- The words market and marketing might look similar at first but there are nuanced differences between these two
- These differences ultimately mean that there is a difference between the so-called marketing and market-oriented approaches
- Market-oriented and marketing-oriented approaches are two different approaches to marketing that companies can use to meet their marketing objectives.
- Both approaches focus on meeting customer needs and want.
- Both approaches use marketing research to understand customer needs and preferences.
- Both approaches require companies to have a deep understanding of their target market.
- Both approaches aim to build long-term relationships with customers.
- Both approaches can result in increased customer loyalty and repeat business.
- The market-oriented approach focuses on identifying and understanding customer needs and wants and developing products and services that meet those needs. Example: Nike’s market-oriented approach involves understanding the needs and preferences of athletes and developing products that meet those needs.
- The marketing-oriented approach focuses on using marketing techniques to promote and sell products to customers. Example: Coca-Cola’s marketing-oriented approach involves creating emotional connections with customers through its advertising campaigns.
- Market-oriented approach requires a customer-centric mindset and a focus on building long-term relationships with customers. Example: Zappos, an online shoe retailer, uses a market-oriented approach by focusing on customer service and building relationships with customers to increase customer loyalty.
- The marketing-oriented approach requires a focus on creating a strong brand image and using promotional techniques to drive sales. Example: Amazon’s marketing-oriented approach involves using targeted advertising and promotions to drive sales and increase brand awareness.
- The market-oriented approach requires a greater investment in research and development to understand customer needs and preferences. Example: Apple’s market-oriented approach involves investing heavily in research and development to understand the needs of its target market and develop innovative products.
- The marketing-oriented approach may require a greater investment in advertising and promotional activities to drive sales. Example: Pepsi’s marketing-oriented approach involves investing heavily in advertising campaigns to increase brand awareness and drive sales.