Market Orientation and Business Performance

This assignment delves into the crucial link between market orientation and a company's overall performance. It investigates how key aspects like prioritizing customer needs, analyzing competitors effectively, and fostering collaboration across departments contribute to achieving business objectives. The paper analyzes relevant academic literature and real-world examples to shed light on this important topic.

MARKETING PRINCIPLES

Table of Contents
INTRODUCTION......................................................................................................................1
TASK 1......................................................................................................................................1
1.1 Various elements of the marketing process......................................................................1
1.2 The benefits and cost of a marketing orientation for BMW.............................................2
TASK 2......................................................................................................................................3
2.1 Macro and micro environment factors which influence marketing decisions..................3
2.2 Segmentation criteria to be used for products in different markets..................................4
2.3 Targeting strategy for luxury cars....................................................................................4
2.4 Effects of buyer behaviour on marketing activities in different buying situations..........5
2.5 New positioning for luxury cars.......................................................................................6
TASK 3......................................................................................................................................7
3.1 How products are developed to sustain competitive advantage.......................................7
3.2 How distribution is arranged to provide customer convenience......................................7
3.3 How prices are set to reflect an organization’s objectives and market conditions...........8
3.4 How promotional activity is integrated to achieve marketing objectives........................9
3.5 The additional elements of the extended marketing mix..................................................9
CONCLUSION........................................................................................................................10
REFERENCES.........................................................................................................................11

List of Figures
Figure 1: Perceptual maps.....................................................................................................................6

INTRODUCTION
The marketing is considered as a social procedure by which a company and person
achieve what they desired and need by generating as well as exchange money in both
international and local market. The marketing process in a company is mainly include
determining potential and viable marketing options by building strategies for the effective
utilisation of determined opportunities, controlling execution of marketing efforts and
evolving adequate strategies of marketing. Here, the following report is briefing about
elements of marketing process and benefits and costs of marketing for the organisation.
Moreover, the techniques related to sales, development and business communication is
defined to identify how companies handle its marketing activities for creating its products
and services awareness into the market. Furthermore, by going through with the presentation
slides, the reader will comprehend about the significance of developing different marketing
mix for different customer segments. Besides this, the slides are containing appropriate brief
about differences in marketing to B2B and B2C along with the marketing differences into
international and domestic markets.
TASK 1
1.1 Various elements of the marketing process
The marketing process refers to the process of analysing the strengths of the
organization, identifying the opportunities in the market, selecting the targeted market,
creating marketing mix, managing the marketing efforts and then monitoring the results of
the whole process. There are four major elements of the marketing process which are
discussed hereunder:
Situational analysis – Various tools and methods are utilized to analyse the internal and
external environment of an organization in order to assess its strength and weaknesses and to
find out the opportunities and threats prevailing in the environment in which the organization
is operating. This is known as the situational analysis and is the foundation of the marketing
process (Bellanger, 2014)
Marketing strategy – The next step in the marketing process is to develop a marketing
strategy. The marketing strategy is created on the basis of situation analysis. It is done by
keeping in mind strength of the organization and opportunities lying ahead of it.
Segmentation, targeting and positioning are the three important aspects of marketing strategy.
Segmentation refers to division of the market on the basis of common features. Targeting
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refers to making the strategies for one or more segments. Implementing the targeting is
known as Positioning.
Marketing tactics – After the strategies are defined the organization needs to implement
them. Marketing tactics refers to implementation of these strategies in order to achieve the
organizational objectives. Creation of a perfect marketing mix is a marketing tactic which can
be used to attract more customers, beat competitors and help the organization in achieving its
objectives (Best, 2012).
Follow up and review – The marketing strategies implemented about are then required to be
followed up and reviewed. If there is any deviation found between the objectives of the
organisation and the results achieved from implementing the above strategies, the strategies
needs to be revised and the organization has to find out the reasons behind the deviations. All
necessary corrective measures should be taken by the organization to eliminate the
difference.
