The document discusses the relationship between market orientation and business profitability. It defines market orientation as focusing on identifying and meeting customer needs. The key elements of market orientation include targeting markets, building customer relationships, and coordinating marketing activities. Implementing market orientation helps predict customer changes and satisfy them, thereby increasing business profitability over the long term. However, market orientation requires high costs and may be more suitable for large organizations than small businesses. Overall, the document concludes that market orientation is positively related to business profitability.
A Study/Project on Customer Perception towards Titan Products by Titan Indust...Aditya Gupta
It's a project report I had made for my BBM degree recently. I'm a Marketing Student so I made a project on "Customer Perception towards Titan Products by Titan Industries".
I'm uploading because I din't find any projects to help me out while I was making my project, so I hope it will help you guys out!
What are the tools using retail marketing professionals to improving retail sale and store footfalls. Here we discussing job responsibilities of a retail marketing manager and proved and powerful tools and techniques to improve footfall in store .
A Study/Project on Customer Perception towards Titan Products by Titan Indust...Aditya Gupta
It's a project report I had made for my BBM degree recently. I'm a Marketing Student so I made a project on "Customer Perception towards Titan Products by Titan Industries".
I'm uploading because I din't find any projects to help me out while I was making my project, so I hope it will help you guys out!
What are the tools using retail marketing professionals to improving retail sale and store footfalls. Here we discussing job responsibilities of a retail marketing manager and proved and powerful tools and techniques to improve footfall in store .
Objectives of the Project:-
1.Learned the Demographic Profile of people living in Tricity
2.Carried out the Catchment Analysis.
3. Studied the awareness level, purchasing power and monthly expenditure of college students.
4. To understand the catchment area of Elante Mall.
5. To know the awareness level of people regarding Reliance Trends.
The Definitive Guide To Retail Visual Merchandising GuideASD Market Week
Visual merchandising is important component of retail store sales. If retailers showcase their products in impactful ways, customers will buy. Learn how to visually merchandise your show floor!
This ppt talks about how the basic principles of marketing are changing in the digital arena and how customers are looked at from a different perspective. The way brands used to communicate with their customers is changing and is becoming more personal with time.
Objectives of the Project:-
1.Learned the Demographic Profile of people living in Tricity
2.Carried out the Catchment Analysis.
3. Studied the awareness level, purchasing power and monthly expenditure of college students.
4. To understand the catchment area of Elante Mall.
5. To know the awareness level of people regarding Reliance Trends.
The Definitive Guide To Retail Visual Merchandising GuideASD Market Week
Visual merchandising is important component of retail store sales. If retailers showcase their products in impactful ways, customers will buy. Learn how to visually merchandise your show floor!
This ppt talks about how the basic principles of marketing are changing in the digital arena and how customers are looked at from a different perspective. The way brands used to communicate with their customers is changing and is becoming more personal with time.
The presentation details a wide range of legislative and regulatory initiatives that are likely to impact the global alternative investment industry in the year ahead.
2014: The Year Ahead for Hedge Funds offers an overview of some of key dates and expected actions associated with market reforms around the globe. MFA is working to ensure that reform is consistent across jurisdictions.
Topics of note in the presentation include:
U.S.:
-Tax Reform
- JOBS Act
-CFTC Nominations and Reauthorization
-CPO/CTA Regulation
-FATCA
EU:
-EU Commissioner Selections
-MiFID II Legislation and Implementation
-Financial Transaction Tax
-EMIR/AIFMD
Who Invests in Hedge Funds in My State?ManagedFunds
The Hedge Fund Investor Map takes publicly available data from both public and private pension plans, university endowments, and foundations in all 50 states to show what groups are investing in hedge funds. Public pensions such as the AFL-CIO, AFSCME, or Florida Retirement System, and corporate pensions like UPS, 3M, or John Deere all invest in hedge funds. In fact, public pension funds represent the largest portion of capital invested in hedge funds by institutional investors at over 22%.
How Passage of the JOBS Act Impacts Regulation D: Private Placement and Gene...ManagedFunds
The recently enacted Jumpstart Our Business Startups (JOBS) Act contained a provision directing the Securities and Exchange Commission to amend Regulation D to remove the ban on general solicitation and advertising of private offerings. This change will allow alternative investment managers and others conducting private offerings to have increased legal certainty when communicating with investors and the general public, which will enable these managers to share more information and promote greater understanding of the industry. Amending Regulation D will not change the type of investor – institutions and high net-worth individuals – able to buy into a private offering, but it will lead to more transparency in the alternative investment industry.
