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Business: Market Orientation Essay

2756 words - 11 pages

The world population, from day to day, has been increasing progressively which makes the market demand becoming greater. Nowadays, responding to the globalization and the life in an innovative world, the demand of people is becoming wider and more various. Meanwhile, a huge amount of businesses have been created in order to fulfill those demands. The increment of global economy has been providing more and more choices to consumers. From these consequences, the market becomes more and more competitive for businesses as well. Thus those businesses must be adapting their market orientation in order to stay in competitive market, otherwise, they could not be able to stand in the market; or in other word, their business operation will be bankrupt or running unsuccessfully. According to Kolter, Keller and Burton (2009, p. 18), the companies which practice market orientation approach are likely to be the most successful . Indeed, the company orientation towards the marketplace could be done through many concepts such as production concept, product concept, selling concept as well as marketing concept. Market orientation is a business approach or philosophy that implements the marketing concept by focusing on identifying and meeting the stated or hidden needs or wants of customers. The concept of Marketing orientation was developed in the late 1960s and early 1970s after selling concept and production concept. Meanwhile, this concept replaced the previous sales orientation which was dominated between the mid-1950s and the early 1970s, and the production orientation which was prevailing before the mid-1950s. Market orientation is developed by market-driving through producing the right product at the right price at the right time. The most successful market-driven companies put the customer first in every aspect of the organization including goals, strategy, culture, and structure. In recent years, market-driven organization has been increasing more and more in business environment since it has a strong and positive relationship with organization’s performance and profitability.
1.1. Objective of report
This report is prepared with the following objectives:
1.1.1. Discuss and analyze the definitions of market orientation from literature and pointing out the difference and similarity
1.1.2. Find out the link between market orientation and organization’s profitability
1.1.3. Analyze and determine how market-oriented organization is as well as how market-oriented Bank or financial institution in Cambodia is
1.1.4. Give recommendation on how an organization should do to improve market orientation
2.0 Findings
2.1. Definition
The concept of a market orientation has been widely found in the marketing literature. Market orientation has been defined in differently ways based on the prospective of authors; however some authors have a similar definition. Kohli and Jaworski (1990, p. 6) offered a definition of market orientation as “the organization wide generation...

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