Components of Marketing Orientation
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Added on 2020-02-05
Components of Marketing Orientation
Added on 2020-02-05
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3Concept of Marketing orientation...............................................................................................3Components of marketing orientation used for achieving strategic goals..................................3Steps included in the use of marketing orientation to achieve strategic goals............................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................92
INTRODUCTIONIn the era of development, business scenarios are changing with the very fast pace. Boththe aspects of trade that are demand and supply are experiencing transition in their working. Onthe demand side that is customer's needs and preferences are changing seeking highly diverserange of products and services (Jones and Rowley, 2011). Realizing the need and cateringtowards establishment of prominent position in market, producers also take effective decisions toconsolidate larger number of customers. Keeping their customers as central point, organisationadopts marketing orientation method to consolidate large number of customers and widen theircustomer base. Marketing orientation refers to the process of preparing products and services asper the demands and requirements of the customers. Present report is prepared to elucidate themanner in which organisation adopt marketing orientation to accomplish their strategic goals.For that purpose, British multinational retailer, Marks and Spencer Plc is taken into account. It isthe recognized company in the industry selling wide range of products with the specialization inclothing, home products and luxury food products (Tsiotsou and Vlachopoulou, 2011).Inculcating this into its processes, Mark and spencer accomplish its strategic goals. The reportthrows lights on the ways in which it executes and plans and strategies framed by it.Concept of marketing orientationIn the past, organisation's inclination was towards the increment of profitability andreduction of production cost. Various methods have been adopted by the companies to attain thebusiness goals. With the paradigm shift in the influencing ratio in favour of the customers,organisations operating in different fields are orienting its working towards the increase incustomer's satisfaction level and designing products according to their preferences. This processis referred as the marketing orientation method. Adopting this method organisations accomplishtheir goals and targetsin the strategic manner (Sheth, 2011). The selected organisation mark andSpencer is the retail company whose functioning is largely dependent on the customersatisfaction.Components of marketing orientation used for achieving strategic goalsMarketing principles is the comprehensive approach in which different elements aregathered and synthesized with the optimum level of marketing intelligence to achieve thestrategic goals. Fundamentally there are three components of marketing orientation, around3
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