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Explain why the market oriented philosophy is so important. The phrase market-oriented is used in marketing conversations as an adjective describing a company with a marketing orientation. Market orientation more describes the company's approach to doing business. Market-oriented defines the company itself. If a company is market-oriented, its board and executive leadership believe that the best way to succeed is to prioritize the marketplace above products. This usually goes over well with customers, but the company also must have adequate research and development to provide what the market wants. Hence, a market-oriented organization is one whose actions are consistent with the marketing concept. Difference Between Marketing…show more content…
According to the American Marketing Association definition, Marketing is “an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders" Studies show that the marketing planning process is a logical process consisting of analyzing marketing opportunities, selecting target markets, designing marketing strategies, developing marketing programs, and managing the marketing effort. Hence, the market oriented philosophy is so important because it shed more lights on the importance of the marketing role instead of other philosophies roles such as in product, selling, and production concepts. The marketing concept specifies that the main task of the company is to determine the needs, wants, and preferences of a target group of customers and deliver customers’ satisfactions to generate customer satisfaction and long-run customers’ relationship and gain more profits to the organization. Now, more organizations and firms domestically and globaly started to recognize how marketing contributes to improved performance in the marketplace. References: 1- Kotler, P., & Keller, K, L. R., (2008). A Framework for
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