7 Managing Marketing Activities
Thomas Northcut/Digital Vision/Thinkstock
Marketing is too important to be left to the marketing department.
—David Packard
Learning Objectives
After reading this chapter, you should be able to do the following:
• Define marketing and explain how the marketing concept is patient centered in HCOs.
• Discuss the relationship between organizational planning and marketing planning with regard to objectives
and strategies throughout the planning levels.
• Name the three basic marketing strategies that can be used under the product/market approach to market-
ing strategy development, identify two other approaches to marketing strategy development, and list four
factors influencing the strategy selection.
• Discuss how the four strategic elements of the marketing mix become marketing tactics for implementing
the selected marketing strategy.
• Identify two basic types of organizational structures for managing marketing activities.
• Explain how ethical issues in marketing relate to marketing decisions, and provide examples of ethical
issues facing healthcare providers.
Section 7.1What Is Marketing?
Introduction
This chapter provides an overview of marketing, the relationship between marketing plan-
ning and overall organizational planning, basic marketing strategies, and approaches to orga-
nizing marketing activities in an HCO. This chapter also includes a discussion of the ethical
decision-making process in marketing and lays the groundwork for later chapters on the mar-
keting process and its role in HCOs.
7.1 What Is Marketing?
The marketing of HCOs is a relatively recent phenomenon. It was as late as 1977 that the
American Hospital Association held its first convocation on marketing. Much of the early mar-
keting efforts by hospitals were aimed toward the recruitment and retention of physicians.
Many physicians remained skeptical of marketing to patients and believed it was unprofes-
sional. However, as healthcare has become more complex and expensive, HCOs and individual
healthcare providers have seen the need to better communicate to patients the value of their
services (MacStravic, 1994).
Over the last two decades, the discussion of marketing in HCOs has evolved from whether
it was even appropriate for HCOs to use marketing to give the organization a competitive
advantage and “tell its story.” But what is meant by the term marketing?
Various definitions of marketing have evolved over the years, but one that appears to be fairly
complete is as follows: Marketing directs those activities that involve the creation and distribu-
tion of products and services to identified market segments. Several key words in this defini-
tion need further explanation. First, what is meant by the words marketing directs. This is a
managerial perspective rather than a residual perspective, which is concerned only with
what has to be done to get goods and services to customers. A managerial pers.
7 Managing Marketing Activities
Thomas Northcut/Digital Vision/Thinkstock
Marketing is too important to be left to the marketing department.
—David Packard
Learning Objectives
After reading this chapter, you should be able to do the following:
• Define marketing and explain how the marketing concept is patient centered in HCOs.
• Discuss the relationship between organizational planning and marketing planning with regard to objectives
and strategies throughout the planning levels.
• Name the three basic marketing strategies that can be used under the product/market approach to market-
ing strategy development, identify two other approaches to marketing strategy development, and list four
factors influencing the strategy selection.
• Discuss how the four strategic elements of the marketing mix become marketing tactics for implementing
the selected marketing strategy.
• Identify two basic types of organizational structures for managing marketing activities.
• Explain how ethical issues in marketing relate to marketing decisions, and provide examples of ethical
issues facing healthcare providers.
Section 7.1What Is Marketing?
Introduction
This chapter provides an overview of marketing, the relationship between marketing plan-
ning and overall organizational planning, basic marketing strategies, and approaches to orga-
nizing marketing activities in an HCO. This chapter also includes a discussion of the ethical
decision-making process in marketing and lays the groundwork for later chapters on the mar-
keting process and its role in HCOs.
7.1 What Is Marketing?
The marketing of HCOs is a relatively recent phenomenon. It was as late as 1977 that the
American Hospital Association held its first convocation on marketing. Much of the early mar-
keting efforts by hospitals were aimed toward the recruitment and retention of physicians.
Many physicians remained skeptical of marketing to patients and believed it was unprofes-
sional. However, as healthcare has become more complex and expensive, HCOs and individual
healthcare providers have seen the need to better communicate to patients the value of their
services (MacStravic, 1994).
Over the last two decades, the discussion of marketing in HCOs has evolved from whether
it was even appropriate for HCOs to use marketing to give the organization a competitive
advantage and “tell its story.” But what is meant by the term marketing?
