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Marketing
Value
Marketing, according to Robert A.S. (2005) is "an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders." It gives a lot of emphasis on marketing as being part of the organization structure and inalienable pat. This means that it is the central focus for the customers as well as the stakeholders.
For the customer, marketing will help in identifying the product and the source of the particular item and differentiating it from the other various products in the market hence making it easier for the customer to make a choice and form brand loyalty, the creation of a buyer value is the ultimate goal of this marketing focus (John C. & Stanley F., 1989).
One aspect of marketing is branding, and in the long run, branding helps set apart a product, service or even a company in general from the competitors. This in turn works to the advantage of the shareholder since the more the brand is established the higher the profits and stable market.
Further, the marketing focus will enable appropriate storage and transportation of the products or the goods that an organization deals in. This is particularly important where the goods involved are perishable...
The pertinent information from across the world is made available to the consumer through the various channels of communication available in the marketing sphere. These pieces of information may include price movements, weather and the political atmosphere which can fundamentally change the marketing processes.
2. Market Orientation
The basic definition of market orientation is the business philosophy or approach whose main focus is on positively identifying and satisfactorily meeting the obvious stated or hidden wants or need of customers (Business Dictionary, 2011). The first priority in this kind of market view is the satisfaction of the customer regardless of the procedure.
This kind of approach has it own advantages and setback as well. Some of the advantages of market orientation for organizations are:
The market orientation provides the firm with a far much better understanding and comprehension of the trade environment and the customers' needs in general. With this understanding, the firm is more likely to have a better command on their jurisdiction or trade turf so as to keep away the competition as Spillan John, E., (2005) suggests. This is a trend that has worked with Toyota Company…
References
Business Dictionary, (2011). Market Orientation: Definition. Retrieved June 7, 2011 from http://www.businessdictionary.com/definition/market-orientation.html
John C. & Stanley F., (1989). The Effect of Market Orientation on Business Profitability.
Retrieved June 7, 2011 from http://www.msi.org/publications/publication.cfm?pub=244
Robert A.S. (2005). A New Definition of Marketing. Retrieved June 7, 2011 from http://www.universitybusiness.com/viewarticle.aspx?articleid=425
Spillan John, E., (2005). The effect of a market orientation on business performance: a study of small-sized service retailers using MARKOR scale. Journal of Small Business Management. Retrieved June 7, 2011 from http://www.allbusiness.com/marketing-advertising/channel-marketing/435651-1.html
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