Market Orientation, Customer Satisfaction And Firm Financial Performance

In these two professors’ work, customers are still in the core of business. According to Vargo and Lush (2004), customers are defined as resources which always change and need to be catched and held. In order to do that, firms have to do marketing researches, understand customers’ demands and conduct promotion activities for their products.

Perreault, William D., Joseph P. Cannon, and E. Jerome McCarthy. Basic Marketing: A Marketing Strategy Planning Approach. 19th ed. N.p.: McGraw Hill, n.d.

Perreault, Jr., W.D., Cannon, J.P., & McCarthy, E.J. (2011). Basic Marketing: A Marketing Strategy Planning Approach [University of Phoenix Custom Edition eBook]. New York, NY: McGraw-Hill. Retrieved from University of Phoenix, MKT/421 website.

Kotler, P., & Keller, K. L. (2011). Marketing Management (14th ed.). Upper Saddle River, NY:

The market-driven approach is a business perspective that puts the customers as a starting point in all its strategies and operations in order to deliver the superior customer value and gain a competitive advantage (Day, 1994). This approach totally contradicts with the one of the previous years of the industrial age, which the prominent scholar Drucker (1954) defined that the main purpose of the organization is to generate profit. But nowadays, it appears clear that for the future prosperity of the company, the building of the loyal customer base is necessary condition to be profitable. The support of the latest argument comes from Webster, et al. (1994) where it is concluded that the profit becomes as remuneration for a satisfied and retained customer. There are few capabilities that the company should be aware of in order to be oriented on the market (Cravens and Shipp, 1991). There is the marketing strategic process which describes the development and implementation

Firstly, some commonly used terms and their definitions will be introduced in this report in order to provide some basic knowledge and understandings of the principles and studies about marketing strategy planning.

According to Voon (2006), the organization who has provide services without doing much research through market orientation has less impact on customer satisfaction and customer loyalty as compare to the organizations who provides service-driven market orientation. Another researcher also deduce that the there is always very strong relationship between market orientation and service quality. The company which provides their services to the customers after doing proper market orientation, their performance in the market will improve and the company earns huge reputation among the

Therefore, the marketing concept is a total philosophy, which provides a common focus for all elements of the enterprise. In so doing, it helps to bring business and society into a meaningful and mutually beneficial relationship. Since its inception, marketing concept has been adopted by many business firms because of the role it plays in the success and progress of business,

Marketing is one of the fields in business management. The field involves business organizations and their customers as the key players. Marketing involves an organization or a company identifying and anticipating their customer’s needs and satisfying them in a profitable way. Marketing is a broad field and it encompasses marketing concept and marketing practices. Marketing concept is a marketing philosophy that advocates for selling products or services that are benefit oriented instead of product oriented. Benefit oriented products and services seek to satisfy the needs of customers while product oriented

By using this type of marketing strategy organizations ' are given the opportunity to market a very successful product, so it would be true to say that the marketing mix and its manipulation are vital for the success of a business. However, their good or service may only be successful if the organization provides products that satisfy consumers ' needs and wants through a co-coordinated set of activities that also allow the organization to achieve its goals. Customer satisfaction should be the major aim of the marketing concept. But the process does not end here because the organization should continue to alter, adapt and develop products to keep pace with customers ' changing desires and preferences. Organizations ' should be aware of the importance of customers and release that marketing activities begin and end with the customer.

In today’s competitive world putting the customer at the heart of the operation is strategically important. Whilst some organizations in certain industries may follow anything other then the market orientation concept, those that follow the market orientation concept have a greater chance of being successful.

Today we understand that in order to lead an organisation to success and for the organisation to increase profitability in order for growth the needs and wants of their customer must be satisfied; the marketing concept is commonly adapted in this instance.

Brooksbank, R. (1994). The Anatomy of Marketing Positioning Strategy.Marketing Intelligence & Planning. 12 (4), pp. 10-14

Sunderland Faculty of Business & Law Undergraduate Programmes MKT306 Marketing Strategy Assignment Monday 9th January 2012 – Individual Report Please read all instructions and information carefully. You are required to submit your work within the bounds of the University Infringement of Assessment Regulations. Your assignments must be submitted to your Study Centre in hard copy with an accurately and clearly completed Assignment Cover Sheet and an electronic copy on CD in an envelope, hole punched or safely secured into your plastic file or assignment wallet Please do not include the plastic CD case/box and remember to write your student code and assignment code clearly onto the disc and envelope. Hand-in Deadline: Word Count: Task This is

“The marketing concept holds that the key to achieving organisational goals consists in determining the desired satisfactions more effectively and efficiently than competitors, in a way that preserves or enhances the customers’ and the society’s well-being.” Kotler (1991:16 & 26) this identifies that it is important for businesses to determine customer satisfactions more efficiently and effectively to gain a competitive advantage and help reach organisational goals.