btec level 4 marketing principles assigment
By adopting the marketing concept, companies have all functions aligned with the strategic vision of meeting the needs of customers. This helps define the role of employees more clearly. Marketers must perform diligent research to uncover needs and convey messages that explain benefits. Production should focus on fine-tuning products to meet the needs of customers. Support and service should have openness to customer feedback to report back to production and research. Company leadership must set the tone by making customers the priority.When companies have a good understanding of what the market needs or wants, they have better ability to market effectively to them. Marketers research the market well to understand not only what is needed, but how to convey messages that clarify how their products align with those needs.Consistently understanding and delivering what the marketplace wants leads to long-term profitability. Companies can turn one-time buyers into repeat customers, with an ultimate goal of developing many loyal customers. Loyal customers buy more frequently and in larger volumes. They are also less susceptible to competition and more willing to pay higher prices. All of these business benefits mean the company has much better ability to remain viable and successful as long as it retains the marketing concept.
Financial Performance
There have been positive relationships found between market orientation and a range of financial performance measures including business profitability, operating profits, profit-sales ratio, cash flow, return on investment, return on assets, and long run financial performance. Being able to demonstrate the impact of market orientation on a company’s bottom line is important if funds are going to be devoted to developing a market orientation.
The impact of a market orientation on a company’s financial performance stems from the provision of superior customer value. If an organisation offers a product with superior
Financial Performance
There have been positive relationships found between market orientation and a range of financial performance measures including business profitability, operating profits, profit-sales ratio, cash flow, return on investment, return on assets, and long run financial performance. Being able to demonstrate the impact of market orientation on a company’s bottom line is important if funds are going to be devoted to developing a market orientation.
The impact of a market orientation on a company’s financial performance stems from the provision of superior customer value. If an organisation offers a product with superior