Question 1 How companies achieve marketing orientation?

Market orientation is usually defined as the organization wide generation, dissemination, and responsiveness to market intelligence. The concept of market orientation is built on three pillars of customer focus, coordinated marketing and profitability. An organization¶s capabilities to develop an orientation towards each of these three pillars depend on the internal structure and culture. Guidelines to adopt a market orientation Leverage customer database systems: One of the greatest advantages that companies have today is the power of customer databases. The explosion of internet and the possibility of recording very specific details about customers, their online movement and their purchase behavior have only added power to these databases. The first step for companies in moving towards market orientation is to optimally leverage these databases. The potential marketing intelligence that these databases offer would allow companies to understand the customers¶ current and potential needs clearly. Such an understanding would lead to marketing functions to be in line with customers¶ needs rather than compulsions centered around products. As such, pricing will be in line with customer¶s willingness to pay rather than to cover costs, advertising and communications will inform, appeal and endear to customers, customer¶s convenience will dictate distribution rather than logistical ease and product features would essentially reflect customers¶ unmet needs rather than show off the latest technological supremacy. Such a shift from product centricity to customer centricity will be an important first step. Create a marketing dashboard: To achieve complete market orientation, companies should create a systematic structure that would enable different functions to collectively discuss about customers and markets. Traditionally, marketing department handles customers and their needs, finance looks after the money, operations is singly focused on production and strategy generally looks at the market outside to decide on the company¶s future. A market orientation mandates that all these functions operate jointly. Marketing dashboards create a platform whereby representatives from each of these departments can come together and discuss the various functional issues so that the collective action will result in activities that enhances the company¶s relationships with customers. Further, for marketing to become an organization wide discipline, it must not only understand the different functions within a company but also should be able to relate marketing activities to other functional activities. Marketing dashboards provides marketers a structured platform to ensure marketing become coordinated and company wide. Constantly update metrics: Metrics used to measure the outcomes of marketing activities cannot be generalized across companies. Rather, they have to be modified

shifts in attitudes in response to advertising campaigns. Such a move would take marketing a step closer to becoming an organization wide discipline. But caution should be taken to ensure that these metrics capture both financial and non-financial measures. the industry. Marketing should also strive for developing metrics that go beyond the discipline and are able to capture the outcomes of all activities that bear on the relationship with customers. brand awareness.and adopted depending on the company. the corporate mission and underlying philosophy would offer some insights into what metric are regularly tracked such as quarterly market share. relative share within the category. shift in purchase patterns in response to discounts/promotions and so on. the product class. conversion ration through the purchase funnel. Further. the important criteria being measured and the ability of the company to track marketing investments. . A first step in recognizing and developing useful metrics would be a collaborative discussion with other functional departments within the company.

they are responsible for helping organizations execute a marketing philosophy throughout the strategic planning process. marketers help gather and analyze information required to examine the current situation. For organizations driven by a marketing philosophy. identify trends in the marketing environment. This information and analysis provides input for corporate. Marketing¶s influence varies across organizations. and marketing strategic plans. Strategic marketing activities can be classified into three basic functions. business. First. and assess the potential impact of these trends. most are at the functional level within the business units of an organization. Third. marketers are involved in the development of and functional level. and marketing strategic plans. . Thus. business. The trend toward pushing strategic planning responsibility further down the organization is increasing marketing¶s clout in an organization¶s strategic planning process. Strategic marketing describes marketing activities that affect corporate. marketers help orient everyone in the organization to.ward markets and customers. Second. Marketing plays an important role in the strategic planning process for many organizations. business. marketing necessarily plays a key role in strategic decision making.Question 2 Explain the role of marketing at corporate. Although some marketing positions are represented at the corporate level. and marketing strategic plans.