Various definitions of marketing have evolved over the years, but one that appears to be fairly
complete is as follows: Marketing directs those activities that involve the creation and distribu-
tion of products and services to identified market segments. Several key words in this defini-
tion need further explanation. First, what is meant by the words marketing directs. This is a
managerial perspective rather than a residual perspective, which is concerned only with
what has to be done to get goods and services to customers. A managerial pers.
7 Managing Marketing Activities
Thomas Northcut/Digital Vision/Thinkstock
Marketing is too important to be left to the marketing department.
—David Packard
Learning Objectives
After reading this chapter, you should be able to do the following:
• Define marketing and explain how the marketing concept is patient centered in HCOs.
• Discuss the relationship between organizational planning and marketing planning with regard to objectives
and strategies throughout the planning levels.
• Name the three basic marketing strategies that can be used under the product/market approach to market-
ing strategy development, identify two other approaches to marketing strategy development, and list four
factors influencing the strategy selection.
• Discuss how the four strategic elements of the marketing mix become marketing tactics for implementing
the selected marketing strategy.
• Identify two basic types of organizational structures for managing marketing activities.
• Explain how ethical issues in marketing relate to marketing decisions, and provide examples of ethical
issues facing healthcare providers.
Section 7.1What Is Marketing?
Introduction
This chapter provides an overview of marketing, the relationship between marketing plan-
ning and overall organizational planning, basic marketing strategies, and approaches to orga-
nizing marketing activities in an HCO. This chapter also includes a discussion of the ethical
decision-making process in marketing and lays the groundwork for later chapters on the mar-
keting process and its role in HCOs.
7.1 What Is Marketing?
The marketing of HCOs is a relatively recent phenomenon. It was as late as 1977 that the
American Hospital Association held its first convocation on marketing. Much of the early mar-
keting efforts by hospitals were aimed toward the recruitment and retention of physicians.
Many physicians remained skeptical of marketing to patients and believed it was unprofes-
sional. However, as healthcare has become more complex and expensive, HCOs and individual
healthcare providers have seen the need to better communicate to patients the value of their
services (MacStravic, 1994).
Over the last two decades, the discussion of marketing in HCOs has evolved from whether
it was even appropriate for HCOs to use marketing to give the organization a competitive
advantage and “tell its story.” But what is meant by the term marketing?
Various definitions of marketing have evolved over the years, but one that appears to be fairly
complete is as follows: Marketing directs those activities that involve the creation and distribu-
tion of products and services to identified market segments. Several key words in this defini-
tion need further explanation. First, what is meant by the words marketing directs. This is a
managerial perspective rather than a residual perspective, which is concerned only with
what has to be done to get goods and services to customers. A managerial pers.
Standard plank for wood lamination on khaya ivorensisIzzah Noah
khaya ivorensis species
wood lamination
standard for ripping and planing wood
lamination with two different types of surfaces
rough and smooth surface glue surfaces
khaya ivorensis have interlocking grain which easy to split( wood defect)
Six species of wood in light, medium and heavy hardwood category.
Characteristics of the wood such as color, shape of pore, density range etc.
The physical properties of wood that affect adhesive bonding
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
10 Video Ideas Any Business Can Make RIGHT NOW!
You'll never draw a blank again on what kind of video to make for your business. Go beyond the basic categories and truly reimagine a brand new advanced way to brainstorm video content creation. During this masterclass you'll be challenged to think creatively and outside of the box and view your videos through lenses you may have never thought of previously. It's guaranteed that you'll leave with more than 10 video ideas, but I like to under-promise and over-deliver. Don't miss this session.
Key Takeaways:
How to use the Video Matrix
How to use additional "Lenses"
Where to source original video ideas
SMM Cheap - No. 1 SMM panel in the worldsmmpanel567
Boost your social media marketing with our SMM Panel services offering SMM Cheap services! Get cost-effective services for your business and increase followers, likes, and engagement across all social media platforms. Get affordable services perfect for businesses and influencers looking to increase their social proof. See how cheap SMM strategies can help improve your social media presence and be a pro at the social media game.
Core Web Vitals SEO Workshop - improve your performance [pdf]Peter Mead
Core Web Vitals to improve your website performance for better SEO results with CWV.