1.2 The benefits and cost of a marketing orientation for BMW
Marketing orientation refers to manufacturing and delivering the products as per the
desires needs and requirements of the customers. In this marketing model the business is
focused on fulfilling the requirements of the customers, and thus, is highly customer oriented.
The BMW is also a highly marketing oriented business organization which focuses on the
needs of its customers while designing and manufacturing its cars. There are various benefits
and cost attached to the marketing orientation model of business for BMW, which is listed
below.
Benefits
 Delivering the products which are manufactured on the basis of the needs and
requirements of the customers give them immense satisfaction while consuming or
using those products. A large number of satisfied customers have increased the
customer loyalty towards the company.
 Marketing orientation has resulted in increased turnover of the company which has
helped the company in earning more profits. The increased turnover has helped the
company in achieving its organizational objectives (Bueno and Jeffrey, 2014).
Costs
 Marketing orientation model of business is highly time-consuming as the business has
to conduct an in-depth research of the needs and requirements of its customers. It has to
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employ its various resources in obtaining the most precise data on the basis of which
the organization can go for marketing orientation. The success of the marketing
orientation model depends upon the accuracy of this data. Any discrepancy at this data
can have a disastrous effect on the organization.
 Marketing orientation is also an expensive model, as the company has to modify its
production unit in order to manufacture products as per the requirements of the
customers (De Chernatony, 2010).
TASK 2
2.1 Macro and micro environment factors which influence marketing decisions
Micro environmental factors which influence the marketing decisions of a company in the
automobile industry are as follows:
Buyer power – There is many alternatives available for the customers to purchase from in the
automobile industry. Thus, the bargaining power of the customers is relatively high in this
industry which forces the companies to keep their prices competitive and manufacture
products that meets the requirement of their customers.
Supplier power – There is various sources of input from where the company can obtain its
raw material to manufacture its products which makes the supplier power relatively lower in
the automobile industry (Gallahar, 2013).
Substitutes – As there are many manufacturers in the automobile industry there are many
substitute products available in the market.
Competitors – There is a bottleneck competition prevailing in the automobile market these
days.
New entrants – The number of companies operating in this industry has increased rapidly in
the recent past. The new entrants have resulted in reduced profit and increased competition
(Gunarathna, 2012).
Macro environmental factors which influence the marketing decisions of a company in the
automobile industry are as follows:
Political – The political environment has a significant impact on the working and the
strategies of the business organization. A change in the ruling party or achievements in the
policies of the political party can have both negative and positive effect on the business.
Economic – The economic environment for the automobile industry in the Europe is a very
favourable one. Most of the customers after financially stable and can afford four wheelers.
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Social/cultural – The social cultural environment also has a significant impact on the
strategies of the business organization. In many of the regions, people prefer to travel by
using the public transport. In those regions the automobile industry does not usually flourish
(Handlin, 2017).
Technological – The technology has evolved a lot the recent past and has a drastic impact on
the working and strategies of the organization. The technology has helped the company to
innovate its products and reduce the cost by using new techniques and methods of producing
and manufacturing its products (Jantsch, 2017).
2.2 Segmentation criteria to be used for products in different markets
It can be noticed that the firms that specializes in meeting the needs of the targeted
customers are more profitable. Segmentation is the act of finding out the customers with
specific needs. Different customers have different needs and requirements and the business
should focus on fulfilling those needs to earn more profit. The customers can be categorized
on the basis of their needs and various other variables such as:
Demographic – The automobile market can be segmented on the basis of demographic
factors such as age, income, gender, etc. The automobile companies like BMW can segment
the market on the basis of the income lever of their customer. For instance, they can
manufacture high class luxury cars for their rich customers and relatively economical cars for
the upper middle class customers (Johnson and Gustafsson, 2006).
Psychographic – The market can also be segmented on the basis of behaviours and buying
patterns of the customers. Different customers have different buying patterns. Some prefer
sports version cars while others are happy with economy class. The companies need to
segment the market on the basis of the behaviours and buying pattern of their customers in
order to target the most potential customers and increase its turnover.
