Get Instant Help From 5000+ Experts For
question

Writing: Get your essay and assignment written from scratch by PhD expert

Rewriting: Paraphrase or rewrite your friend's essay with similar meaning at reduced cost

Editing:Proofread your work by experts and improve grade at Lowest cost

And Improve Your Grades
myassignmenthelp.com
loader
Phone no. Missing!

Enter phone no. to receive critical updates and urgent messages !

Attach file

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Guaranteed Higher Grade!
Free Quote
wave

Relationship Between Market Orientation and Business Performance

Discuss about the Market Orientation for Competitive Advantage.

Market orientation plays a vital role as it helps an organization to establish the methods, strategies, tools, etc. It also leads to achieve a sustainable competitive advantage. Now days, companies are doing thorough research on market orientation. The main aim is to analyze the relationship between the market orientation and organization performance. Many types of behavioral perspective is been used by the company to analyze the same.

There is a dependency between the market orientation and business performance. We can observe better results in finance and marketing where the businesses use the strategy of market orientation. It also helps to improve the performance and status of the organization in the market. It leads to identify the elements that are helpful in making strategies for the marketing orientation of the company. Under this study, we understand the importance of market orientation for Sat & Co. and also observe that how it is helpful for all the organizational performance.

Sat & Co. was facing a lack of market orientation in the organization due to which the performance of the organization was getting poorer. They were facing loss of around 50% of sales. Hence we can say that market orientation is very important for every organisation. Afterwards the direactors thought that through market orientation the company can achieve the same position as before (Satell, 2013). Market orientation refers to satisfy the needs and wants of the customers. The facts and findings indicate that there is a positive and significant relationship between the market orientation and the performance of the business.

As we observe, that there is a direct or indirect link between market orientation and performance of the business. Market orientation determined the overall performance of the company and also enhances to improve it in the best possible way it can do. Market orientation states that the company must have to focus on the demand of the customer and then there is a need that what they actually wants and finally produce the products that fulfils the same. This is the only way through which advantages can be drawn throughout the market orientation. A company must have a perspective that delivers all the necessity of the customer. In this way, any business can ache hive a makeable position in the markets and in the eyes of the customers.

Basically, there are three types of market orientation that helps an organization to analyze its market. They are- production oriented, sale oriented and market oriented.

Factors Related in Achievement of Market Orientation

The first important factor is to focus on the desires, needs, wants, etc. of the customers. customers are the vital part of any organization as they are the one due to which a company is able to meet its profits and revenues (Queensland, 2016). If the company succeeds to serve its customers in a best possible manner, it will result in a great success.

Study of competitors and the competion in the market is the most important factor under market orientation (Meer, 2010). It helps to analyze the level of competition present in at the market place. It motivates the company to perform better so that they can meet up with the challenge and come out with some new success.

The product should have the capability to fulfil the current and future needs for a longer period of time. A company should set some standards and benchmarks according to which the process of production takes place. It will help the organization to maintain a quality of production and manufacturing of goods and services (Publed.gov, 2000).

Market orientation creates a great impact on the business. The total operation of the company focuses on the customers demand. It helps to identify the customer’s problems and needs and according to it the solutions are been developed by the superiors of the company (). It is the most effective and efficient way that that help to create a great value for the customers. It is a continuous process that ultimately leads in improvement of the performance of the business (Barker, 2013). Under this, the data and information is collected from top to bottom level of management including executives, managers, superiors etc. Hence, significant results can be calculated for the market orientation and business performance. The business can be run through the management of proper marketing strategies and policies (Newzealands, 2016). They can earn competitive advantage through applying such strategies in the organization. The organization should have a unique competitive advantage that is different from the competitors. The company should make a balance between the sustainable competitive advantages because it leads to a long term growth of the company.

Sat & Co. needs not to focus only on technology advancement but also on the other factors. Other factors are related to the customers and the buyers of the product ( Leonardo, 2011).

They not only have to improve the efficiency and productivity of the products like CNC machines but also focus on customers demand and desires (Investopedia, 2016). It helps to give satisfaction to the buyers.

Impact on Competitive Advantage

They should not use such technology that makes things more complex and complicated (Greenley, 2016). Instead of this, they should use simple and easy machines that can be easily used.

They should understand the truth that all the customers do not appreciate additional features in the machines. So, they do not add those features to all the machineries. It leads to increase in the price and make them expensive too (Pitcher partners growth, 2012).

There is a need to improve the quality of the products in some sections of the company.

The company should focus on the relevant departments where orientation is critically important.

Sat & Co. is a company that has a good brand name (Gima, 2016). So, they should use this tool as a competitive advantage against their competitors.

The company should be market oriented and must focus on basic products (Businessdictionary.com, 2016)

There is a need to conduct a market research so that the problems can be diagnosed and solved afterwards (Helgesen, 2009). It also leads in identifying the actual needs of the customers. The market research will help to identify (1) if there is any technical problem in the working of the machines. (2) if there a need of new machines; (3) if there is a need to upgrade the existing machines.