CWV Topics include:
- Understanding the latest Core Web Vitals including the significance of LCP, INP and CLS + their impact on SEO
- Optimisation techniques from our experts on how to improve your CWV on platforms like WordPress and WP Engine
- The impact of user experience and SEO
The Forgotten Secret Weapon of Digital Marketing: Email
Digital marketing is a rapidly changing, ever evolving industry--Influencers, Threads, X, AI, etc. But one of the most effective digital marketing tools is also one of the oldest: Email. Find out from two Houston-based digital experts how to maximize your results from email.
Key Takeaways:
Email has the best ROI of any digital tactic
It can be used at any stage of the customer journey
It is increasingly important as the cookie-less future gets closer and closer
First Things First: Building and Effective Marketing Strategy
Too many companies (and marketers) jump straight into activation planning without formalizing a marketing strategy. It may seem tedious, but analyzing the mindset of your targeted audiences and identifying the messaging points most likely to resonate with them is time well spent. That process is also a great opportunity for marketers to collaborate with sales leaders and account managers on a galvanized go-to-market approach. I’ll walk you through the methods and tools we use with our clients to ensure campaign success.
Key Takeaways:
-Recognize the critical role of strategy in marketing
-Learn our approach for building an actionable, effective marketing strategy
-Receive templates and guides for developing a marketing strategy
Is AI-Generated Content the Future of Content Creation?Cut-the-SaaS
Discover the transformative power of AI in content creation with our presentation, "Is AI-Generated Content the Future of Content Creation?" by Puran Parsani, CEO & Editor of Cut-The-SaaS. Learn how AI-generated content is revolutionizing marketing, publishing, education, healthcare, and finance by offering unprecedented efficiency, creativity, and scalability.
Understanding
AI-Generated Content:
AI-generated content includes text, images, videos, and audio produced by AI without direct human involvement. This technology leverages large datasets to create contextually relevant and coherent material, streamlining content production.
Key Benefits:
Content Creation: Rapidly generate high-quality content for blogs, articles, and social media.
Brainstorming: AI simulates conversations to inspire creative ideas.
Research Assistance: Efficiently summarize and research information.
Market Insights:
The content marketing industry is projected to grow to $17.6 billion by 2032, with AI-generated content expected to dominate over 55% of the market.
Case Study: CNET’s AI Content Controversy:
CNET’s use of AI for news articles led to public scrutiny due to factual inaccuracies, highlighting the need for transparency and human oversight.
Benefits Across Industries:
Marketing: Personalize content at scale and optimize engagement with predictive analytics.
Publishing: Automate content creation for faster publication cycles.
Education: Efficiently generate educational materials.
Healthcare: Create accurate content for patients and professionals.
Finance: Produce timely financial content for decision-making.
Challenges and Ethical Considerations:
Transparency: Disclose AI use to maintain trust.
Bias: Address potential AI biases with diverse datasets.
SEO: Ensure AI content meets SEO standards.
Quality: Maintain high standards to prevent misinformation.
Conclusion:
AI-generated content offers significant benefits in efficiency, personalization, and scalability. However, ethical considerations and quality assurance are crucial for responsible use. Explore the future of content creation with us and see how AI is transforming various industries.
Connect with Us:
Follow Cut-The-SaaS on LinkedIn, Instagram, YouTube, Twitter, and Medium. Visit cut-the-saas.com for more insights and resources.
How to Run Landing Page Tests On and Off Paid Social PlatformsVWO
Join us for an exclusive webinar featuring Mariate, Alexandra and Nima where we will unveil a comprehensive blueprint for crafting a successful paid media strategy focused on landing page testing.With escalating costs in paid advertising, understanding how to maximize each visitor’s experience is crucial for retention and conversion.
This session will dive into the methodologies for executing and analyzing landing page tests within paid social channels, offering a blend of theoretical knowledge and practical insights.
The Pearmill team will guide you through the nuances of setting up and managing landing page experiments on paid social platforms. You will learn about the critical rules to follow, the structure of effective tests, optimal conversion duration and budget allocation.
The session will also cover data analysis techniques and criteria for graduating landing pages.
In the second part of the webinar, Pearmill will explore the use of A/B testing platforms. Discover common pitfalls to avoid in A/B testing and gain insights into analyzing A/B tests results effectively.
Come learn how YOU can Animate and Illuminate the World with Generative AI's Explosive Power. Come sit in the driver's seat and learn to harness this great technology.
