Market Orientation and its Components

Market Orientation 0
Market Orientation
Components of market orientation
System04092
10/27/2018

Market Orientation 1
Contents
Introduction................................................................................................................................2
Market Orientation.....................................................................................................................2
Components of Market Orientation...........................................................................................6
References..................................................................................................................................9

Market Orientation 2
Introduction
In today’s scenario, marketing is the main element that ensures the success of the
organization. The concept of marketing focuses on process of generating, communicating and
supplying value to the customers to manage the relationship with the customers and
maximising the benefits provided to the organization and its stakeholders. It focuses on
analysing the needs and expectations of the target customers and providing the satisfaction in
an efficient and effective manner. Through the process of marketing, the organization
identifies its target market and combines the goals of the organization with the expectations
of the customer to provide the overall satisfaction to the target customers and thus ensuring
the success of the organization. It examines the needs and expectations of the customer and
delivers the products and services according to the expectations of the target market.
Market orientation is a business philosophy, which focuses on identifying the needs of the
customer and accordingly designs the products and services to meet the expectations of the
customers (Dibb and Stern, 2000).
Market Orientation
It involves two or more departments fetching in the activities geared towards emerging and
understanding the customer’s current and future needs and the factors affecting them. It
Identifies needs of
customers
Transformation of
information to design
developers
Provides overall
satisfaction to
customers

Market Orientation 3
shares the information across the other departments and then collectively focuses to meet the
selected customer needs. Market orientation is different from the philosophy of product
orientation because in case of production orientation approach the focus of the organization is
to sell the products and services offered by them while in case of market orientation the
organization focuses on the needs, wants of customers, and then deliver accordingly. It helps
the organization in earning higher profits and thus increasing its market share. Market
orientation helps the organization in making the customers aware about the product and
services and providing them with the benefits of the same. It is consider as synchronised
marketing campaign between the supplier and consumer. Competitive analysis is considered
as a significant constituent of market orientation. It collects the information through market
research, consumer survey and focussing on the group of prospective customers to identify
their needs and preferences as well as gaining insight of competitor’s strength and weakness
(Kiessling, Isaksson and Yasar, 2016).
The organization that follows market orientation considers customer as their main ingredient
for success of the organization. It focuses on delivering quality service and product to the
customer to provide overall satisfaction to the customers and achieving higher level of
profits. After the introduction of e-commerce services the customers gathers and are aware
about the detailed information of the products to compare and select the best product or the
service. Companies with marketing orientation are known as customer centric as they work
according to the demands of the customer and are highly approachable towards customer
(Raju, Lonial, and Crum, 2011).
The supremacy of market orientation in organization success because it is observing that
market orientation leaves a positive impact on the success of the organization. By using the
market intelligence, the organization progresses continuous improvement in the products and