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The Market Orientated Firm.

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Introduction

The Market Orientated Firm To: XXX Company Ltd From: XXX Marketing Consultants Subject: Marketing Orientation Date: 19/12/2003 1.0 Introduction In understanding what it is to be a marketing orientated firm; firstly a business needs to know what marketing is. According to the UK's Chartered institute of Marketing (CIM): 'Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably (CIM1) ' Marketing is the only process that goes hand in hand with the company strategy and is integrated in all functions and departments of the firm. People tend to think marketing is about advertising, promotion and ultimately selling. Marketing is a strategic function that is more complex than this. Its main focus is in bringing the consumer, products or a particular service they need, where they want them, and at affordable prices, with all the information needed to make an informed choice. These decisions are reached through a structured process of planning. Sales and marketing concepts differ as the sales department of a firm is more internally driven, where as marketing focuses on external issues in the macro market as shown in the diagram below (fig.1). This is known as a marketing orientation. ...read more.

Middle

Market research needs to be implemented so the company can set itself objectives by finding customers attitudes (such as buyer behaviour), competitors and the markets that affect the firm. Information can be collected by: * Quantitative data such as journals and secondary data, for example, from The Office of National Statistics * Qualitative research in obtaining primary data through questionnaires, suveys, etc If research is poor and not carried out properly the business may have set itself strategies with unattainable objectives. 3.0 The Marketing Planning Process The marketing planning process is systematic and can be shown as a cycle: The process is cyclical because once the procedure is completed and the initial strategy is implemented at Stage Five, for continuous improvement and keeping up with competitors, the business will have to consider Stage One again. 'Planning is the most important activity of marketing management (Gilbert, 1999)' The company needs to recognise what to plan for and why; such as products, pricing, placement and promotional campaigns (the four p's discussed later) as well as other functions. This planning needs to be structured in order to focus management activities, and in becoming a marketing orientated company, it will be one of the primary functions for management. ...read more.

Conclusion

This could be through advertising, which enhances the reputation of the organisation. Another important variable can be considered - People. 'Including people as a factor emphasises the importance of all those involved in the transaction of a service, including the customer and the person (or people) providing the service (Hannagan, 2002).' A marketing orientated company will need to ensure a level of customer service, which may continue after the sale, in order to create a relationship with the customer. This will lead to customer loyalty, in turn leading to customer retention as Thomas and Housden suggest 'Gaining a new customer is a considerable achievement, but it is only half the story. The profit comes from developing a relationship that leads to repeat or regular purchases, which are achieved at a lower marketing cost than the initial transaction. (Thomas and Housden, 2002)' 5.0 Conclusion Other companies may be orientated in other ways where their mission statement is geared towards internal functions like sales and productivity. The marketing orientated company focuses its strategies in satisfying the customer in order to be profitable. This is realised through the planning process from analysis to implementation. For continuous improvement the company needs to keeping going through the cycle in order to identify changing customer attitudes and keep up with the competition. Word Count: 1500 words 6. ...read more.

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