MARKETING POLICY, PLANNING AND COMMUNICATION

Marketing Policy, Planning and Communication



Marketing Policy, Planning and Communication

Business Orientation: Importance of Understanding Customers and the Marketplace

Business involves a number of different factors, which results in success of a business. Orientation in business is one of such important factors that play a major role in defining and determining the goal of a business. Business orientation is associated with defining and understanding a certain point of direction, which can assist in focussing the efforts towards a set dimension (Reynolds & Lancaste, 2013, p.14). This focused and planned approach leads to the success. Business orientation itself is a very broad term. It is not possible to focus each and every aspect of business. Thus, business orientation is divided into many dimensions that determine its tasks and goals, with complete information. Business orientation is associated with orientation in marketing, sales, customers, employees, and production orientations. In each and every aspect of business, dimension and direction is essential and it is very essential to understand and identify the focus and points of all the parts of business as only combined effort of every part results in success.

Apart from many factors, two major aspects play a major role in identifying and determining the goal of business, these include marketplace and customers. It is very essential for any business to understand the marketplace and customers and then to offer the products according to market or customers' requirement. Customers are the major element for the success of a firm, but without understanding the market condition, everything results in failure. Market orientation provides complete information about the customer choice, demands, available prices, and competitors in the market (Kyriakopoulos, 2000, p.55). It is always consider as a common believe that customer is always right. Therefore, market orientation assists in knowing what the customer want. It is main concern for the firms to understand customer choice and to identify the need of customers. Market is the place where a company can gather all information about the customers.

Home Decor: Benefit of Chosen Orientation

Home Decor is a large retail business involved in home improvement, furnishing, and decoration. It has a number of different products and luxury brands. Customers can get all the items for home decoration and interior. Therefore, it is very important for this business to know customer demand and choices. Customers expect to get best style and latest decoration and home items at lower price. They trust and buy items from Home Decor, in case if Home Decor fails to identify the latest trends in market, or could not offer the comparatively low prices than what are available in market, it will result in losing customer trust and satisfaction. It is essential to do market research to have information about current market trend and change in customer choices and tastes. As compared to different orientation techniques, market orientation and customer orientation are best choice for retail business (University of Microfilms, 2004, p.1). As Home Decor is a retail business, offering many decoration and interior ...