The paper tells that the Chartered Institute of Marketing (CIM) has defined the concept of marketing in a different way. It suggests that marketing is a type of management process where the customer requirements are identified, anticipated and finally supplied in an efficient and profitable manner. Hence marketing can be considered to be consisting of a wide range of activities starting from market research to the development of a new product. Marketing is supposed to have evolved through five different phases over the past many years. They are the: a) era of trading, b) era of production, c) era of sales, d) era of the marketing department, and e) era of a marketing company. The marketing company era, which is the most recent and current phase of marketing evolved as a result of the realisation of the need of different business organisations to be focused on their customers to achieve their goals and objectives. Hence, in this modern era, customer is given the highest priority in any of the marketing activities followed by the organisations. The concept related to marketing orientation is believed to have been developed at the Harvard University and in a few of the proactive and forward looking organisations during the period of the end of 1960s to the beginning of the 1970s. It has actually replaced the concept of sales orientation that was prevalent prior to this period. There is a substantial difference between the sales and market orientation. According to Lamb, Hair, and McDaniel these two types of orientations have been compared with each other based on five different characteristics. They are the focus of the organisations, the business activities followed by the firms, people to whom the products are being directed, primary goals of the firms, and various tools that are utilised to achieve those objectives and goals. Personnel of organisations that are sales oriented have their focus on selling the products to the customers that are already manufactured by the firms. However, in recent times most of the organisations are observed to gain competitive advantage by focussing on the external market environment. Various organisations like Dell, Inc., Southwest Airlines, and the Royal Bank of Canada have succeeded in outperforming their competitors through the market orientation approach. A marketing oriented company can be considered as a business organisation which has its focus on the customers and their needs and wants. Companies try to identify various solutions to meet the satisfaction levels of the customers and in order to achieve this objective the organisations get involved in activities related to gaining an insight about the customers’ needs and wants through various means that includes both secondary and primary research. Most often people are found to misunderstand the concept of marketing and they associate it with advertising. However, marketing consists of various other aspects which the organisations need to be concerned with in order to have its sustainable growth and development in future. The thinking process of customers is volatile in nature and their needs and wants change in a short period of time. Hence organisations are required to be aware of those changing needs and wants of the customers and this fact makes marketing a useful concept for the companies.
The following paper gives an overview of the marketing orientation and marketing-oriented company. A marketing oriented company can be considered as a business organization which has its focus on the customers and their needs and wants…
With the passage of time, the definition of marketing has changed as it has included a pre-manufacture tilt to its basis with regards to a product and/or service. The marketing concept revolves around the premise that marketing shall bring in success if products and/or services are made available in a quantifiable manner to the target audiences.
Marketing concepts refer to the philosophy of the management, through which the objectives and goals of a firm can be achieved. These concepts aid in the identification of customer needs, which may be stated or unstated. The marketing concept is also known as the customer relationship management
The IKEA Company brand is a strong brand. This is mainly due to its unique cultural branding that portrays the fashionable design and value to ensure the creation of affordable and contemporary furnishing products. The brand symbolizes the unique and tasteful household products that offered at an affordable price that inspires customers.
It is favorable for sale of goods based on emotions, shortages or indispensable add-ons. Cost based pricing is a pricing strategy based on the cost of producing the given product in the market. The price gets set above the cost of production in order to take consideration of the profits the company wants to accrue.
This is because it’s an age of creating a customer rather than selling a product. As the entire concept of marketing or business mainly depend on customer satisfaction and reliability that might prove effective in enhancing the brand image and reputation of the organization in the market among others.
Kotler 2001). The additional Ps have been added because today marketing is far more customer oriented than ever before, and because of a growing importance managing long-term relationships with the different stockholders of marketing (Helfert et al. 2002).
It highlights three important aspects that marketing accomplishes. First, it recognizes the purpose of business organizations to design products which satisfy customer requirements. Marketing does not just involve offering any goods and services but business organizations should strive to offer those which offer customer value.
However, pricing strategies are not necessarily mutually exclusive (Drummond & Ensor 163). Each single pricing strategy adopted by a given firm or company is directly linked to a marketing strategy. In this regard, consistency is a
This subsequently enables a firm to achieve growth that is sustainable in terms of revenues as well as profits. As Jimmy Iovine and Dr. Dre found creating consumer value was an essential strategy in ensuring that their brand was more successful than their competitors. This
4 pages (1000 words)Assignment
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