centre of their business in ways most companies do poorly or not at all. Marketing orientation can be achieved by implementing customer orientation. For example the marketing vice President of a major airline wants to increase the airline traffic share. His strategy is to build up customer satisfaction by providing better, good, clean cabins and better trained cabin crews, yet he has no authority in this matter. The catering department chooses a food with low food cost and maintenance department chooses cleaning services of low cost and personnel department choose friendly people inclined to serve people. These actions result in low cost and better service which increases the airline traffic share. As per Loudon(2005,pg.11)“Being market oriented begins at the top of an organization with senior management” .Marketing managers must also understand the financial Read More
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