Top 3 Ways to Align Sales and Marketing Teams for Rapid GrowthDemandbase
In this session, Demandbase’s Stephanie Quinn, Sr. Director of Integrated and Digital Marketing, Devin Rosenberg, Director of Sales, and Kevin Rooney, Senior Director of Sales Development will share how sales and marketing shapes their day-to-day and what key areas are needed for true alignment.
Digital marketing is the art and science of promoting products or services using digital channels to reach and engage with potential customers. It encompasses a wide range of online tactics and strategies aimed at increasing brand visibility, driving website traffic, generating leads, and ultimately, converting those leads into customers.
https://nidmindia.com/
In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.\
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
The effect of market orientation on bussiness profitability(report)
1. MKT420 (PRINCIPLES AND PRACTICE OF MARKETING)
TITLE:
THE EFFECT OF MARKET ORIENTATION ON
BUSINESS PROFITABILITY
NAME:
IZZAH AZIMAH BINTI NOH
(2012717865)
CHE MOHAMAD AZRUL BIN CHE LAH (2012102157)
MUHAMMAD ARBAIN BIN MAT YUTI (2012930753)
ZULKHANAIN BIN MAT ZAIN
(2012146285)
MUHAMAD AZLAN BIN ABDULLAH
(2012349855)
PROGRAMME:
AS247- BACHELOR OF SCIENCE (HONS.) FURNITURE TECHNOLOGY
GROUP:
AS247 (4A)
LECTURER NAME:
DR. WAN KALTHOM BINTI YAHYA
UNIVERSITI TEKNOLOGI MARA, (UiTM) KAMPUS KHAZANAH ALAM
2. TABLE OF CONTENT
CONTENT
PAGES
TABLE OF CONTENT
2
ABSTRACT
3
INTRODUCTION
4
MARKET ORIENTATION
5
What Is Market Orientation?
Key Element Of Market Orientation
1) Target Market
2) Customer Relationship
3) The Marketing Team
Market Orientation Component
Market Orientation Concept
- Concentrate On Customer Needs And Wants
- Combines All Organization Activities
- Achieve Long-Term Goals
5
5
5
5
5
5
6
6
6
7
BUSINESS PROFITABILITY
8
What Is Business?
What Is Business Profitability?
8
8
THE EFFECT S OF A MARKET ORIENTATION ON BUSINESS
PROFITABILITY
9
Tools For Gaining Business Profitability
More Suitable For Big Organization Or Company
Assist To Predict The Customer Change
High In Cost
9
9
10
10
CONCLUSION
11
REFERENCES
12
2
3. ABSTRACT
The study about market and what is exactly it is; the place for people purchase and
sales product and services. Market orientation to internally oriented approaches stressing
productive efficiently, selling and promoting.This study the effect of these different emphases
on profit performance. The effect indicates to the customer needs has a positive association
with profitability(Kohli, 1996).
Market orientation is the theory or principles behaviour seize that a sales does not be
rely on an aggressive sales force but more precisely on a customer decision(Philip Kotler,
15th Edition). We simply study about differences between market orientation and marketing
orientation. In pair of to identify the market orientation component; customer orientation,
competitor orientation and interfunctional coordinate.
Next we discuss the expected relationship between market orientation and business
profitability. Besides, with continuing discuss the relationship between the business
profitability and market orientation. Either it is related or not, or might be other substances
that surely give an effect of business profitability towards the manufacturer(Stanley, Oct
1990).
3
4. INTRODUCTION
What is market? Market is the place for people purchase and sales product and
services. Concept of market; conclude goods, services and person in charge that means seller
and buyer or manufacturer and customer.
Marketing is managing profitable customer relationship, which is created value for
customers in order to capture value from customers in return. For example, (Philip Kotler,
15th Edition). Besides, marketing also can be defined as the management process responsible
for identifying, anticipating and satisfying customer requirements profitably. On the other
hand, in marketing, manufacturer satisfy the customer’s need and wants and added the
marketing activities for a successful business in the long term.
Market orientation is a business approach or technique that focuses on identifying and
meeting the stated or hidden needs or wants of customers. The function of market orientation
is to study customer want, develop and produce those goods/ services. Other than that, market
orientation is the group of broad layer of market intelligence relate directly to current and
future needs of customers, dissemination of intelligence within an organization and
responsiveness to it (Kohli Ajay K, 1990).
