Explain the marketing concept and market orientation. What three requirements are necessary to implement a market orientation?
What will be an ideal response?
The philosophy of the marketing concept states that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives. Market orientation requires top management leadership, a customer focus, competitive intelligence, and interfunctional coordination to meet customer wants and needs and deliver superior value. It also entails establishing and maintaining mutually rewarding relationships with customers.
The marketing concept and market orientation involve:
| · | focusing on consumer wants so the organization can distinguish its product(s) from competitors' offerings |
| · | integrating all the organization's activities, including production, to satisfy these wants |
| · | achieving long-term organization goals by satisfying customer wants and needs legally and responsibly |
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