Conclusion

Under this study, the learners will have the knowledge about the Sat & Co. and about its marketing strategies. It is defined that market orientation is a process through which the business decisions can be taken in an easier way. Market research is a part of market ordination that provides information about the market. Under this, customer satisfaction is the key of success for the business. a continuous market orientation results in betterment in organization’s performance. It brings a consistent growth in Sat & Co. by implementing the strategies and policies.

The advantage of market orientation is that it helps to turn one-time customers into permanent customers. it enhances the ability and capacity of the business by providing a wide range of success in the market. It minimizes the competition present in the market by giving certain policies to the superiors. Its gives an overall view of the market that helps the businesses to understand it and make policies accordingly.

Barker. 2013. How to manage growth of your business efficiently. [Online]. Available at: https://www.theguardian.com/small-business-network/2013/apr/22/growing-a-business-efficiently

[Accessed on: 8 September 2016].

Boundless.com. 2016. Marketing Orientation. [Online]. Available at: https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/introduction-to-marketing-1/evolution-of-the-marketing-orientation-19/marketing-orientation-118-6857/ [Accessed on: 8 September 2016].

Businessdictionary.com. 2016. Marketing. [Online]. Available at: https://www.businessdictionary.com/definition/marketing.html

[Accessed on: 8 September 2016].

Gima.2016.An Exploratory Analysis of theImpact of Market Orientation on New Product Performance.
[Online]. Available at: https://onlinelibrary.wiley.com/doi/10.1111/1540-5885.1240275/abstract

[Accessed on: 8 September 2016].

Greenley. 2016. Market Orientation and Company Performance: Empirical Evidence From UK Companies. [Online].
Available at: https://onlinelibrary.wiley.com/doi/10.1111/j.1467-8551.1995.tb00082.x/abstract

[Accessed on: 8 September 2016].

Helgesen. 2009. Marketing perceptions and business performance: Implications for marketing education?.
[Online] Available at: https://www.emeraldinsight.com/doi/abs/10.1108/02634500910928371

[Accessed on: 8 September 2016].

Leonardo. 2011. 9 Steps to Continuous Content Marketing Improvement.
[Online]. Available at: https://contentmarketinginstitute.com/2011/04/content-marketing-improvement/

[Accessed on: 8 September 2016].

Meer. 2010. The importance of competitive advantage.
[Online]. Available at: https://www.sharenet.co.za/marketviews/article/The_Importance_of_Competitive_Advantage/1650

[Accessed on: 8 September 2016].

Newzealands. 2016. 15 Marketing Strategies That Inspire Strategic Thinkers. [Online]. Available at: https://www.inc.com/murray-newlands/15-marketing-strategies-that-inspire-strategic-thinkers.html

[Accessed on: 8 September 2016].

Pitcher partners growth. 2012. What is Organisational Performance?. [Online]. Available at: https://www.growth.pitcher.com.au/resources/articles/what-is-organisational-performance

[Accessed on: 8 September 2016].

Publed.gov. 2000. The relationship between market orientation and performance in the hospital industry: a structural equations modeling approach. [Online]. Available at: https://www.ncbi.nlm.nih.gov/pubmed/10907326

[Accessed on: 8 September 2016].

Queensland. 2016. Develop a marketing strategy. [Online].
Available at: https://www.business.qld.gov.au/business/running/marketing/develop-marketing-strategy

[Accessed on: 8 September 2016].

Satell. 2013. 4 principles of marketing strategy in the digital age.
[Online]. Available at: https://www.forbes.com/sites/gregsatell/2013/04/16/4-principles-of-marketing-strategy-in-the-digital-age/#6be92b5d495c

 [Accessed on: 8 September 2016].

Smith. 2016. Business Growth: Efficiency vs Effectiveness.
[Online]. Available at: https://www.glennsmithcoaching.com/business-growth-efficiency-vs-effectiveness/

[Accessed on: 8 September 2016].

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2017). Market Orientation For Competitive Advantage. Retrieved from https://myassignmenthelp.com/free-samples/market-orientation-competitive-advantage.

"Market Orientation For Competitive Advantage." My Assignment Help, 2017, https://myassignmenthelp.com/free-samples/market-orientation-competitive-advantage.

My Assignment Help (2017) Market Orientation For Competitive Advantage [Online]. Available from: https://myassignmenthelp.com/free-samples/market-orientation-competitive-advantage
[Accessed 05 March 2024].

My Assignment Help. 'Market Orientation For Competitive Advantage' (My Assignment Help, 2017) <https://myassignmenthelp.com/free-samples/market-orientation-competitive-advantage> accessed 05 March 2024.

My Assignment Help. Market Orientation For Competitive Advantage [Internet]. My Assignment Help. 2017 [cited 05 March 2024]. Available from: https://myassignmenthelp.com/free-samples/market-orientation-competitive-advantage.

Get instant help from 5000+ experts for
question

Writing: Get your essay and assignment written from scratch by PhD expert

Rewriting: Paraphrase or rewrite your friend's essay with similar meaning at reduced cost

Editing: Proofread your work by experts and improve grade at Lowest cost

loader
250 words
Phone no. Missing!

Enter phone no. to receive critical updates and urgent messages !

Attach file

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Other Similar Samples

support
Whatsapp
callback
sales
sales chat
Whatsapp
callback
sales chat
close