Essay about The Market Orientated Firm.

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The Market Orientated Firm. 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…show more content…
Technology is rapidly developing and the internet is know another outlet that affects consumer spending · Legal - i.e. Legislation has to be considered and regulations such as equal opportunities have to be met · Environmental - i.e. environmental issues such as pollution 'Equally as important as this external business environment to a company's marketing plan, is knowledge and understanding of its internal strengths and weaknesses. In marketing terms this process is known as SWOT analysis (Hannagan, 2002).' The acronym SWOT stands for: · Strengths · Weaknesses · Opportunities · Threats SWOT analysis is used to identify strengths and weaknesses that should relate to company strategies in view of competitors. In addition to this, the company can then consider the opportunities and threats of which competition and the macro environment have an impact on the business which can be cross-referenced with information arising in the PESTLE analysis. SWOT Analysis Matrix ============================== With SWOT analysis it would also be of use to the company to produce a matrix from the competitor's point of view; doing this will focus on areas in the firm that may need to be developed and improved. In order to come to these conclusions in the PESTLE and SWOT analysis, management will need to research the market area the business is in. 'Market research is the planned, systematic collection,
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