Marketing philosophies or marketing concepts are the philosophies that are inspired the businesses for guiding their marketing efforts of the business. In simple terms, marketing concepts are related to the philosophy that businesses use for identifying as well as fulfilling the demands and needs of the customers, which will benefit both the company and the customers as well. However, some of the philosophies related to marketing cannot result in the benefit for every business. Therefore, different businesses should use different marketing concepts which are known as a marketing management philosophy. Marketing philosophy can be driven by clear objectives such as product quality, customers demand fulfillment, cost efficiency, and so on. The implication of the marketing philosophy is very significant for the management of a business. This is not something that the marketing department at ministers. Rather, this is adopted by the entire company. The satisfaction, demand, and needs of the customer should always be foremost in the mind of employees and managers of a business. For getting a better understanding of the marketing philosophies, the evolution and history of the marketing philosophy should be examined first.
Market orientation includes improvement in product support and customer service which is used for solving issues raised by the customers. This also helps in ensuring customer satisfaction that remains high with the business as a whole and also promotes positive word-of-mouth advertising along with brand loyalty. For being successful, the business should ensure that all the departments of the business organization promote and adapt the market orientation approach to show that this becomes an integral part of the corporate culture. Effective market orientation helps increase customer retention as well as improve the growth in the new demographics. Market orientation also reveals the customer desire which is not cost-effective. The business then should determine how to fulfill the expectation of the customer in the best possible way. Market orientation will also help the business organization in focusing the product development efforts on all the characteristics which will be in demand highly. With the increasingly global economy along with the proliferation of the choices of customers, businesses can adapt to the market orientation, which will be advantageous for them.
Market orientation is the approach to businesses which prioritizes identifying the desires and needs of the customers. This also creates the services and products for the customers for satisfying them. Businesses, which have a market orientation consider the needs and opinions of the target market as the critical element of the research and development of the new products. Market orientation is one of the conventional approaches to product development. With the market orientation, companies can focus on establishing the key selling point for promoting their existing products rather than just designing the products or services. Market orientation is the customer-centered approach to product designing. This involves market research, which aims to determine the views of the customers according to their needs, personal preferences, or primary concerns within any specific product category. Market orientation also allows businesses to focus on product development and the characteristics, which are in demand highly.
The marketing orientation can be divided into a few key categories such:
A marketing orientation has several advantages. The availability of the products or services allows the people for having more choices for satisfying their wants and needs. This should lead to a better quality of life. In short, this can be said that market orientation provides customer satisfaction. Market orientation also increases the acceptance rates. Product failure in the market will be reduced significantly as the company will be able to align its products with the demands and expectations of the customer with the help of market orientation. Market orientation will also increase customer loyalty by satisfying the customers. This is very critical for securing the profits and sales in long run. However, with market orientation, the companies will be able to generate greater loyalty. Some of the disadvantages of market orientation are complexity and poor flexibility.
Various characteristics of market orientation are there which are exhibited by the marketing organization. The followings are some of the characteristics of the marketing orientation.
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