Lifestyle – The automobile market can also be segmented on the basis of life style of the
customers. Some customers prefer luxury life over economy. They prefer to spend more on
luxury cars while others prefer economy class. The company should segment the market on
the basis of lifestyle of the people so as to target the most potential customers (Jorgensen,
2012).
2.3 Targeting strategy for luxury cars
Targeting refers to the selection of customers to whom the business wants to sell its
products or services. The targeting strategy starts with segmentation of the market and then
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selecting the most appropriate segment of the market. The company then determines the
products which can be offered in these selected markets. The automobile industry can target
various segments over the market which covers a wide range of potential customers. The
BMW adopts a multi segment targeting strategy for its business to carter the needs of more
potential customers. The company manufactures range of luxury cars to Carter the needs of
rich and Hi class customers. These customers spend according to their status. They are
always willing to pay higher for the products which match their status. BMW targets these
customers and manufacturers high class luxury cars equipped with latest technology and
comfort. BMW also keeps the price of these cars higher than the other segments so that only
those people who are capable of purchasing luxury cars purchase them. In this way it
manufacturers limited quantity of cars there by maintaining a shortage in the market (Kotler,
Roberto and Lee, 2002).
The company takes advantage of this shortage and keeps the prices of these cars high
and earns extra profit on the sale of these cars. The company also manufactures a wide range
of sports car to carter the needs of young customers who are passionate about speed. Such
customers are not bothered about the economy or luxury but are only concerned with the
speed and performance of the car. The Company manufactures cars keeping in mind the
needs of the young customers which help the company to increase its customer base and earn
extra profit (Lister, 2015).
2.4 Effects of buyer behaviour on marketing activities in different buying situations
There are various factors such as social, cultural, economic, etc. that affect the buying
behaviour of the customers. The customers are largely influenced by these factors before
making a choice of the product they want to purchase. The manners in which the customers
are affected by these factors are discussed here under:
Social factors – The social factors can play a vital role in determining the behaviour of the
customers. For instance, as discussed earlier some customers tend to purchase luxury cars to
maintain their status quo. These luxury cars are a mark of status symbol for them (Lovelock,
2011).
Economic factors – The economic factors determine the buying behaviour of the customers.
When the economy is flourishing the customers can purchase products of higher value. In the
developed economies like America and Europe, the customers tend to buy luxury cars as they
are economically developed nations and the people residing in these regions can afford
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luxury cars. While on the other hand, in India people tend to purchase economy cars which
are fuel efficient so that the cost on fuel can be saved on those cars.
Personal factors – Personal factors also influence the behaviour of customers while
purchasing the products of a company. For instance some people prefer luxury cars while
others prefer economy cars car. Some are fascinated about speed while others are attracted
towards comfort. Some opt for brand while others are happy with economic features
(McFadden, 2015).
2.5 New positioning for luxury cars
Positioning is the act of establishing the image of the product in the eyes of the
customers in such a way that it separates it from its competitors. It is an outline of what a
business should do in order to promote its products and bring them to the notice of the
potential customers. Initially, the business should position itself in the market and then should
position its products in the market (Montgomery, 2007). Positioning of the products is very
significant as it builds the brand of that product which in turn helps in increasing the turnover
of that product. Positioning of a product helps in attaining the loyalty of the customer by
meeting their expectations. It also helps in attracting the interest of the potential customers
who are willing to buy the product. Positioning is very significant for launching new products
as it helps in building the brand image of that product in a relatively faster pace (Pickton and
Broderick, 2001).
Figure 1: Perceptual maps
(Source: Bellanger, 2014)
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The above figure illustrates the brand positioning of BMW in comparison to its
competitors in the automobile industry. It can clearly be seen from the above figure that
BMW has positioned itself in the market where its image is of high quality product supplier
who charges equivalent to the quality supplied (Yoo, Donthu and Lee, 2000). There are three
other companies which are direct competitor to the BMW and are even ahead of it in the
market in terms of supplying high quality products at higher prices. There are two methods
by which the company can reposition its brand in the existing market. It can either increase
the quality of its products while keeping the price low which can bring it to the category of
Ford, Toyota and Honda who charges less for higher quality. Or it can increase the quality of
its product with subsequent increase in the prices which will push it further up with Audi,
Ferrari and Mercedes (Shah, 2016).
