Four Types of Market Orientation
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The market orientation that a firm adopts varies depending on the product life cycle, the level of competition within the market, and external factors such as the economic environment. Companies are likely to modify their market orientation over the life cycle of a particular product, and it is common for a single company to have different products with different orientations. There is no one orientation that is appropriate for all products, and the changing environment and global market in which today's companies operate mean that orientations are likely to undergo rapid change. Despite the importance that market orientation plays in a company's success, many companies are unaware that their products have a particular orientation, or that by managing the orientation and the associated activities, they can improve their performance. This research considers the four types of market orientation--production orientation, product orientation, selling orientation and marketing orientation--and considers when it is appropriate to engage in each.The product life cycle is a model that predicts the sales of a product over time as an S-shaped curve. The area under the curve is divided into four sections: introduction, growth, maturity and decline (Rink, Roden & Fox, 1999). During the introduction phase, unit sales increase as the product gains acceptance in the market. During the growth phase, unit sales increase rapidly as the product expands its mar
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roduct orientation focus on establishing and maintaining product features that have some perceived benefit to the customer. In some cases, these features might be a dedication to product quality, or features that make the product appear to be "better" than the competition. Companies that have a product orientation tend to develop new products and then seek markets for them rather than the other way around. 3M and its introduction of Post-It notes is one example of a product orientation--the company introduced the product without a clear focus on who the ultimate consumer would be (Bouchey 10). Promotional activities tend to focus on creating product differentiation in the minds of consumers.
With a product orientation, the focus is still primarily internal--similar to a production orientation--but the focus is on the product rather than the process. There is an emphasis on product improvement, product quality, and ensuring that the product has features that offer benefit to consumers. In this way, the product orientation begins to take external consumer factors into account. As with the production orientation, profitability is realized through volume ("Furrer" 20).
Product orientation is typically found in the growth phas
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Some common words found in the essay are:
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Approximate Word count = 1728
Approximate Pages = 7 (250 words per page)
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