Marketing:Introduction

• Is the business/organisational function concerned with identifying, anticipating and satisfying consumer needs and wants at a profit
• The marketing process involves market research to identify consumer needs and wants
• Once these needs are identified the organisation then satisfied by creating/providing products at the best possible price thus attaining a profit
• Marketing also involves activities such as packaging and running promotions
• Firms have varying attitudes when it comes to marketing
• Naturally not all organisations see it the same way
• Market orientation-relates to a perception or attitude a firm holds towards its product or service, essentially concerning consumers and end-users
• There exist several common orientations:
  1. Product orientation
  2. Marketing orientation
  3. Sales orientation
  4. Production orientation
  5. Marketing orientation

Product orientation

• A product oriented firm is chiefly concerned with the quality of its products
• The assumption is that if the product is of good quality customers will buy it
• Product orientation is seen as the traditional approach of firms

Marketing orientation

• It is a contemporary philosophy
• It involves an organisation basing and executing it’s plan along marketing principles
• The organisation/business first identifies consumer needs and wants
• Products are made in order to satisfy these needs and sold at a profit

Sales orientation

• Here the firms focuses mainly on selling the product
• Advertising and selling techniques are developed in order to make the product more appealing to the consumer and thus induce them to buy
• This involves creating selling and promotional techniques to sell an already existing product
• This might involves sales and discounts

Production orientation

• A production oriented firm focuses mainly on its production process
• The aim is to make the product as efficiently as possible and in the highest numbers possible
• This allows the business to take advantage of economies of scale

NB A business may adopt a different approach depending with the product.

To access more topics go to the O Level Business Notes