TASK 3
3.1 How products are developed to sustain competitive advantage
Competitive advantage is the state where the company is able to deliver its products
and services at a lower cost in comparison to its competitors. Or the company is able to
deliver better quality of products and services at the same price as its competitor. In this state
the company is able to provide superior product and services to the customer and is able to
earn higher profit by doing so (Yankelovich, 2016). There are various products and services
offered by HSBC but its most successful product is the credit card facility provided by the
bank. The credit card of HSBC Bank possesses a lot of features and specifications which
separates it from the credit card facilities provided by other banks in the market. There is a
very attractive rate of interest attached to the credit card and besides there are various
promotional offers which are provided by the bank which separates it from the other credit
card facilities in the market. The bank has also been successful in building a brand image of
its credit card facilities which has highlighted it in the market (Zeithaml, Bitner and Gremler,
2010).
The various promotional offers have attracted many customers to avail the credit card
facilities of HSBC Bank. These promotional offers are also targeted towards different age
group of customers which has enhanced the customer base of the company. The company has
launched different credit cards for different income group of customers (Ulaga and Chacour,
2001). These groups can be divided in different categories and the quality of the services
provided by the bank depends upon the category of the customer availing it. The customers
with higher income are provided with premium quality services and are charged extra for
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those services. On the other hand the customers with a lower income are provided only basic
services and are charged a lesser amount accordingly. This has helped the company cover a
wide range of customers and has allowed building competitive advantage in the market
(Ahmed, 2008).
3.2 How distribution is arranged to provide customer convenience
It is very significant for a business to have a sound distribution system. The distribution
system plays a vital role in delivering the products and services to the customers. A sound
distribution system will efficiently deliver the goods and services to the customers. An
effective distribution system will also increase the sales and turnover of the organization by
timely delivering its products to the customers. HSBC Bank has also enthusiastically
developed its distribution system to reach out to the maximum number of potential
customers. The bank has developed various distribution channels through which the
customers can access its products and services (Constantinides, 2006). The bank has
thoroughly used the online services and the Internet in order to reach out to a maximum
number of customers. The Internet has made the services of banks accessible by a large
number of people as the company has made its products and services available through its
website. The bank has also minimized the level of paper work to be done to avail the services
such as credit services, credit card, loans, etc. from the bank. By using the website the
customer can upload the soft copies of documents required as identity proofs to open the
account in the bank or to avail other specific services offered by the bank (Frochot and
Morrison, 2000). This has made it very convenient for the customers to avail the services
offered by the bank which has in turn boosted the turnover of the bank and has helped it in
earning huge profits. The ease of services has increased the number of satisfied customers of
the bank. Furthermore, delivery of satisfactory services has increased the loyalty amongst the
customers of the bank and has induced new customers to avail the services of the bank
(Grönroos, 2004).
3.3 How prices are set to reflect an organization’s objectives and market conditions
Organisational objectives are the basis of all planning and strategies of an organization.
Objectives define what the organization wants to achieve. Traditionally organizations used to
work on the objective of profit maximization, but in Modern Times the primary objective of
the business has shifted from profit maximization to wealth maximization, where the
organization aims at maximizing the long-term wealth and growth of the organization. The
profit making objective of the organization is largely responsible for deciding the price of the
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products produced, manufactured or sold by it (Hoque and James, 2000). If organization
wants to earn more profit then it keeps the prices of its product higher than the normal rate of
return in the industry in which the business operates. And if the organization wants to capture
more market or penetrate deep in the market, it has to keep the prices of its products or
services relatively lower than that of the industry. Lowering the prices of the products will
increase the turnover of the organization and will help it in acquiring more share of market
(Kim and et.al., 2002).
