Sales promotion strategy is integration of price, product and places. For a company to have a market orientation, marketing should be transformed into a company-wide discipline practiced by anyone and everyone. Marketing is done by creating the positive image of company in customer mind and communicating a positive brand message.
Conducting this research takes time and may require you to hire a private marketing firm to oversee the project.
Finance may oppose the required capital expenditure, since it could undermine a healthy cash flow for the organization. For the development of products, marketing strategies and policies it is essential that company study the pattern of buying behaviour of the customers preceding, so they can sustain in highly competitive market.
Since perceptions of time, money, risk, and human energy vary among people, these costs may be evaluated differently among customers. Finally, the implications of holistic consumption behavior analysis for marketing strategy are discussed.
The price need not be monetary; it can simply be what is exchanged for the product or services, e. The company makes good and extensive use of marketing research, develops new and broad products, highlights product value and benefits, uses product innovation methods, and designs supplementary services or customer benefits such as delivery, installation, warranty, and credit availability.
Moreover, in a product constellation for a consumption activity, there may be some properties in common.
But, in order to keep the competitiveness in a certain industry, a company should always highly consider the recent changes and developments in technology and customer preferences. Functional benefits are derived from the tangible and concrete attributes that a consumer may directly experience when using or consuming the product.
When a consumer tries to combine a product constellation and to construct from it a meaningful combination, certain dimensions of compatibility and complementarity between products may be critical to perception of the products' benefits.
This leaves the business in a position to have to determine which consumer stated needs will yield optimum returns for the business while still meeting general customer expectations or needs.
One caveat about customer value: As to give value of products to its customers and achieve the short term sales they focus on value based pricing to better position.
Free Press Sheth, Jagdish N. The business of the company has to fight with many risks and challenges due to which the performance and operation of the company will obstruct.12 Analyse the benefits and costs of marketing orientation for a selected from BUSINESS at UNAM MX.
A marketing orientated approach means a business reacts to what customers want. The decisions taken are based around information about customers' needs and wants, rather than what the business thinks is right for the customer. several positive outcomes of a market orientation, including enhanced profitability (Narver and Slater ), employee commitment, and esprit de corps (Jaworski and Kohli ).
Establish brand recognition: The primary and most important benefit of marketing is brand recognition. Marketing strategies help to imprint a brand in the minds of customers.
This ensures that customers seek a particular brand of a product, rather than the brand seeking out its customers. The market orientation literature has been abundantly supplied with theoretical and empirical studies which have described the importance of market orientation to the performance of firm at an organizational level of analysis (Narver and Slater, ).
The benefits and costs of a marketing orientation for a selected organization is depend on the process of the marketing strategies of the business in which it runs it operation as said by the (Drummond et al.pp.