Name : Thi Bao Han Nguyen ( Winnie )
CEG number : CEG 08021468
Question 2 :
Marketing orientation is a business approach or philosophy that focus on identifying and meeting stated or hidden needs or wants of customers.
Business can develop their product based on the marketing orientated approach or product orientated
A marketing orientated approach means a business react to what customers want. The decisions are taken based around information about customers needs and wants rather than the customer. Most successful business take a maker - orientated approach.
A product orientated approach means the business develops products based on what it is good at making or doing, rather than what a customer wants. This approach is usually criticised because it often leads to unsuccessful products - particularly in well-established markets. Most markets are moving towards a more market-orientated approach because customers have become more knowledgeable and require more variety and better quality. To compete, businesses need to be more sensitive to their customers needs otherwise they will lose sales to their rivals.
In order to have long - range plans deal with the company’s current business and how to keep them going, it should focus on strategic planning. It is a process of developing and maintaining a strategic fit between the organisation’s goals and capabilities and its changing marketing opportunities . Strategic planning process follows these steps:
1. Defining the company mission .
2. Setting company objectives and goals.
3. Designing the business portfolio.
4. Developing strategies for growth and downsizing.
5. Advantages to Market orientation
The benefits of market orientation : Customer-Centric like a major advantage with a marketing orientation is that your business is built on addressing the needs of those you serve. If customers want certain features or attributes in your products, you can...