Other definition of market orientation is the organizational culture that most
effectively and efficiently creates the necessary behaviours for the creation of superior value
for buyers and thus superior performance for business (Narver John C, 1990). Market
orientation is important to the manufacturer to learn, know and understand the space or the
competitive advantage and also stated the competitor’s weakness and strength. Explore the
concept, define evaluation criteria and highlight the implication of surrounding that effect the
manufacturer and also customer is the purpose of market orientation.
Then, we go through to the conceptual model of market orientation and performance
is must create sustainable value for the customers. It is related to the definition of marketing
and collaborates with competitive advantage which the manufacturer took an advantage by
using their speciality of the products or services by built strong relationships in order to
sustain their customer. For example, Starbucks’ give low price menu for their registered
members for purchases the food and beverage. Furthermore, it is focusing on the customer
wants and need. Again it is repeated the beginning of the stage that stated about market
orientation. They can distinguish its products from the competitors’ offering(Carl McDaniel,
2006)
4
5. MARKET ORIENTATION
What Is Market Orientation?
A theory or principle behaviour seize that a sales does not be rely on an aggressive
sales force but more precisely on a customer’s decision.
Differences between Market Orientation and Marketing Orientation
For market orientation is generally referred to the basic orientation that governs the
relationship of a firm with its market and with its customers. Market orientation is more than
just a management function as production, finance and human resources, and it represents
rather a management philosophy that should guide the overall organization. Next, marketing
orientation is more treated like marketing concept and relate to the 4P which is focusing on
customer orientation(Jean-Jacques Lambin, 2000).
Market Orientation Component:
1) Customer orientation
2) Competitor orientation
3) Interfunctional coordination
Key element of market orientation
There are also form base on the key element of market orientation(Hugo Daniel, 2010):
1.
2.
3.
4.
Target market
The customer relationship
The marketing team
Business profit
1. Target market
Is a starting point of trying and discover what customers actually want. It is refer as
primary stage in market orientation elements. It is look for current probability of
current needs and the future of the needs.
2. The customer relationship
Is the extension of marketing to a customer with the expectation of a long term
relationship? In this extension they segment their target markets to the small ‘portion’
of customer or individual customer.
3. The marketing team
An organization need to work with other departments and concentrate to the
organization effort on selected market.
4. Business profit
The organization tries to make profit with what their work on.
5
6. Market Orientation Concept
Market orientation concept is the thought that the social and economic justification for an
organization’s existence is the satisfaction of customer wants and needs while meeting
organizational objectives(Carl McDaniel, 2006). In marketing there are have three simple
concepts must be following:
-
Concentrate on customer wants and needs
Combine all the organization activities
Achieve long term goals
Concentrate On Customer Needs and Wants Concept
Basic fundamental of market orientation is the important of market activity that most
interest and give more attention. That means, market orientation give effect on business
profitability based on their purpose; they focusing on what customer want and need so that
the organization can distinguish its product from competitors’ offering. For example, if we
talk about Maybelline we already know it is all about cosmetic product products. In fact
Maybelline meet and interview at least 15,000 customers every year to keep track customer
perception and knowledge of the brand. They actually test the market of a new product before
the products actual widely come out for market. So, they might know the future of the
product although the product is not already sold. During them doing this interview or meeting
session they identified the needs and wants and also determine the failure of the product and
try took the competitive advantage for the products.
Implementing of this concept may assist the rate of profit in the manufacturer
business. It is challenge the competitor; on weakness and strength. Also the flow of products
comes out from the stores depending on customer’s decision to purchase the products.
Furthermore, the product will be change along the season base on customer’s ability to buy
and needs. Other than that, the seller’s or manufacturer follows the customer’s desire for the
product. By this, buyer or customer may highly conclude that they’re have been appreciate by
the effort of the seller.
In fact, the value of a seller’s offering to a buyer is the difference between what the
buyer perceives as the offerings expected total acquisition and use coasts(Zeithaml, 1988).
The market orientation concept generously can be said as the organization culture that most
effectively creates behaviours for the creation superior value for buyer. A seller creates value
for a buyer by increasing benefits to the buyer in relation to the buyer’s costs and decreasing
the buyer’s costs in relation to the buyer’s benefits. For the simple explanation that means
seller or manufacturer understand enough the buyer’s economic.
Combines All Organization Activities
In organizational activities of the seller, they combine of the activities only for their
customer. They tend to make it possible based on customers need and want. If the customer
need to buy the product by the seller based on their economic rate, the seller must followed
the customers demand. Besides, the seller must satisfy the customer for their own benefit.
