Importance of Market Orientation for Festival Industry

This report discusses the importance of market orientation for the festival industry. It explores how market orientation helps in meeting customer needs and desires. The report also covers the concepts of customer orientation, competition orientation, and inter-functional coordination. Additionally, it provides insights on how the service industry can adapt to the rapidly changing marketing environment.

Market Orientation

Table of Contents
Introduction......................................................................................................................................1
Discuss and evaluate the importance of market orientation for festival industry............................1
Importance of customer orientation, competition orientation and inter-functional coordination
................................................................................................................................................2
How could a service industry adapt to the rapidly changing marketing environment.....................2
Conclusion.......................................................................................................................................3
References:.......................................................................................................................................4
Books and Journals.................................................................................................................4

Introduction
Market orientation is the contemporary marketing strategies in place of traditional one which
was product orientation, based on the concept of focusing on the selling points or attributes of a
product for the selling of goods rather than meeting the demands of the customers. Therefore it
can be said that market orientation is a business approach which prioritize identifying the needs,
desires and wants of the customer and create the products that perfectly matches and satisfy their
needs (Demirel and Kesidou, 2019). Freeman, a leaning event company in UK, was founded by
Donald S Buck Freeman in 1927 as a decorating office. Company have become from decorating
company to servicing events, conference and trade shows across United Kingdom through thee
technological evolution and changes in the customer and venues. Below mentioned report covers
concept of market orientation, importance of customer orientation, competition orientation and
inter-functional coordination; and how service industry adapt to the rapidly changing
environment.
Discuss and evaluate the importance of market orientation for festival
industry
Market orientation is the business approach used by the organisations in services industry
especially in festival or event industry where company takes into the account needs, desires and
wishes of the customer. Most of the event industry use marketing orientation approach that aims
to design and develop the events as per the needs of the customer. Whether, it is a part,
conference, meeting or a family get together, Freeman works completely as per the expectations
of the customers (Chen and et. al., 2019). Under marketing orientation Freeman uses this
approach to customise the events as per customer request rather than promotion. The concept
behind market orientation is to analyse the target audience and determine their desires and
wishes despite of carrying out any promotional or sales activity.
Market orientation in festive industry uses customer-centered approach where while
designing or conducting any event Freeman considers the taste and preference of the target
group, their immediate needs and desires. This type of marketing strategy focus on the values,
culture, beliefs, lifestyle and behavioural traits of a target market group.
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Importance of customer orientation, competition orientation and inter-functional coordination
Customer orientation is the business approach that keeps the needs of the customer as their
priority over the business needs. Freeman always aligns the goals of a business with that of a
personal goals to deliver exceptional quality of services. For instance, it is clearly visible in their
vision statement as they want to grow up by keeping the needs of the customer first through
building strong and long term relationships.
Competition oriented strategy used by festive industry is related with assessing its own
strengths and weakness in relation to that of other rivalry companies. Freeman identifies its
present position in the market in comparison with Bank Sadler, Jack Mortan, WRG and M&C
Saatchi. Freeman evaluate its performance with regards to its pricing, customer satisfaction,
innovation, market share and employee satisfaction (Aruldoss and Nolas, 2019). For instance,
Freeman’s commitment to meet the ever-changing needs of the customer and to deliver the
valued services than any competitor have made them thrive in the industry.
Inter-functional coordination is another type of business approach which synchronise the
personnel and other resources within a company to deliver best value for the customer. For
instance, Freeman with the help of expertise workforce, trusteed suppliers, loyal venue partners,
food partners, and logistics partners deliver one of the exceptional event management services
than any of the other company.
How could a service industry adapt to the rapidly changing marketing
environment
Each and every sector is dealing with rapid changing environment especially with the pandemic.
Pandemic has made a profound impact over the life of people and business too, everything from
customer interaction, buying habits, recreational activities even way of doing business have
changes. There is a significant change in the behaviour of visitor and exhibitors. People are
becoming more tech savvy due to which Freeman have integrated internet based technology to
conduct meeting, sending proposal, meeting with supplier etc. Additionally events are shifting
towards the virtual events due to the rising concern of social distancing (Kies, Jurasz and Dąbek,
2019). Meeting, exhibitions, conferences, social gathering and even music concerts are becoming
virtual, Hopin and Zoom are the virtual partners in event industry.
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There are several incentives that can be used by Freeman to drive more attendees to the
event. Incentives in the services industry works as a motivation factor that encourage the
customer to be a part of an event.
 Freeman can use the discounts on tickets based on the criteria of first comes first basis.
These types of incentives are useful in filling the position in rapid manner. Additionally,
company can offers discounts on group booking for those who are frequent visitors.
 Refer-a-friend promotions is the best tactic to attract more event attendee. Here freeman
offers additional bonus points to the customer who encourage others to join the event.
 Premium membership is another incentives that can be offered by the Freeman. These
premium membership gives the event attendees with extra benefits such as access to VIP
loungers, food and beverages, and access to the other events such as musical concerts or
Gala dinner (Atkinson, 2019).
In order improve its competitive edge over other it is highly recommend for Freeman to opt for a
customer oriented approach that would help the company in delivering more personalised
services as per the demand, desire and expectation level of the company. Additionally agile and
flexible organisational structure and polices will help Freeman in becoming more relevant,
competitive and customer-driver.
Conclusion
From the above mentioned report it is being concluded that right orientation of a marketing
strategy helps the business in achieving its objective and mission. These orientation act as basis
for the companies to conduct their operational activities. It is has been evaluated that most of
companies in service industry use the market orientation approach as their marketing strategy
that help them in delivering exceptional quality of services as per the actual need and demands.
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References:
Books and Journals
Aruldoss, V. and Nolas, S.M., 2019. Tracing Indian girls’ embodied orientations towards public
life. Gender, Place & Culture. 26(11). pp.1588-1608.
Atkinson, R., 2019. Necrotecture: lifeless dwellings and London's super‐rich. International
Journal of Urban and Regional Research. 43(1). pp.2-13.
Chen, C.W., and et. al., 2019. Supervisors’ value orientations and ethics: A cross-national
analysis. Journal of Business Ethics, pp.1-14.
Demirel, P. and Kesidou, E., 2019. Sustainability‐oriented capabilities for eco‐innovation:
Meeting the regulatory, technology, and market demands. Business Strategy and the
Environment. 28(5). pp.847-857.
Kies, A., Jurasz, J. and Dąbek, P.B., 2019. Market value of PV battery systems for autonomous
rural energy supply. Energy Procedia. 158. pp.1188-1193.
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