A Level Business Studies: Marketing-oriented approach to marketing
- The Marketing Oriented Approach is an approach to marketing that focuses on identifying and meeting the needs and wants of customers, through continuous research and understanding of customer preferences, in order to create and deliver superior value to customers.
- The goal of this approach is to build long-term relationships with customers by providing them with high-quality products and services that meet their specific needs.
Features of Marketing-Oriented Approach:
- Focus on Customer Needs and Preferences: This approach places the customer at the centre of the marketing strategy, with a focus on identifying and meeting their needs and preferences.
- Emphasis on Market Research: Market research is a critical aspect of the marketing-oriented approach, as it helps companies to gather data and insights about their customers, such as their preferences, habits, and buying behaviour.
- Product Design and Development is Based on Customer Feedback: Companies use customer feedback to inform the design and development of products and services.
- Production Efficiency is Important, But Not at the Expense of Quality or Customer Satisfaction: Companies prioritize efficiency in production processes while maintaining quality and ensuring customer satisfaction.
- Heavy Investment in Marketing and Advertising to Create Brand Awareness and Promote Products: Companies invest heavily in marketing and advertising to create brand awareness and promote their products and services to their target audience.
- Pricing is Based on Market Research and Competitive Analysis, Not Just Cost of Production: Companies set prices based on market research and competitive analysis, taking into account customer willingness to pay and their perceived value of the product.
- Customization and Personalization of Products to Meet Individual Customer Needs: Companies offer customized and personalized products and services to meet individual customer needs and preferences.
- Constantly Adapting to Changing Customer Preferences and Market Trends: Companies adapt their products and marketing strategies to keep up with changing customer preferences and market trends.
- Collaboration with Customers to Create New Products and Services: Companies collaborate with customers to create new products and services based on their needs and preferences.
- Building Long-Term Relationships with Customers Through Exceptional Customer Service and Support: Companies focus on building strong, long-term relationships with their customers by providing exceptional customer service and support.
Advantages of Marketing Oriented Approach:
- Improved Customer Satisfaction: By focusing on meeting customer needs and preferences, companies are able to create products and services that better meet the needs of their customers, leading to increased customer satisfaction.
- Enhanced Brand Image and Reputation: By providing high-quality products and services, companies can enhance their brand image and reputation, which can lead to increased customer loyalty and improved brand recognition.
- Increased Sales and Revenue: By creating products and services that meet the needs of their customers, companies are able to increase sales and revenue, as well as gain a competitive advantage in the market.
- Stronger Customer Relationships: By focusing on building long-term relationships with customers, companies can create a loyal customer base that is more likely to return and recommend the company to others.
Disadvantages of Marketing Oriented Approach:
- Higher Costs: The heavy investment in market research, product development, and advertising can be costly, which may impact the profitability of the company.
- More Complex Decision-Making: The focus on meeting the needs and preferences of customers can make decision-making more complex, as companies must balance customer needs with production efficiency and profitability.
- Limited Scope for Mass Production: Customization and personalization can limit the scope for mass production, which may impact the efficiency and profitability of the company.
- Increased Competition: The focus on meeting customer needs and preferences can lead to increased competition, as companies must continually adapt and improve their products and services to meet changing customer demands.
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