Marketing Planning Orientation and Performance MyAssignmenthelp

Question: Discuss about the Marketing Planning Orientation and Performance. Answer: Introduction Market orientation is defined as the philosophy that any Management business organization follows, analysing the market trends and designing the products according to the contemporary trends. Market orientation is also referred to as the business model that is focused on delivering the right product, to the right market, with the right price. This concept is an essential and inevitable concept in marketing; hence this topic has been chosen to be reviewed. It is essential that a business organization analysis the market, before venturing into the market. Thus, the importance of this concept makes it being reviewed. The scope of the review is very wide. However, the two main concepts of market orientation includes the market orientation as the process of implementation of the marketing concept and the organizational culture, has been discussed in details along with the intricate details of marketing mix (Acquaah et al. 2016). The peer-reviewed journals have been chosen for review that has wide details of the marketing orientation concept. Only recent journals have been selected for review such that the present scenario of the market could be captured. The concept of marketing orientation is a recent one, developed mainly by two people, Kohli and Narver (Jaworski and Kohli 2017). The main concepts of marketing orientation revolve around the implementation of the marketing concept as well as the culture of the organization. The era of market orientation evolved in order to cope up with the demands of the customers as well as the rapid growth in competition (Jaworski and Kohli 2017). The beginning of 1970s first witnessed the concept of market orientation with the Harvard professor Thoedore Levitt. The sales orientation model previously used was ill-equipped and does not encompass the product based and marketing based concepts. Hence, the requirement of a model that would encompass the complete production and delivery process gave rise to the market orientation process (Jaworski and Kohli 2017). Once the significance of the concept was identified, it started being used widely by various business organizations. The utility of this con cept made it popular and is widely used in the real world business. The market oriented companies revolve around the concepts of the process and requirements gathering, production, marketing and delivery (Boso et al. 2013). Competitor analysis and marketing mix are important concepts that play a vital role in the marketing concept. The marketing orientation components are the customer orientation, competition orientation and the inter-functional coordination (Urde et al. 2013). In core concept of market orientation revolves around the customers and their demands. Hence using the methodologies of market orientation, the companies try to work efficiently to fulfil the customer requirements (Jaworski and Kohli 2017). Previous studies on the market analysis highlights the concept that the Management market has a key role to play in the concept of market orientation. The analysis of the market is essential in order to develop a deep understanding of the modern market trends (Becker and Brettel 2017). The products that are being popularized are identified. The products rising in demand are highlighted by market analysis. The demands of the customers are also identified. Hence market analysis is a popular concept in market orientation. The business organizations need to incorporate the principles of market analysis and enhance the productivity of the business organizations. The customer orientation highlights the concept of approaches to sales that any business organization has to adopt, in order to fulfil the customer demands (Huang and Sarigll 2014). The employees need to focus on the customer relationships and ensure a long term relation with them. This is essential in achieving customer loyalty and ensures customer retention (Jaworski and Kohli 2017). This focuses on the analysis of the market of the other contemporary companies and the ways they are performing. The competition analysis and orientation is essential, in order to identify the strengths and weaknesses of a business, in comparison to its competitors (Baker and Sinkula 2015). This analysis needs to be done diligently, such that the weaknesses of the competitors could be exploited and developed as strength. This is an essential marketing orientation concept, and needs to be given much importance (Jaworski and Kohli 2017). Inter-functional coordination This refers to the coordination among the various units of the organization that works in a collaborative manner such that the goals of the organizations are fulfilled. This is an essential concept in the market orientation since without inter-functional coordination; the organizational goals cannot be achieved. Marketing mix is a strategy to target suitable product in right place at appropriate time. The marketing mix is associated with 4Ps of product along with 7Ps of service marketing. Marketing expert E.Jerome McCarthy developed 4P classification which is the foundation of marketing mix idea. This was later modified to 7P model considering additional dimensions attributed to service industry. Product may be in form of services or goods. Marketers must do an extensive analysis on life cycle of proposed product to make sure it serves the need of target community. To develop correct product market must account several factors such as point of purchase, point of sales, usability, branding (Pulendran et al. 2015). Price is an important factor of marketing plan. Adjusting price has bigger impact on entire strategy and profitability and survival of organization. Marketer must conduct a thorough analysis on its competitor before coming up with pricing strategy (Paladino et al. 2015). At times low priced items are considered as inferior goods quality when consumer compares product with competitor. Also, Management customer tends to value their money when evaluating an overpriced item (Jaworski and Kohli 2017). Its important for a marketer to have deep understanding of target market. Placement