Product-centric companies face uncertainty when introducing a good in the market. It is unclear whether a good introduced will be successful. This makes this structure unsustainable due to the uncertainty. For instance, if the item is unsuccessful, this makes if difficult for the company to adjust and bounce
1. What type of orientation does the organization that produces your product item follow? Explain your answer. (2.5 points) a. The orientation Johnson and Johnson practices to produce my product is Societal Marketing Orientation.
If in the not-so-distant past a mediocre product could be successful because of smart marketing or an aggressive advertising campaign, today’s situation is altogether different. High quality performance together with exceptional user experience are almost always the necessary conditions for achieving market leadership. Innovative and exceptional products are the result of product strategy adopted by a company during a methodical process, during which product policies are characterized and development directions are defined. Innovation and inspiration for company products two to four years down the line are generated as an integral part of a company’s business strategy. The process of formulating product strategy can last anywhere from a few weeks to a few months.
CHAPTER ONE INTRODUCTION 1.1 Background of the Study In today’s complexity of competition in the marketplace, entrepreneurial orientation (EO) and Market orientation (MO) can be considered as an integral part and a factor that can be a significant contributor to a firm’s success. Business firms are expected to intensify their seeking out to meet new opportunities that satisfy by the customer along with obtaining a sustainable competitive advantage to survive in a competitive environment. Several researchers and scholars have conducted Entrepreneurial and Market Orientations, According to Rigtering (2013), EO research originates from the work of Miller (1983), who linked different types of organizational configurations (simple firms, planning firms and organic firms) to the degree of entrepreneurial
A successful product in a for-profit enterprise results in products that are manufactured and sold for a profit. A business should develop the high-quality products that the market desires quickly, easily, economically and efficiently. There are five key attributes that relate to profit and are used to determine the performance and capabilities of a new product development. The five key attributes are discussed below. Product quality: Product quality means; to incorporate features that have the capacity to meet customer needs, gives customer satisfaction and free from deficiencies or defects.
The two definitions which were suitable are listed below: Market orientation consists of three main elements, customer orientation, competitor orientation and inter-functional co-ordination. Marketing orientation also includes long term attention and profitability. Marketing orientation is defined as propagation of marketing intelligence throughout the organization. The information about the current and future needs of the customer is also included. It also depends on the circulation of marketing intelligence across various sectors and company’s acknowledgement in return.
Product and Market orientations approaches: Product orientated is more operational related performance achievement, In general the company will focus in the quality of the product to enhance the consumers to buy the product even the product is too costly, however the market oriented is focusing in the satisfaction of consumers rather than the product is good quality or not and the product is cheap or expensive. NIVEA marketing
Question1 1.1 Production Orientation The focus is mainly on the goods and services that the company produces rather than the needs and wants of the customer. An example of this is Henry Ford when the ford motor company was producing their Model-T cars he said that the customer could have any colour as long as it was black. Sales Orientation Where a product or service is the focus of the company to try create a profit and the needs and wants of the customer is not the top priority. An example of this sales orientated company is Auto Dealers like Ford and Kia. Marketing Orientation The focus is on identifying the needs and wants of the customer to try understand their needs and wants by receiving feedback from their customers.