Market condition is another factor that affects the prices of the products and services of
the organization. The economic condition of the market in which the bank operates is the
biggest factor that determines the prices of its products and services. If the bank is operating
in a market, of which the economy is flourishing then the bank can set higher prices of the
products and services. On the other hand, if the economic condition of the market in which
the bank is operating is not sound, then the bank has to keep the price low in order to attract
more customers towards its products and services. There are a number of other factors related
to market conditions that affect the pricing of the products such as natural disasters, wars, etc.
These incidents can have a negative impact on the organizations and on the market as a whole
(Kumar and et.al., 2011).
3.4 How promotional activity is integrated to achieve marketing objectives
Promotion is regarded as the most common form of marketing activity. Promotion
programs are used to compel the customers to buy the products of the business. Promotional
activities are usually long term in nature and are associated with building the brand image of
the product of the company. While there are other short term promotional activities which are
intended to maximise the sales of a product (Tatikonda and Montoya-Weiss, 2001). The short
term marketing objective of HSBC Bank is to maximize the sale of its products and services
in a given period of time. While the long term marketing objective of HSBC Bank is to build
a strong and positive brand image of its products. For this purpose, there are various
promotional techniques which can be used. These promotional techniques can be useful in
both, developing the brand image of the products and maximizing its sales (Matsuno,
Mentzer and Özsomer, 2002).
Different promotional techniques have different impact on its viewers. Or we can say
that different promotional techniques are meant for or are intended for different types of
customers. Furthermore these promotion techniques have different coverage of audience or
customers and they sometimes act as complementary to one another. These promotional
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techniques must be integrated to deliver the best possible result in achieving the
organizational objectives (Möller and Halinen, 2000). Different promotion techniques have
different cost attached to it. Therefore, the company must prepare search promotional mix
which consist of all the promotional activities and at the same time should be cost effective.
More costly promotional techniques should be value precisely focused on the very relevant
and appropriate customers. The less expensive promotional techniques must be extensively
used in order to cover the most part of the market and the potential customers (Mudambi,
2002).
3.5 The additional elements of the extended marketing mix
The traditional marketing mix comprised of only four elements which were product,
price, place and promotion. In addition to these four elements of the traditional marketing
mix there are three other elements in the extended marketing mix. These three elements of the
extended marketing mix are discussed here under:
People – People in this context refers to the staff of the HSBC Bank. Staff of any
organization plays a vital role in the success of its marketing strategies. Staffs are the people
who reflect the culture and the internal environment of the organization. It is very important
for the organizations working in the service sector such as banking sector to recruit and train
an eligible person as these are the people who deal with the customers. The customers are
largely influenced by the communication skills of the staff of the organization (Prahalad and
Ramaswamy, 2000).
Physical evidence – The manner in which the product is presented to the customer is very
important and decisive element of the extended marketing mix. The HSBC bank has many of
its outlets located at different part of the country. When the customers visits the bank
branches, they have a sense of satisfaction regarding the physical aspect of the services
availed by them (Somers and Nelson, 2001).
Process – Process refers to the ability of the company to deliver services to its customers.
Delivering the services is only the primary process while there are various other processes
auxiliary to it. For instance the after sale services provided by the company is one such
process. These processes must be made so efficient that they are able to help the customer
and carter their needs in a quick manner (Sivadas and Dwyer, 2000).
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CONCLUSION
It can be concluded from the above report that marketing principles are based on the
marketing generalisations but also definable by the synthetic means on the basis of market
reasoning. The marketer must develop an adequate mix of price, product, promotion and
place to develop the formula that is best application for the company’s products and services.
Moreover, to keep an improved market share and sales, a proper integration of marketing
principles in the companies are important. The business firms also required to employ
different marketing tactics to reach customers belonging to different demographics, in order
to fulfil their specific needs. Furthermore, to increase the products and services awareness to
the wide geography, the companies are required to make an effective utilisation of different
promotional tools including television ads, personal selling, sales promotion, good public
relations, etc.
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