What implications do they have for marketing planning? How would you structure a marketing plan to incorporate some of their concepts? A value chain is a chain of activities that a firm operating in a specific industry performs in order to deliver a valuable product or service for the market. The concept comes from business management and was first described and popularized by Michael Porter in his best-seller book.
With an increasingly global economy and more and more choices for consumers, companies must be willing to adapt their market orientation to stay competitive.
Market orientation is a customer-centered approach to product design. A variety of research is often conducted to determine what consumers view as immediate needs, primary concerns or personal preferences.
This allows a company to focus product development funds on the characteristics that are most in demand at the time in the hope of fulfilling consumer desires through their product choices.
Benefits and Risks of Market Orientation Market orientation provides for customer service and support improvements geared towards specific consumer desires, as well. This helps ensure customer satisfaction remains high with the company as a whole and can function as a way to promote brand loyalty and positive word-of-mouth advertising.
Beyond the consumer stated needs or wants, additional data analysis may reveal trends or consumer desires that are not specifically expressed. These trends, even when not specifically expressed, can allow the product to develop in intuitive way, attempting to anticipate consumer need before it becomes obvious.
This can include improvements that the consumer may not be directly aware of as being an option. At times, market orientation may reveal customer desires that are not cost effective to implement. This leaves the business in a position to have to determine which consumer stated needs will yield optimum returns for the business while still meeting general customer expectations or needs.
This also promotes long-term development strategy as options that are not cost effective today may become cost effective down the line.
Product Differentiation and Sales Orientation Development focused on market orientation put consumer desire first, creating the product around their expressed needs and wants. Product differentiation puts additional focus on product development and marketing their decisions to the consumer.
Sales orientation focuses less on the customer and the product and instead redirects their energies toward the act of selling through various advertising-driven mechanisms, such as television commercials and sales calls. While some level of all approaches may be required for an overall successful marketing strategy, most businesses focus on one as a primary concern above the others.Marketing orientation is a business model that focuses on delivering products designed according to customer desires, needs, and requirements, in addition to product functionality and production efficiency (i.e., production orientation).
Journal of Management and Marketing Research Volume 16 – August, A partial theory, page 3 firm level. Therefore, a new abstract concept termed ‘Holistic Firm-Level Marketing Capability’. A business may choose to use a holistic marketing approach when they are under the strong belief that all aspects of its marketing strategy are interrelated.
Development of marketing programs such. A value chain is a chain of activities that a firm operating in a specific industry performs in order to deliver a valuable product or service for the market.
The concept comes from business management and was first described and popularized by Michael Porter in his best-seller book.
A holistic marketing orientation can also provide. Holistic marketing concept is a part of the series on concepts of marketing and it can be defined as a marketing strategy which considers the business as a whole and not .
Holistic marketing is a philosophy that drives towards the alignment of your systems, services, processes and customer touch points, with the end goal of delivering a seamless, consistent customer experience across multiple channels.