Market Orientation

(noun)

implementation of the marketing concept, which is a particular business philosophy.

Related Terms

Examples of Market Orientation in the following topics:

  • The History of the Marketing Concept

    • The marketing concept has evolved through many different definitions over time.
    • One marketing standard chronology (Bartels, 1974; Dawson, 1969; Keith, 1960; Kotler and Keller, 2006) subdivides marketing history as follows:
    • Throughout history, marketing has changed considerably in conjunction with consumer tastes.
    • Marketing: needs and wants of customers 1970 to present day; the marketing orientation is perhaps the most common orientation used in contemporary marketing.
    • It involves a firm essentially basing its marketing plans around the marketing concept; and thus supplying products to suit new consumer tastes.

  • The Benefits of a Good Brand

    • Orientation of the whole organization towards its brand is called brand orientation.
    • Brand orientation is developed in response to market intelligence.
    • Benefits of good brand recognition include facilitating of new product acceptance, enabling market share penetration by advertising, and resisting price erosion.

  • Organizing Tasks

    • More powerful change happens when there are clear design objectives driven by a new business strategy or forces in the market that require a different approach to organizing resources.

  • Benefits of Organization

  • Market Share

    • For a very basic example, let's look at the market for baubles.
    • Market share is the percentage of a market (defined in terms of either units or revenue) accounted for by a specific entity.
    • Market share is a key indicator of market competitiveness—that is, how well a firm is doing in terms of its competition.
    • However, increasing market share may be dangerous for makers of fungible hazardous products, particularly products sold into the United States market, where they may be subject to market share liability.
    • Although market share is likely the single most important marketing metric, there is no generally acknowledged best method for calculating it.

  • Discussion questions and references

    • How does marketing contribute to the creation of a competitive advantage?
    • What is the role of marketing in each stage of this process.
    • Dictionary of Marketing Terms, Peter D.
    • Bennett, Ed., American Marketing Association, 1988 p. 54.
    • Burnett, "The Macromarketing/Micro marketing Dichotomy: A Taxonomical Model," Journal of Marketing, Summer. 1982 pp. 11-26.

  • The Marketing Concept

    • The marketing concept states that an organization achieves goals by knowing the needs and wants of target markets and delivering the desired satisfactions.
    • The marketing concept centers on market orientation.
    • The marketing orientation is perhaps the most common orientation used in contemporary marketing.
    • Market orientation is implementation of the marketing concept, which is a particular business philosophy.
    • Successful marketing strategies include the consideration of a variety of factors, such as market research and product branding.

  • Modern Trends in Marketing

    • Modern trends in marketing include relationship marketing, business or industrial marketing, and societal marketing.
    • Modern trends in marketing include relationship marketing, business or industrial marketing, and societal marketing .
    • E-marketing and online marketing are essential tools for modern firms.
    • Also known as industrial marketing, business marketing is at times called business-to-business marketing, or B2B marketing.
    • Modern trends in marketing include relationship marketing, industrial marketing, and societal marketing.

  • Addressing Market Needs

    • Examples of markets include: Physical retail markets, such as local farmers' markets, shopping centers and shopping malls Non-physical internet markets Ad hoc auction markets Markets for intermediate goods used in production of other goods and servicesLabor markets and international currency and commodity markets Stock markets, for the exchange of shares in corporations Artificial markets created by regulation to exchange rights for derivatives that have been designed to ameliorate externalities, such as pollution permits.
    • Illegal markets such as the market for illicit drugs, arms, or pirated products
    • Market research provides important information that identifies and analyzes the market's need, size, and competition; thus making it possible to determine how to market a product.
    • Market segmentation is the division of the market or population into subgroups with similar motivations.
    • Market trends are the upward or downward movement of a market during a period of time.

  • Local, regional, national, international, and global marketers

    • Local marketers are concerned with customers that tend to be clustered tightly around the marketer.
    • Naturally, the total potential market is limited.
    • This type of marketing offers tremendous profit potential, but also exposes the marketer to new, aggressive competitors.
    • As the US market becomes more and more saturated with US-made products, the continued expansion into foreign markets appears inevitable.
    • Global marketing differs from international marketing in some very definite ways.