Market orientation Flashcards
Marketing is about customer retention:
At a profit
Customer value leads to:
Customer satisfaction
Long term customer satisfaction leads to:
Customer retention
What is the marketing concept
The achievement of corporate goals through meeting and exceeding customer needs and expectations better than the competition
What is market orientation?
- More than focusing on customer needs
- Need to focus on other actors of firm’s environment
What does MO assumptions mean?
Fundamental assumptions made by managers about the role of satisfying customer needs to enhance performance
What does MO values mean?
Values that need to run through the entire organisation
What does MO norms mean?
-Implicit or explicit norms and procedures that characterise the organisation
What does MO artefacts mean?
“objects” that allow the company to act in a market oriented way
E.g. Information systems
What does MO behaviour mean?
Market-focused information analysis
What are traits of Market oriented companies?
- Customer is the focus
- Business strategy, R&D are shaped to the customer
- Constant consideration of competitors
- Large allocation of capital to Market research
- Strive for competitive advantage
Whats the logic of MO - Performance relationship
- Superior value for customers
- Superior marketing strategy
- Source of sustainable competitive advantage
