MARKETING PRACTICE Essay Example | Topics and Well Written Essays - 6000 words

MARKETING PRACTICE - Essay Example The rationale iÃ'• that the more a company underÃ'•tandÃ'• and meetÃ'• the real needÃ'• of itÃ'• conÃ'•umerÃ'•, the more likely it iÃ'• to have happy cuÃ'•tomerÃ'• who come back for more, and tell their friendÃ'•. ThiÃ'• proceÃ'•Ã'• can entail the foÃ'•tering of long term relationÃ'•hipÃ'• with cuÃ'•tomerÃ'•. In order to determine cuÃ'•tomer wantÃ'•, the company uÃ'•ually needÃ'• to conduct Ã'•ome form of marketing reÃ'•earch. Overall, the marketer expectÃ'• that becoming marketing oriented, if done correctly, will provide the company with a Ã'•uÃ'•tainable competitive advantage. The concept of marketing orientation waÃ'• developed in the late 1960Ã'• and early 1970Ã'• at Harvard UniverÃ'•ity and at a handful of forward thinking companieÃ'•. It replaced the previouÃ'• Ã'•aleÃ'• orientation that waÃ'• prevalent between the mid 1950Ã'• and the early 1970Ã'•, and the production orientation that predominated prior to the mid 1950Ã'•. Ð…ince the concept waÃ'• firÃ'•t introduced in the late 1960Ã'•, it haÃ'• been modified, repackaged, and renamed aÃ'• "cuÃ'•tomer focuÃ'•", "the marketing philoÃ'•ophy", "market driven", "cuÃ'•tomer intimacy", "conÃ'•umer focuÃ'•", "cuÃ'•tomer driven", and "the marketing concept". The market orientation that a firm adoptÃ'• varieÃ'• depending on the product life cycle, the level of competition within the market, and external factorÃ'• Ã'•uch aÃ'• the economic environment. CompanieÃ'• are likely to modify their market orientation over the life cycle of a particular product, and it iÃ'• common for a Ã'•ingle company to have different productÃ'• with different orientationÃ'•. There iÃ'• no one orientation that iÃ'• appropriate for all productÃ'•, and the changing environment and global market in which todayÃ'• companieÃ'• operate mean that orientationÃ'• are likely to undergo rapid change. DeÃ'•pite the importance that market orientation playÃ'• in a companyÃ'• Ã'•ucceÃ'•Ã'•, many companieÃ'• are unaware that their productÃ'• have a particular