Example for the demand of perfumes, Body Shop brand come out with apple blossom
flavour with high price for customer to purchase and the ingredient content is might not be
allowed for the certain customer; that means the ingredient have high in percentage of alcohol
content which is not suitable for Muslim customers or might be can cause skin irritation. So,
6
7. the other company such as One Drop Perfume taka the weakness of Body Shop (competitor)
as advantage and come out with ‘Apple Blossom’ inspired by Body Shop. It is not as
plagiarize the Body Shop flavour perfume but it’s come out with the same flavour which is
inspired by Body Shop with different ingredient based on seller’s consider about the
customer needs.
In addition, the One Drop Perfumes think wisely not to invest more on promote their
product. It is because the apple blossom is already well known for the Body Shop brand. That
means, they take the competitor weakness as their strength to be also well known in the
market place.
Achieve Long-term Goals
Refer to the focusing or concentration on customer needs and want and combines all
organization activities may conclude to achieve long-term goals. Achieving long-term goals
for the organization by satisfying customer wants and need legally and responsibly(Carl
McDaniel, 2006). Perhaps, the organizational planning based on all key elements in market
orientation helps the increases of business profit and can be in the market for the long term.
7
8. BUSINESS PROFITABILITY
What Is Business?
Business is the organization that involved in the trade of goods, services or both to
consumer with exchanged for one another or for money. Indeed, market is the places of
business have done.
What Is Business Profitability?
In market orientation concept has achieving organizational for long-term goals.
Business profitability is the primary goal of all business ventures. Without Profitability
Company, organization or business will not survive for the long-term of the business stand in
market place.Income and expenses is the rate profitability. The activities in the business can
be generating by the income (money). Income also can be defined as simply a cash
transaction between the businesses. Other explanation is, people or customer buy the product
from the seller and the get the product. For the same time, the seller gets the money as an
income of the selling product.
End user demands or customer demands is the major determinants to create the
potential for economic gains and again it is the same definition of profitability. Other than
that, the customer demands may be utilize profitability, but are also a source of uncertainty.
Utilizing or exploiting the opportunities will often require transaction specific investment
based on the production facilities and marketing channel that committed to the certain group
of customer.
From exploiting profitability it might go through to the expenses gain for profitability.
Expenses are the cost of resources used up or consumed by the activities of the business of
the business. For example, wheat seed is an expense of a farm business because it is used up
in the production process. Followed by that, business profitability is measured with an
‘income statement’(McGraw-Hill, 1996):
Income Statement.
Income
Sale of crop products
RM 60,000
Sale of livestock products
RM 35,000
Government payments
RM 15,00
Total income
RM 111,000
Expenses
Seed
Fertilizer
Feed
Processing
Marketing
Interest
Depreciation
Total expenses
Net income
RM 20,000
RM 30,000
RM 20,000
RM 20,000
RM 10,000
RM 10,000
RM 20,000
RM 130,00
RM 19,000
8
9. THE EEFECTS OF A MARKET ORIENTATION ON BUSINESS PROFITABILITY
Tools for Gaining Business Profitability
Market orientation and business profitability have been explained previously and it
can be assumed that this isrelated to each other. Based on market orientation organization
behaviours; customer orientation, competitor orientation and interfunctional coordination also
may developed the business performance(Stanley, Oct 1990).
Research finding
business profitability is
orientation and business
market orientation with
business profitability.
by Narver& Slater’s (1990) stated that market orientation and
retested in a broad sample. The result show that the market
profitability it is positively related between them. Application of
continuously or rapidly in business may provide increasing on
We close up to the market orientation concept which is concentrate and ensuring the
customers’ needs and want, fulfil the customer satisfaction. It is stated that there consist
connection between business profitability and market orientation. By using the all elements in
the market orientation, it might be proving that the uses in the organization with highest
degree of market orientation may have the highest profitability. Market orientation and firm
performance stated that achieve greater financial returns from advance quality by stressing
generation income only, along with its highlighting focus on customer satisfaction(Roland T.
Rust, 2002).
The organization used to follow on market orientation; they apply the market
orientation to gain the business profitability for the long-term. In fact, if there any
organization refuse or not use the market orientation as their based in business, it is also can
gain profit but need or took long period for gain their business profitability. For example,
Nokia 3310 a Germany cellular phone model which is OS type is still available sell and used
by the buyers until today but they need keep going sell their product without consider with
the customers satisfaction. Whereas, the other cellular phone company such as Samsung and
HTC struggle to compete each other in producing touch screen and Android software type of
cellular phone for crave in return of customers and highly tend to satisfy the customer based
on their current needs.