of product is a key area of product mix. Distribution point of product should be accessible by potential buyer community (Bao et al. 2015). While developing distribution strategy product owner should account few aspects like sales force capability, distribution channel, online footprint. Promotion is one important aspect of marketing for enhancing brand recognition and sales. This comprises of multiple attributes such as public relations, advertising, sales promotion. Advertising covers communication methodology like print media, television, and online promotion (Jaworski and Kohli 2017). Public relations are communications that are not paid. Seminars, conferences are typical examples. To create effective promotion strategy marketer should assess how optimally social media can be leveraged. Employees are key asset of marketing organization as they are the one who delivers the service. Its important for organization to hire skilled people and having a skill development framework in place to train employees. Motivated employee can rightly assess the business model and helps in scaling up business of organization (Mintz and Currim 2013). Its a pre requisite of successful execution of a marketing strategy is having a well defined process in place. This helps in minimizing cost and maximizes profit (Caruana et al. 2015). In service industry its important to have physical evidence to support delivery of service. Customers need to rely on physical cues to make decision on service evaluation. When service is non-tangible in nature so its role of marketer to design and implement tangible evidence. Example can be Nike where a sports shoe is the product and store is the physical evidence (Helm and Gritsch 2014). The mainstream viewpoint of the concept of market orientation highlights the fact that customers need to be given the most importance in the market orientation. Out of the various marketing concepts, the mainstream view point highlights the fact that market orientation has customers at its core (Bahadir et al. 2015). However, the alternative view point highlights the fact that along with customers, the promotional mix has to be given importance as well. Since the number of customers being drawn towards a particular brand depends on the way the products are promoted, hence adequate importance needs to be given to the promotional mix as well (Jaworski and Kohli 2017). This is the alternative view that is being developed gradually and hence a shift in the focus from the customers to the marketing and promotions have been observed (Jaworski and Kohli 2017). The principle question being asked in the reviewed literature is whether adequate importance is being given to the concept of marketing orientation in the companies or not. This is an essential question since the market orientation concept has an immense role to play in enhancing a business (Morgan and Strong 2015). The business organizations need to consider the demands of the customers along with the analysis of the competitors, in order to establish themselves as leaders. It has been highlighted that the market orientation is dependent on the marketing plans (Jaworski and Kohli 2017). Hence, the marketing plan has to be developed in such a way that the market orientation could be aligned easily. The general conclusion that is drawn highlights the facts that market orientation has a key role to play, in assisting then business organizations gain leadership in the market. The market orientation is mainly focused on the customers and the fulfilment of the demands of the customers (Jaworski and Kohli 2017). With the growing competition among the business houses, it is essential to incorporate the market orientation concept in the business to maintain a leadership position among the contemporary organizations. The conclusion that has been drawn highlights the fact that market orientation is essential to understand the demand of the market as well as the customers. Once the demands are identified the business organizations are able to work towards the achievement of the goals. Market orientation is also essential for ensuring customer retention. The literature reviewed agrees to the fact that market ordination is an essential concept and needs to be incorporated by the business organizations. The core attention is given to the customers in the market orientation concept. Most of the literature highlights the facts that with adequate importance attached to the concept of market orientation, the productivity of the business organizations are enhanced and the process of customer retention is also ensured. Thus, the importance and significance of the market orientation concept is realized by all. However, the concept of marketing and market orientation is quite different and that has been highlighted by all the literatures (Chen et al. 2015). While reviewing the literature on the concept of market orientation, some gaps in the literature have been found. Not all the literature was recent. Moreover, most of the literatures included the overall concept of marketing, thus not giving adequate importance to the concepts of market orientation. The issues and disadvantages that are focused might not be relevant in the present day scenario. Finally, it might be concluded that the concept of market orientation is an essential marketing concept that focuses of fulfilling the customer demands. This is one of the concepts of marketing and needs to be diligently practiced by the business organizations. This assignment highlights the various concepts that are closely related to market orientation. These concepts include the customer orientation, inter-functional coordination, market orientation and marketing mix. Thus, incorporation of these concepts along with market orientation helps the business organizations to enhance their productivity. Various peer reviewed literature has been analysed and reviewed and the agreements among the literature has been mentioned in details. Finally, the gaps in the literature have been highlighted and the scope for further improvement has also been highlighted in this assignment. The identification of the gaps, call for further improvements in the review. 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