the greatest potential that each of them stand to loose is only half of the total project cost in case the venture failed. . strategic alliance is the opportunity for the enterprise to achieve its objectives in this aspect. Further to that. It may expose the enterprise to several obstacles such as entrench competition. iii. Sharing the financial risk Enterprises can make use of the strategic arrangement to reduce their individual enterprise¶s financial risk. ii. Easier access to target markets Introducing the product into a new market can be complicated and costly. Thus. in later time the enterprise also could then use the newly acquired capabilities by itself and for its own purposes. strategic alliance will enable enterprises to penetrate the local markets of the targeted country. hostile government regulations and additional operating complexity. iv. an enterprise can license a product to its alliance to widen the market of that particular product. The combination of individual strengths will enable it to compete more effectively and achieve better than if it attempts on its own. when two firms jointly invested with equal share on a project. Winning the political obstacle Bringing a product into another country might confront the enterprise with political factors and strict regulations imposed by the national government. For example. Some countries are politically restrictive while some are highly concerned about the influence of foreign firms on their economics that they require foreign enterprises to engage in the joint venture with local firms. An enterprise may not be strong enough to attain these elements by itself.Question 4 Why increasing number of companies are entering strategic alliances? i. There are also the risks of opportunity costs and direct financial losses due to improper assessment of the market situations. It may need to share those capabilities that the other firms have. Gaining capabilities An enterprise may want to produce something or to enquire certain resources that it lacks in the knowledge. v. technology and expertise. In this circumstance. but it might possible by joint efforts with another enterprise. For example. Choosing a strategic alliance as the entry mode will overcome some of those problems and help reduce the entry cost. Achieving synergy and competitive advantage Synergy and competitive advantage are elements that lead businesses to greater success.

an enterprise deciding to introduce its new product may need a strategic arrangement with another enterprise that has a ready image in the market. For this reason. to create a favorable brand image in the consumer¶s mind is costly and time-consuming.For example. .

what do you need to outsource. Some areas to consider: ‡ Market dynamics. Strategies to consider: ‡ Networking . .your unique selling proposition 6. Market Strategies Write down the marketing and promotion strategies that you want to use or at least consider using. 3. and write down data about the market that is currently buying the product(s) or service(s) you will sell. where your product will be positioned in the market and how you will achieve brand awareness. How does your product relate to the market? What does your market need. 8. flyers ‡ Advertising .what you're selling ‡ "Distinction" . patterns including seasonality ‡ Customers . Competition Describe your competition.print media. give advice.who you're selling to ‡ "Contribution" . what do they currently use. establish strategies for determining the price of your product. target markets. Budget Budget your dollars.demographics. Market Research Collect. directories ‡ Training programs . Product Describe your product.go where your market is ‡ Direct marketing .sales letters. brochures.Question 5 Explain briefly the components of a business marketing plan? 1. Develop your "unique selling proposition.vendors that you will need to rely on 2. become known as an expert ‡ Direct/personal selling ‡ Publicity/press releases ‡ Trade shows ‡ Web site 7. Target Market Find niche or target markets for your product and describe them. Positioning and Branding From the information you've collected. what's the competition offering ‡ Current sales in the industry ‡ Benchmarks in the industry ‡ Suppliers . what do they need above and beyond current use? 4. Pricing. organize. market increase awareness ‡ Write articles. needs. Mission Statement Write a few sentences that state: ‡ "Key market" . What strategies can you afford? What can you do in house. buying decisions ‡ Product .what's out there now." What makes you stand apart from your competition? What is your competition doing about branding? 5.

be sure to use your plan as a living document. your competition. ‡ Survey customers ‡ Track sales. As mentioned earlier in this article. or customer's satisfaction. your goals might be to gain at least 30 new clients or to sell 10 products per week. Successful marketers continually review the status of their campaigns against their set objectives. you can better understand whether or not your efforts are generating results through ongoing review and evaluation of results. or to increase your income by 30% this year. This ensures ongoing improvements to your marketing initiatives and helps with future planning. percent of sales to impressions By researching your markets. This means goals that you can turn into numbers. visitors to your web site. . By establishing goals for your marketing campaign.9. profits. leads. Monitor Your Results Test and analyze. Your goals might include sales. 10. and determining your unique positioning. you are in a much better position to promote and sell your product or service. For instance. Identify the strategies that are working. Marketing Goals Establish quantifiable marketing goals.

Sign up to vote on this title
UsefulNot useful

Master Your Semester with Scribd & The New York Times

Special offer for students: Only $4.99/month.

Master Your Semester with a Special Offer from Scribd & The New York Times

Cancel anytime.