Marketing Strategy: Market Orientation Development

Main Points and Arguments of the Author

Kanagal (2017) asserts that the conceptualization of the marketing strategy is enhanced by companies endeavoring to develop market orientation. Market orientation denotes the capacity of companies to adjust its marketing strategy to the needs of the market and constantly re-orient its approaches to the variations that happen in the business setting. Marketing strategies entail the detection, generation, communication, and delivery of superior consumer worth and meaning to realize competitive advantage. Market orientation is particularly helpful in oligopolistic marketplaces where companies deal with major market shares.

A company’s market orientation endeavors to set its marketing policy to the demands of the market and calls for investment in assets and creation of abilities with respect to knowledge, proficiency, and conducts in management and technological systems. Therefore, market orientation necessitates the application of competences (which act as asset-ability combinations). Attaining and upholding competitive benefit is at the core of marketing policies that result in lasting high performance. Competitive benefits are required to change a marketing success to an organizational opportunity. In this regard, market orientation causes development in accomplishment for viable choice in the company’s support, in addition to outcomes in competitive gain (via operations excellence). Competitive choice and a company’s success lead to facilitated market share and return on investment.

Opinion

The article is valuable as it presents information that is crucial to the success of companies and their marketing approaches. The researcher draws on an extensive pool of studies that are pertinent to the subject matter to come up with a relevant and helpful article. Moreover, there is no evidence of bias because the article is directly linked to the development of the research. The author asserts that development centered on market orientation values the desires of customers and creates products with regard to their articulated needs and demands. This is highly beneficial to marketing strategists as continually comprehending and presenting what the market demands results in lasting profitability (Ozkaya, Droge, Hult, Calantone, & Ozkaya, 2015). With this in mind, firms can convert one-time consumers into repeat buyers, with the ultimate objective of having lots of loyal customers. Furthermore, loyal consumers purchase regularly, buy in huge volumes, are less vulnerable to competition, and are also ready to incur high costs (Lee, Kim, Seo, & Hight, 2015). With the application of the insights from the article, firms will reap many business gains, which will ensure that they remain competitive and successful on condition that they hold on to the marketing concept.

Application

The notion that firms can generate a product and vend its features to an eager purchasing public is not tangible anymore. With a progressively worldwide economy and increasing choices for customers, organizations have to be ready to fine-tune their market orientation to remain competitive. In this regard, marketing strategists ought to focus on the arguments by Kanagal (2017) to realize a competitive advantage in the market. As discussed in the article, a wide pool of studies have established that market orientation alongside marketing approaches allow the deployment of resources in an effort of driving a company’s performance. Research affirms that market orientation has a strong impact on a company’s return on investment and directly sways alleged firm performance. Firms can employ the affirmations by Kanagal (2017) to impact inventiveness and thus the ability to innovate and in due course influence competitive benefit and performance.

References

Kanagal, N. B. (2017). Development of market orientation for marketing strategy formulation. International Journal of Marketing Studies, 9(4), 54-65.

Lee, Y. K., Kim, S. H., Seo, M. K., & Hight, S. K. (2015). Market orientation and business performance: Evidence from franchising industry. International Journal of Hospitality Management, 44, 28-37.

Ozkaya, H. E., Droge, C., Hult, G. T. M., Calantone, R., & Ozkaya, E. (2015). Market orientation, knowledge competence, and innovation. International Journal of Research in Marketing, 32(3), 309-318.