More Suitable For Big Organization or Company
Although market orientation make the company increasing gain business profitability,
it is not suitable for small medium entrepreneur (SME) company and dog’s stages in BCG.
The fact is, small company usually produced only one product for the long of market period.
It is because, the small company are divest or low-growth, low share business and
products(Philip Kotler, 15th Edition). They may generate the production with enough cash to
maintain themselves but do not promise to be large sources of cash, also called as break-even.
Break-even is the point at which revenues equal expenses(Goodman, 2011).
So, if they tend to follow the market orientation, they will face many problems
especially on business profitability. They will suffer with liability losses and decreasing on
business profitability. Moreover, based on PLC they can be determining as growth stage of
9
10. sales and profits. They are in rapid market acceptance and try to keep sustaining for
increasing their business profitability.
Assist To Predict the Customer Change
When we know what customer needs and wants, we may realize the change based on
past and current sales. For example, people outfit, they wants product (clothes) which is in
trend and up-to-date. So, the company try to produce products based on what they want.
Indeed, many factor that assist the organization to predict the customer change such as
climate, competitor and etc.
Climate or season may give an advantage to the organization in focusing and make it
the product reliable and possible to the customer hand. By using the market orientation they
try to make the product been sold to the customer and because of this it might be come out
with the best business profitability rate.
High in Cost
Application of market orientation could affect the cost of the organization. The
organization need to follow the concept of market orientation concept; concentrate on
customer need and want, combines all organization activities and achieve long-term goals. If
the organization practises this concept it might be interfere in sort of high cost preparation
and also production. They need to keep going upgrade and produce the product(Kohli, 1996).
10
11. CONCLUSION
Connection between market orientation and the business profitability can be conclude
as link or related to each other. Actually, element and concept of market orientation assist the
organization to gain business profitability and motivate the organization or seller to be
progressive production to keep them stable and sustain their profitability in the long period.
Besides, organization are able to works and establish and also maintaining which give an
advantage to the customer. For example, organization able to reward the customer such as
low price products to purchase for the membership holder, give the membership card to the
loyal customer and etc.
By following the market orientation, tendency of an organization to legally,
willingness and responsible to examine the information which related to the competitors.
Moreover, marketing products will run and flow smoothly in production regarding to build
the higher business profitability.
In a nutshell, an organization will know their ability and strength. Seller must
understand enough with the market orientation purpose which is a sales does not depend on
an aggressive sales force, but rather on customer’s decision either they want to purchase the
products or not.
11
12. REFERENCES
Carl McDaniel, C. W. (2006). Introduction to Marketing. China: Thomson South Western.
Goodman, K. (2011). Focusing Studies of the Small Business. Financial Research
Associates, 1-22.
Hugo Daniel, O. R. (2010). Market Orientation Antecedents and Conceptual of Marketing.
Marketing Orientation Atecedents, 1-77.
Jean-Jacques Lambin, R. C. (2000). Market-Orientation and Corporate Performance.
Emerging Issue in Management, 1-15.
Kohli Ajay K, J. B. (1990). Market Orientation: The construct, research propositions, and
managerial implications. Journal of Marketing, 1-18.
Kohli, P. (1996). Marketing Management, 9th ed. Marketing Management, 1-18.
McGraw-Hill, P. E. (1996). Budgeting and Finance. First Books for Business, 22.
Narver John C, S. F. (1990). The effect of a market orientation on business profitability.
Journal of Marketing, 20-36.
Narver, J. C. (October 1990). The Effect of a Market Orientation on Business Profitability.
Journal of Marketing, 20-35.
Philip Kotler, G. A. (15th Edition). Principles of Marketing. United Stated: Pearson
Education @ 20114.
Roland T. Rust, C. M. (2002). Getting Return on Quality: Revenue Expansion, Cost
Reduction, or Both? Journal of Marketing, 7-24.
Stanley, J. C. (Oct 1990). The Effect of a Market Orientation on Business Profitability.
Journal of Marketing, 1-16.
Zeithaml, V. A. (1988). Consumer Perceptions of Price, Quality and Value: A Means-End
Model and Synthesis of Evidence. Journal of Marketing, 2-22.
12